Banking
Terms

Account description

This is a description of the account type, for example fixed rate or easy access savings.

Account holder(s)

This is the person or persons who are named on and in charge of an account.

Annual Equivalent Rate (AER)

Annual Equivalent Rate (AER) is designed to make savings accounts easier to compare and assumes you keep your funds in a savings account for a year. It shows you what the earnings would be on your account if the interest earned was reinvested in the account each year.

Data Protection Act (DPA)

The DPA gives individuals certain rights regarding information held about them. It places obligations on those who process information (data controllers) while giving rights to those who are the subject of that data (the customer). You can read our privacy policy here.

Easy access account

Easy access accounts allow withdrawals to be made quickly and easily into your nominated account without notice or immediate penalty. These accounts will usually have lower interest rates than accounts that do not allow you to withdraw your money.

Financial Services Compensation Scheme (FSCS)

The FSCS protects your investment if your bank or building society becomes unable to repay it. Beehive Money is a trading name of Nottingham Building Society which is a participant in this scheme, which is part of the Financial Services Act. As a customer of the Nottingham Building Society group, your... Read More

Fixed rate account

The interest rate on your savings account remains the same until a specific date.

Gross interest

Interest is paid on your savings without any deductions for income tax. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC. Your tax treatment will depend on your individual circumstances and may be subject to change in the future, for... Read More

How do I know what interest rate I'm getting?

You can see your interest rate on the account summary page. If you select a particular account it will be displayed in the top left section of the page.

Individual Savings Account (ISA)

ISA stands for Individual Savings Account and is a tax free savings account.