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Bank Account Glossary
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1.
Interest-free amount
An interest-free amount is the amount you can go overdrawn by without incurring daily arranged overdraft interest.
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2.
Contactless
Contactless technology is a convenient way to pay for goods and services of £100 and under without entering a PIN. Contactless cards have an antenna in the plastic so that when it is used at a contactless reader it securely transmits purchase information to and from the contactless reader. All you have to do is touch your contactless card onto the contactless reader to make the payment.
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3.
Direct Debit
A Direct Debit is an instruction from you to your bank or building society authorising the organisation you want to pay to collect varying amounts from your account – but only if you’ve been given advanced notice of the amounts and dates of collection. Once agreed, the money is deducted automatically.
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4.
Mobile alerts
Our mobile alerts service offers a simple way to stay on top of your finances without even having to think about it. So if we have a mobile number for you, we’ll help you keep an eye on your balance. This service is available to all eligible current accounts holders.
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5.
Overdraft
An overdraft is a type of borrowing facility, it lets you borrow money through your bank account. Typically used for: an unexpected bill or an essential repair, it's a convenient way of accessing extra money when you need it quickly.
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6.
Arranged overdraft
An overdraft you have agreed in advance with us. With an arranged overdraft we agree to an amount you can borrow. This is your arranged overdraft limit.
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7.
Daily arranged overdraft interest
If you use your arranged overdraft, you’ll pay daily arranged overdraft interest for using your arranged overdraft, over your interest-free amount (if your account has one). Your interest rate is based on how you manage any accounts you have with us and on the credit information we hold about you. We will let you know your rate in the pre contract credit information we give you if you apply for an arranged overdraft.
The daily arranged overdraft interest will be charged at the end of each day you use your arranged overdraft – so you’ll pay for what you borrow on the day you borrow it.
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8.
Standing order
A standing order is an instruction to make payments from your account, usually on a regular basis, to a specified UK bank or building society. Examples of use include fixed monthly payments and annual club membership fees.
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