United Kingdom How To
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A summary of useful banking terms and resources for further information regarding banking in the United Kingdom...
Banking Terminology Guide
AER | Annual Earning Rates on an investment |
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APR | Annual Percentage Rate of interest |
Bounced cheque | Refers to a cheque that has been written without sufficient funds in the account to pay the beneficiary |
Central Clearing Time | Refers to the time it takes for money from a cheque to be paid into the payer's account (generally three days in England and Wales) |
Charges | Fees paid to the bank for overdrafts or bounced cheques, for example |
Cheque book | A booklet of cheques. Each cheque has the account number, sort code and cheque number |
Direct Debit | An authorised amount of money taken from a bank account to pay regular bills |
Interest | Amount paid or charge on money over time, expressed as a percentage |
Money Transfer | Movement of money from one account to another |
Overdraft | This can be authorised or unauthorised and represents a minus figure on the account |
Standing order | Regular payment to pay bills, authorised by the account holder |
Further Information and Useful Websites
- Student Banker - Information on banking for students
- The Money Advice Service - Information on banking
- Bank Account Advice
- Thisismoney.co.uk, a financial website
- Banking Guide
- Find.co.uk - Account comparison website