Interest rates explained

AER is the rate of interest you earn from us on any balance above £0. It's short for Annual Equivalent Rate and shows the interest rate for a year, taking into account any interest payments made during the year. The AER enables you to easily compare the interest rates on accounts from different banks and building societies where interest may be calculated or paid at different frequencies.

Gross interest is the rate used to calculate your monthly interest payments where no tax is deducted. UK bank interest is paid gross. Interest you receive is subject to taxation.

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