Lloyds Bank Private Banking Limited. Registered office: 25 Gresham Street, London, EC2V 7HN.
Lending is subject to status. We subscribe to The Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk
Licensed under the Consumer Credit Act 1974 under registration numbers 0004685 and 0198797 respectively.
AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
GROSS – Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
NET – The rate of interest which would be payable after allowing for the deduction of income tax at the rate specified by law. Interest is normally paid at the net rate, unless the account falls within an exempt category or the account-holder qualifies to receive interest gross.