Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

What is an...

Annual Equivalent Rate

An Annual Equivalent Rate (AER) is the rate of interest you’ll earn from investing savings, presented to make it easier to compare accounts. Unlike APR, it has no basis in law.

Any interest rate quoted as an Annual Equivalent Rate will only be applicable if you do not withdraw money from your account during the year in question as it illustrates what the interest would be if it was paid and compounded (added to the interest from previous payouts). As such, any withdrawals that you make from the account can affect the amount you will receive at the end of the year.

The AER quoted is often the gross figure – meaning the amount calculated before tax is deducted. By law lenders have to collect tax on the interest earned – known as withholding interest – so the actual amount you receive will be the AER minus the basic rate of taxation. For higher rate tax payers, the tax may have to be paid directly.

Should my savings appear on my Credit Report?

Your Credit Report is a record of your credit agreements – in other words, the balances you owe – so any savings accounts, their balances, and the AER will not appear on your Credit Report.

While your savings and income may influence your affordability, lenders will establish your creditworthiness by checking your Credit Report as part of any credit application.

If you haven’t already, you can check your Multi Agency Credit Report with checkmyfile. Free for 30 days, then just £14.99 per month. Cancel online anytime.

Can my Annual Equivalent Rate change?

Banks often have the ability to vary interest rates without notice, so unless the Annual Equivalent Rate is quoted fixed for a specified period, the amount you receive may differ, either more or less, depending on how rates have moved.

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