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Glossary

Some key words and phrases explained.

APR
Annual percentage rate of charge – this shows the overall cost of a loan, taking into account the term, interest rate and other costs.

Basic bank account
Allows you to receive money and pay bills. Opening one can be a first step towards opening a regular account later on. You don’t get a cheque book, but you can pay in cheques for free, take money out at cash machines, and pay bills by Direct Debit.

Bacs
Banks Automated Clearing System – an automated payment system that banks use to transfer money electronically from one account to another.

Common bond
Credit unions require their members to have a common bond. Each member needs to have something in common, such as living in the same area or working for the same employer.

Dividend
An income paid out to members out of a credit unions profits.

Interest
Interest refers to both the charge made by credit unions on money you borrow from them and the amount earned on your savings.

Loan
The amount of money you want to borrow.

Unsecured loan
The loan is not linked to your home or any of your belongings, but you are still responsible for repaying it.

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