Welcome to our Savings Glossary. Here you will find definitions for more commonly used savings terms, making the jargon clearer. If you're unsure of any words or phrases, simply use the guide below.
The balance of the account.
During the first five years of membership, a new member is required to assign to charity any financial benefits resulting from the transfer of the Society's business to a bank or other company. For more information please click here.
CHAPS (Clearing House Automated Payment System)
CHAPS (Clearing House Automated Payment System) is a same-day automated payment system for processing payments made within the UK, that enables same day fund transfers.
There is a charge for this service, please see our Savings Terms and Conditions document to view our fees.