Words and expressions we use |
What do they mean? |
Account |
Your savings account with us |
BACS |
Bankers’ Automated Clearing Service |
Base rate |
The Bank of England’s official bank rate |
Business day |
Monday to Friday, except English and Welsh bank holidays |
CHAPS |
Clearing House Automated Payment Systems |
Easy Saver account |
An account where you can make as many withdrawals as you like without restriction or penalty, with 24/7 online access |
Electronic payment |
Generic term for funds transferred by systems such as Faster Payments, BACS, CHAPS and standing orders |
Faster Payments |
UK banking scheme that allows banks to make low value payments (e.g. less than £250,000) the same day |
Fixed Saver account |
An account where the interest rate remains the same for the fixed term of the account |
Internet service |
The service we provide over the world wide web on our website |
Power of attorney |
A document that gives a third party rights to manage your account on your behalf |
Nominated account |
The personal UK bank or building society account in your name(s) that you have asked us to pay money to and from. It must be able to send and receive electronic payments |
Product information |
Information on our website setting out the specific terms of your account, including a summary box containing the key features |
Receivership order |
UK court order giving a third party the rights to manage your account on your behalf |
United Kingdom |
Refers to countries of the United Kingdom only. It excludes Crown dependencies and British Overseas Territories |
Website |
www.ikano.co.uk/savings or any other online address that we notify you of |
We/us/our |
Ikano Bank and anyone who takes over our rights and duties from us |
You/your |
The account holder(s) or their appointed representative(s) |
Your correspondence address |
The address we hold for the first named account holder. For an account held under a power of attorney or receivership order, we’ll use whichever address we’re notified of |