- In these conditions the following words and expressions have the following meanings:
"AER" stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
"Competitor Rate” means the AER applicable to a balance of £1,000 of any Included Account.
"Excluded Account" means any of the following classes of account:
- Cash ISAs that cannot be opened and/or operated through branch
- Fixed Rate Cash ISAs
- Fixed Term Cash ISAs
- Regular Savings Cash ISAs
- Cash ISAs that do not accept transfers of existing ISA funds
- Cash ISAs no longer available for sale
- Cash ISAs linked to an investment product
- Cash ISAs specifying particular age restrictions
- Cash ISAs that have qualifying conditions in order to open e.g. current account linked accounts or the requirement to be a shareholder.
"Included Account" means any of the following classes of account offered by any of the Providers which is not an Excluded Account:
- Instant access Cash ISAs that can be opened and/or operated in branch
- Limited access Cash ISAs that can be opened and/or operated in branch
- Notice Cash ISAs that can be opened and/or operated in branch
"Defaqto" means Defaqto Group Limited, Financial Research Centre, Unit 12, Haddenham Business Park, Haddenham, Thame, HP17 8LJ or any alternative agency that we may designate.
"Providers" are Santander, Royal Bank of Scotland, Lloyds, The Co-operative Bank, Natwest, Halifax, HSBC and Barclays.