- In these conditions the following words and expressions have the following meanings:
"AER" means the Annual Equivalent Rate and is a notional rate that illustrates the contractual rate, as if paid and compounded on an annual basis.
"Competitor rate" means the AER (including any bonus offered) applicable to a balance of £10,000 of any included account.
"Excluded account" means any of the following classes of account:
- accounts that cannot be opened and/or operated through a branch
- fixed rate savings
- fixed term savings
- regular savings
- accounts that stipulate new funds only
- accounts no longer available for sale
- accounts with a maximum balance of £10,000 or less
- accounts specifying particular age restrictions
- accounts linked to investment products.
- accounts 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 accounts that can be opened and/or operated through a branch
- limited access accounts that can be opened and/or operated through a branch
- notice accounts that can be opened and/or operated through a 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" means Santander, Royal Bank of Scotland, Lloyds, The Co-operative Bank, Natwest, Halifax, HSBC and Barclays.