New research suggests financial jargon could be driving customers away from banks and building societies.
Here are definitions of the terms that prove most confusing for customers.
- FSCS stands for Financial Services Compensation Scheme. This is a safety net for people whose bank or building society goes bust that will compensate a consumer by up to £85,000
- AER stands for the annual equivalent rate, which is used to help people compare returns on savings accounts means
- Bacs is a central payment system used to process several different types of electronic payment, such as wages and pensions
- Gross interest refers to interest that is paid before the deduction of tax
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