Full glossary

A to Z UK banking glossary

Browse clear UK banking definitions alphabetically, with short definitions, categories and links to complete term pages.

83 terms in this release.

A

Account balance Everyday banking An account balance is the amount recorded in an account at a point in time, before or after particular transactions have fully cleared.
Account Information Service Provider AISP Open banking and fraud An Account Information Service Provider is an authorised or registered provider that can access account information with a customer's consent.
Account number Everyday banking An account number is the unique number a bank or building society gives to a particular account, usually used with a sort code to receive UK payments.
Annual Percentage Rate APR Borrowing and credit APR is a standard annual measure of the cost of borrowing that includes interest and certain compulsory charges to help compare credit products.
Arranged overdraft Borrowing and credit An arranged overdraft is an overdraft limit agreed with the bank in advance, allowing borrowing through a current account up to that limit.
Authorised Push Payment fraud APP fraud Open banking and fraud Authorised Push Payment fraud happens when someone is tricked into authorising a bank transfer to a fraudster or fraud-controlled account.
Available balance Everyday banking An available balance is the amount a customer can usually spend or withdraw after pending payments, holds and agreed limits are considered.

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E

Equivalent Annual Rate EAR Borrowing and credit EAR is an annualised rate used to show the cost of overdraft borrowing when interest is compounded over a year.

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I

J

Joint account Everyday banking A joint account is a bank or building society account held by two or more people who can usually access and manage the same money.

K

Know Your Customer KYC Open banking and fraud Know Your Customer is the identity and due diligence process firms use to understand who a customer is and manage financial crime risk.

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M

Mortgage Borrowing and credit A mortgage is a long-term loan secured on property, commonly used to buy a home and repaid through regular payments.

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Q

Quotation search Borrowing and credit A quotation search is a credit search used to show likely borrowing options or eligibility without making a full credit application.

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Tracker mortgage Borrowing and credit A tracker mortgage is a variable-rate mortgage where the interest rate tracks a reference rate, often Bank Rate, plus or minus a set margin.

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Working day UK payment systems A working day is a day when banks, payment systems or financial firms treat normal business processing as available under their rules.

X

XBRL XBRL Open banking and fraud XBRL is a digital reporting language used to tag business and financial information so it can be read and analysed by software.

Y

Yield curve Savings, rates and protection A yield curve shows the interest rates or yields available over different time periods, often using government bonds as the reference point.

Z

Zero-interest credit card Borrowing and credit A zero-interest credit card is a credit card that charges no interest on certain balances for a promotional period, subject to its terms.