Managing My Money Glossary

AER or Annual Equivalent Rate is the rate of interest on savings products calculated to take into account different payment patterns.

APR or Annual Percentage Rate is a summary figure for comparing debt costs which bring together interest rates and other charges.

A type of investment where the investor pays a lump sum and in return receives an income paid either for a set period or, as in the case of most pensions, for the rest of their life. Once the investment is made, they cannot change their mind or get back their lump sum.

Everything that a person owns that has a monetary value (e.g. property, investments or cash).