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the amount of money left in the bank account after all deposits, withdrawals, interest and bank charges have been taken into consideration, net balance.

an indication of how much interest will be charged on a loan. Usually, the higher the APR on a loan, the more interest will have to be paid (assuming that all other things are equal). APR rates between different banks can be compared to get an indication of which is more expensive.

the amount earned on an interest-bearing investment in a year, expressed as a percentage. When the APY is the same as the interest rate on an investment, simple interest is earned. But when the APY is higher than the interest rate, the interest is being compounded, which accumulating interest – a good way to make the money grow even faster.

may be different from the balance that is available to the account holder for spending, withdrawal or transfer. If a cheque has been deposited, but not cleared by the issuing bank, the funds will not be available to the account holder even though they may show up in the account's stated total balance.

support functions that are not directly involved in generating income for a firm, e.g. IT, human resources.

also known as a transmission or transactional account, a cheque account is a bank account that is used to deposit and withdraw money. Money can be added or removed from the account by visiting the bank branch, using an ATM or Internet banking or in the old-fashioned way, by writing a cheque. These days a debit card is usually issued to withdraw funds or make purchases from a cheque account. Some banks may require a minimum balance to open or maintain the account.

calculated, not just on the original amount, but also on the interest that has already been earned.

a review of the credit history made by a lender or other financial services provider when an individual makes a credit application. The result of a credit will affect the decision of the lender.

occurs when the supply of credit evaporates and there is a reduction in the availability of loans.

a formal evaluation of an individual’s ability to pay interest and repay borrowed money, as published by a credit rating agency or service.

An arrangement whereby a third party gets permission permission to regularly debit the account, for example to pay a cellphone contract.

the group term for financial contracts between buyers and sellers of commodities or securities.

financial markets of developing countries.

independent body that regulates the UK’s financial services industry.

a loan with a set rate of interest that either does not vary for the entire life of the loan or is fixed for a specified period.

also known as a fixed deposit, an account in which the deposit is held for a fixed-term or in which withdrawals can be made only after giving notice. Most banks would offer a higher interest rate for leaving the money untouched for a longer period.

an account that has the option to withdraw funds whenever as needed, but earns a slightly lower rate of interest for the flexibility.

A variable-rate loan means that the interest rate charged will change according to the increasing and decreasing movement of interest rates.

the largest money market in which currencies are traded in the world.

function that relates to revenue generating activities for a financial firm.

lists an index of the most highly capitalized companies on the London Stock Exchange, the FTSE 100 index.

the total value of goods produced and services provided in a country in a year.

a private investment fund, charging a performance fee, usually only open to a limited range of qualified investors.

an item that may be traded, typically stocks, bonds, futures, options and currencies.

Organization for Economic Co-operation and Development. Group of thirty countries working towards identifying good practices and coordinating domestic and international policies on economic, environmental and social issues.

A prearranged facility that allows bank accountholders to have a negative balance on their bank accounts – thereby effectively borrowing money from the bank.

A benchmark interest rate which banks use to calculate the rate at which to lend money to creditworthy clients.

a general slowdown in economic activity for two consecutive quarters of the year as measured by GDP.

management of the pure risks to which a company might be subject.

An arrangement between an individual and the bank to pay a third party a fixed amount every month, at specified intervals for a certain period as stated by the client for example rent payments to a landlord.

making payments via the Internet or at an ATM. The person or company you are paying is called the beneficiary.

person who buys and sells instruments in the financial markets.

the guarantee to buy, or find buyers, for an entire issue of stocks and shares.