Legal information
GROSS
Gross means the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
NET
NET means the contractual rate of interest payable after the deduction of income tax at the rate specified by law.
AER
AER is the notional rate which illustrates the contractual interest rate as if paid and compounded on an annual basis.
Interest rates on savings accounts are variable.
A.P.R (Annual Percentage Rate)
Must be quoted on all Lending quotes/offers. takes into account compounding of interest - customer reduces principal debt monthly - every half year interest is applied to the principal and customer pays interest on new principal (including the applied interest. APR includes the payment of interest on top of interest.
FLAT RATE
Specific rate per £100 borrowed. does not take into account any compounding interest. eg. Flat Rate = 24% : £24 of interest charged per £100 borrowed.
C.A.R. (Compound Annual Rate)
Application of Credit Interest at half-year which gains further credit interest throughout Year - Credit interest on top of credit interest.
BASE RATE
The rate at which the Bank Of England charge for money loaned to the Money Markets - which may then be "Loaned on" to Banks at a slightly higher rate. The Government can manipulate this rate, via The Bank of England in order to control inflation and implement other monetary strategies.
EAR
EAR is the equivalent annual rate.
Credit facilities provided by The Co-operative Bank Plc, are subject to status and not available to non-UK residents or anyone under 18 years of age. Clear applicants must be aged 21 or over and have annual income of £10,000 or more and already hold a credit card. Gold applicants must be aged 21 or over and have annual income of £15,000 or more and already hold a credit card. Platinum applicants must be aged 25 or over and have annual income of £25,000 or more and already hold a credit card.The Bank reserves the right to decline any application or offer a card product that differs to those advertised. Telephone calls may be monitored and/or recorded for security and/or training purposes.
PRIVACY
The privacy of Co-operative Bank customers is very important to us, and how we deal with personal information is outlined in our terms and conditions. We hope the way in which we gather and use your personal information addresses and respects any concerns you may have:
We will only use the personal information we gather:
- in the normal course of our business to provide the products and services you have requested
- to identify you when you contact us
- to determine if we can offer you a better service or more relevant products
- to send you e-mail updates of service changes which are important to you or which we feel may be of interest to you
- for credit assessment, to review the conduct of and to administer/operate your accounts
- for statistical analysis, including automated techniques (eg behaviour and credit scoring) and to monitor and analyse our business
We will disclose your personal information only to:
- our agents and sub-contractors to administer and operate your account or to conduct our business
- to our affinities' partner(s) if you have an affinity product(s)
- the insurer of any payment or card protection cover which you take out in connection with your account
- our licensed credit reference agency who may keep a record of any search we make and your personal information may be shared with and used by other lenders in assessing applications from you or members of your household
- any person to whom we transfer our rights or obligations under this agreement
- for debt tracing or fraud prevention
- to help desk advisers, minicom/typetalk operators or their equivalent
- if required or compelled to do so by law
The Co-operative Bank is authorised and regulated by the Financial Services Authority (No. 121885), subscribes to the Banking Code, is a member of the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No. 006110).
