AER stands for Annual Equivalent Rate which is a notional rate that illustrates what the interest rate would be if interest was paid and compounded once each year. Gross means the contractual rate of interest payable before deduction of income tax at the rate specified by law (’the specified rate’) i.e. the rate of interest payable without UK income tax being deducted. Rates are illustrative only and have been rounded to two decimal places. West Bromwich Building Society.
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