Gross means without UK income tax deducted. Net means the rate of interest which would be payable after allowing for deduction of income tax at the specified rate. i.e. assuming rate of income tax at 20%. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Rates are illustrative only and have been rounded to two decimal places. Tax-Free is the contractual rate of interest payable where interest is exempt from income tax.