Current Accounts Jargon Buster
We've provided simple definitions for industry jargon. If you can't find the term you need in our Top 20 list, click on the first letter of the word or phrase from the alphabet below.
Current accounts S terms:
- Sole account
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A current account opened in one person's name.
- Sort code
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The six-figure code that identifies your bank branch. You'll find it on your bank statements and printed as the middle group of computer-type figures at the bottom of your cheques.
- Standing order
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A godsend for the more forgetful among us. A standing order is a good way of paying regular bills and subscriptions that might otherwise slip your mind. The agreed amounts, which can only be changed by you, are automatically taken out of your account at certain intervals. Most companies prefer direct debits, where customers agree to let payees debit their accounts.
- Statement
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A record of all the transactions on your account - the money going in and out and the daily balance. They are usually issued every month, every three months, every six months or every year.