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glossary of terms
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M
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maximum withdrawal most cash machines check your bank account before giving you any money and will not give you any more than there is in your account. There is often a limit of, for example, £250 per day on your withdrawals.
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mini-ISA or cash ISA, ISA means Individual Savings Account. A savings account that pays tax free interest. You may not have a mini-ISA and a maxi-ISA in the same tax year. You can save up to £3000 in a mini-cash ISA in any one tax year.
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minimum payment on credit or store card statements - the minimum amount you must pay each month off your debt.
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mortgage a loan usually taken out to buy property eg a house. If you do not keep up the mortgage repayments the mortgage company can repossess your house. This is an example of a secured loan. The loan is secure for the mortgage company because they can not lose out. They get the value of your house if you default on the loan.
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