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glossary of terms
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Choose a letter:
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S
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savings any money you put aside for future use. This may be in a deposit account - or under your bed. 'Rainy day' savings are useful for emergencies and need to be easily accessible, while longer-term savings can be built up to give a 'nest egg'.
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savings accounts savings are often kept in bank, building society or National Savings accounts. The amount you put in does not fall in value but may grow as interest is added.
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Savings Gateway a scheme which is being piloted by the government. It encourages people who would not normally save to put something by because their savings are matched by money from the Government. There are strict rules about who can benefit from the scheme and how much money they can save.
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shares an investment which makes you part-owner of a company, along with all the other shareholders. Some shares pay you an income (called dividends) regularly. With all shares, you accept a capital risk. This means, if the share price rises, you will make a profit when you sell, but if the share price falls, you will instead make a loss.
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short term usually means a period of time no longer than, say, five years - and often a lot shorter.
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Solo, Electron types of debit card where your account is always checked to see whether there is enough money to pay for the goods. Your account cannot go overdrawn if you use these types of debit card.
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Standing Order a method of paying regular amounts automatically. You instruct your bank to pay the money for you to a particular person or company. It's your responsibility to change the payment if it needs to alter.
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Stakeholder a type of pension scheme designed to be good value for money by having low charges, flexible payments and so on. Usually it means a personal pension that meets these conditions, but some types of occupational scheme can also be Stakeholder schemes.
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statement a document from the bank or building society which shows all your recent payments into and withdrawals from your account. You should check it with your own records.
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state pension a pension paid to you when you retire by the state. The amount you get will depend on your National Insurance record (or on that of your marriage partner).
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stock market where stocks and shares are bought and sold.
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store card a plastic card issued by a shop that lets you buy goods at that store on credit. The APR is usually quite high. You must pay something back each month.
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Switch, Visa Debit types of debit card. Your account may be checked if you are paying out a large amount but not always. This means that it is possible for you to go overdrawn on your account.
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