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Daily Interest: daily interest is interest calculated on the balance outstanding each day. So, when you make a payment, interest is calculated on the new balance straightaway.

Debit Card: a debit card is a plastic card that allows you to withdraw money from your account instantly at a Cashpoint® machine. Sometimes a debit card is referred to as an ATM or Cashpoint® card.

Deposit: a deposit is money paid into an account and is an example of a credit. You can make a deposit in various forms, including in cash, or by cheque or electronic transaction.

Direct Debit: it is a method of payment where you give a company permission to withdraw money from your account and pay it into their account. Only companies can be paid using this method, not individuals. Payments are normally made on the same day of each month, quarter or year, depending on the payment frequency you have selected. Payments made by Direct Debit are protected by the Direct Debit Guarantee scheme.

Direct Debit Guarantee: the Direct Debit Guarantee scheme says that:

• If there is a change in the amount to be paid or the payment date, the person receiving the payment (the originator) must notify the customer in advance

• If the originator or the bank/building society makes an error, the customer is guaranteed a full and immediate refund of the amount paid.

Customers can cancel a Direct Debit at any time by writing to their bank or building society. This guarantee is offered by all banks and building societies that take part in the Direct Debit scheme.

Dormant Account: an account becomes dormant when a customer makes no transactions on the account for three years or more. Customers who have a dormant account won't receive statements or cards for the account.