What is APR and AER?
APR stands for Annual Percentage Rate This is the compounded rate used to give a standard comparison of the amount of interest you are likely to pay on loans or outstanding credit card balances. The APR rate includes interest, transaction fees, and service fees. AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. 2. When is interest calculated and when is it credited to the account? For AK Fixed Deposit Accounts, interest is calculated daily at the agreed rate and credited annually or monthly. For AK Savings Accounts, interest is calculated daily at the advertised annual rate on all balances. Interest will be calculated from the business day on which we receive the funds into the Account. Interest will be paid on money transferred from the Account up to the day of but not including the day of transfer. We will pay interest once each month on the last day of each month, and if the last day is not a business day in the UK, on t
