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A deposit account at a bank or financial institution which pays interest, but cannot be withdrawn by check writing. |
| Sector Funds |
Funds that invest in the stocks of companies concentrating on a specific area of the economy or industry, such as technology, transportation, healthcare, etc. |
| Secured Credit Card |
A credit card secured by a savings account. |
| Secured Loan |
A loan backed by collateral, in that a borrower pledges an asset such as a home or car that may be sold if the borrower is unable to repay the loan. |
| Seed Money |
The capital or start-up funding needed to set up a new project, business, enterprise, or organization. |
| Self-Certification Mortgage |
A mortgage that allows you to declare how much money you earn from employment; good for the self-employed, seasonal workers, or people who earn money through commission. |
| Service Charge |
Additional services applied to an account. |
| Share |
Also known as a stock or equity, a share represents ownership in part of a company. |
| Short-term Loan |
A loan to be repaid over a period of time that is less than 10 years. |
| Spread Betting |
A bet on an unknown outcome (as in sports, for example) made at odds set by the spread betting company. The more right you are in spread betting, the more you win; however, the reverse is also true, making it high-risk speculation. |
| Standard Variable Rate (SVR) |
A lender's own base rate. While it is usually linked to the Federal Reserve base rate, it changes at the lender's will. |
| Stock Exchange |
An organized marketplace where securities or stocks are bought and sold. |
| Sub-prime Mortgages |
Mortgage loans that offer borrowers lending at a higher rate than the prime rate. |
| Survey |
A professional examination of a property, revealing its exact size, boundaries, contours, and where alterations have been made. |
| Tax Credit |
An amount by which tax owed is directly reduced. |
| Tax Lien |
A charge upon real or personal property for the satisfaction of debts related to taxes. |
| Term |
The amount of time in which a loan must be repaid in full. |
| Term Assurance |
The simplest form of life assurance, this kind of policy offers a basic guaranteed sum payable on death within a fixed number of years. |
| Title Deed |
A document of registration showing the ownership of property. |
| Title Insurance |
An insurance policy guaranteeing that an owner has rightful title to a property and can legally transfer it to someone else. |
| Title Search |
A check of title records to identify any liens or encumbrances on the property, as well as ownership rights. |
| Tracker Funds |
Investment funds that track a stock market index. |
| Typical APR |
The interest rate a lender offers about two-thirds of borrowers. If you don't fit its ideal customer profile, you'll likely be offered an APR higher than the advertised rate. |
| Underwriting |
The analysis of risk and setting of an appropriate rate and term for a mortgage on a given property for given borrowers. |
| Unsecured Loan |
A loan that is not secured by any collateral and is given based on the borrower's promise to repay. |
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