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There are a few common terms that you will see a lot. Here is a list of some of the most important terms and what they mean
A 10-12 digit number given to your bank account. You can find your account number on your online banking page or on bank statements.
A 16-digit number with that is found on the front of your debit/credit card.
A credit card doesn’t spend your money. It spends the bank’s money and you must pay it back. This means you can spend more than is in your account, but you might be charged extra for doing this, especially if you are late paying the bank.
A number that records how likely you are to repay your debts. High credit scores are better as it means financial products such as overdrafts and credit cards cost less.
A debit card is a card that lets you take out money from ATMs and make payments in stores or online from your account.
Financial Service Compensation Scheme (FSCS)
An organisation set up to protect the money you put in bank accounts. If you have a current or basic account, the FSCS will pay you up to £85,000 if your bank goes bankrupt.
National Insurance Number (NI)
The number makes sure that the National Insurance contributions and tax you pay are properly recorded on your account. It also acts as a reference number for the whole social security system.
An amount of money you can spend even when you have no money in your account. It is like a small loan from your bank. Overdrafts are often not free, so you need to be very aware what the costs are before using one.
Personal Identification Number (PIN)
A PIN is a 4-digit number that is given to you with a debit card. This is used when taking out money from ATMs or when making in-store purchases with your card. Never share your PIN with anyone as it could be used to commit fraud.
A 3-4 digit number found on the back of your debit/credit card in the signature section. This number will be required for nearly all online payments. The code provides an extra layer of security to safeguard you from fraud.
A 6-digit number that is used to identify your bank. You can find your sort code on your online banking platform, on bank statements or on your debit card.
When a fixed amount that you choose is paid from your account to another person or organisation. This is different from the direct debit as the amount that is paid is the same each time.
Continuous Payment Authority (CPA)
This is different from a direct debit and standing order as the company will ask for the long number on your bank card instead of the bank details. It gives the company permission to take money whenever it believes you owe it. It is often used for gym memberships and subscription services. You should only set this kind of payment with a trustworthy and reputable company.