A savings account is an account with a bank or building society in which you save money. Your money will often earn more interest in a savings account than a current account, but you may have to give notice before withdrawing money.

A loan which is backed by assets belonging to the borrower in order to decrease the risk assumed by the lender. The assets may be forfeited to the lender if the borrower fails to make the necessary payments.

A six-digit number that identifies the branch of a bank. Every branch has its own sort code.

A Standing Order moves money from your own bank account to another account. This might be to an organisation or an individual, or perhaps from your current account to your savings account. It's a fixed sum and you tell your bank when to start and stop paying it. Standing Orders are useful for making regular payments.

A loan that may help pay for the costs of higher education courses. Students could take out a loan if they are an eligible full-time higher education student or a part-time initial teacher training student. Available to over 18s only.