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Money Made Easy 2015-16: The complete guide to making and saving money for the whole family by Laura Whitcombe, Mark King

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Jargon buster

Active fund: an active fund has a manager at the helm (and usually a team of analysts and researchers) who will select the assets that they believe will increase in value. Actively managed funds have the capacity to outperform other funds and the market as a whole. They are usually slightly more expensive than passive funds because investors must pay for the manager’s expertise.

AER: while the annual percentage rate (APR) is the rate charged for money borrowed, the annual equivalent rate (AER) is how interest is calculated on money saved. The AER takes into account the frequency with which the product pays interest and how that interest compounds. So if two savings products pay the same rate of interest but one pays interest more ...

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