Reading the rate: p.a. versus p.m.

Every rate in the catalogue carries its period beside it, and the period changes what the number means:

• p.a. — *per annum*. The rate is for a full year.
• p.m. — *per month*. The rate is for one month.

These are not comparable as written. A monthly rate covers twelve periods in a year, so it is a much larger yearly figure than the same number shown per annum.

Because of that, the offer table is sorted by the annualised rate, not by the number printed on the row. An offer showing a smaller monthly number can sit above an offer showing a larger yearly number — that ordering is correct.

Wherever you need the two on the same footing, open the offer's conditions: the annualised rate is stated there explicitly, and the interest calculator on the public page shows it under every projection.

If you ever see a percentage without a period beside it, treat it as incomplete and ask your adviser.