NEGATIVE PAYMENT HIERARCHY
If you don't pay off your credit card bill in full every month, most credit card providers will allocate your payments so that you pay off the cheapest borrowing first. It means more profit for them and a higher interest bill for you. If you have a 0% balance transfer card that charges interest on purchases, your payments will clear the 0% debt before they pay off the purchase debt. The law is changing early in 2011 so that credit cards will have to pay off the most expensive debt first.

NEST
A new type of work-based pension that is due to be launched in 2012. It's designed to help people on a lower income who have not joined their employer's pension scheme. If your employer offers a personal account, you will be automatically enrolled into it, although you can opt out afterwards.

NET
Interest on savings accounts is normally paid net, i.e. after basic rate tax has been deducted. If you're a higher rate taxpayer you will have to pay additional tax on interest you receive.

NEW-FOR-OLD
The basis on which an insurance company will settle a claim, so that items that are stolen or damaged will be replaced with new ones. Generally, linens and clothing won't be replaced on a new-for-old basis on contents policies.

NIL-RATE BAND
Another term for your inheritance tax allowance. It means that you can leave anything you own up to the inheritance tax threshold level to friends or relatives without them paying inheritance tax. Money and/or assets that you leave to your husband or civil partner are free of inheritance tax anyway, so aren't included in the nil-rate band.

NO-CLAIMS DISCOUNT
A reduction in the premium charged by an insurance company if you haven't made a claim within a specified time period. Car and household insurance policies typically offer a no-claims discount. You can normally pay extra to protect your no-claims discount if you have a car insurance policy, although your premiums may still rise if you make a claim.

NOMINEE ACCOUNT
If you buy shares through an online broker, they will normally be held in your name in a nominee account. It's a way of cutting down on administration (and the costs that go with it). Nominee accounts usually give you fewer rights; for example you may not be able to vote at the company's annual general meeting and you will not generally receive any perks that shareholders are entitled to.

NORMAL RETIREMENT DATE
Occupational pension schemes normally set a date when scheme members should retire. You may be able to retire earlier but the terms will be down to the scheme itself.

NOTICE ACCOUNT
A bank or building society account where you have to let them know in advance that you want to withdraw money. Typically, these accounts have a 30, 60 or 90 day notice period. You can take out money earlier but you lose interest for a number of days equivalent to the notice period.

NOTICE OF CORRECTION
A 200-word statement that you can add to your credit reference file to explain your circumstances if you have debt problems (perhaps because you lost your job or got divorced). Prospective lenders will see this notice, although there's no guarantee it will make a difference to their decision.

NOTICE OF DISASSOCIATION
A note on your credit reference file that states that you are no longer financially linked with someone you may have been married to or had a relationship with in the past, where you had joint accounts or debts. You can only create a notice of disassociation once you're financially independent of each other. It's worth doing if you can, otherwise any credit problems your ex has could affect you.