Existing Customers - Savings

Maturity options for your Personal Fixed Term Deposit Account

When your 1, 3 or 5 Year Personal Fixed Term Deposit Account matures, there are a number of options for you to decide what you’d like to do with the proceeds. If you’d like to withdraw some or all of the balance on the maturity date, call us on 0345 845 0829 and we can arrange this for you.

If you’re not sure what you’d like to do with the proceeds and need more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for personal funds. This account allows quick and easy access to your money and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here.

Scottish Widows Bank has a number of other accounts where you could transfer the proceeds of your maturing Fixed Term Deposit. We’ve detailed these options and how to apply below.

We’ll write to you at least 30 days before the maturity date.

1 Year Personal Fixed Term Deposit Account*

*This option is only available for customers with an existing 1 Year Personal Fixed Term Deposit Account.

  • Earn a fixed rate of interest for another year
  • Deposit £10,000 to £5,000,000
  • You can add to your maturity balance if you’d like to deposit more (additional deposits must be made during the applicable offer period, as advertised on the account interest rates page)
  • Apply by post (call us for an application pack).

3 Year Fixed Term Deposit Account

You can transfer all or some of your maturity balance into a Fixed Term Deposit Account for another three years:

  • Earn a fixed rate of interest for another three years
  • Deposit £10,000 to £5,000,000
  • You can add to your maturity balance if you’d like to deposit more (additional deposits must be made during the applicable offer period, as advertised on the account interest rates page).
  • Apply online or by post

We regularly launch new issues of our Fixed Term Deposit Accounts, which are available for a limited time only. You should therefore only visit the account pages after the maturity date of your existing Fixed Term Deposit Account, to ensure the rate you see advertised is the rate you will receive if you apply for this option. The interest rate advertised before your existing account has matured may be different to the rate you’d receive, as the funds are reinvested after the maturity date.

Instant Saver 2 Account

This option offers a simple savings account that gives you easy access to your money:

  • Transfer money to and from your main (nominated) current account as often as you like
  • Operate the account online, by phone or by post
  • This account is available to UK residents only

Note: While we can accept your instruction to open a new account before the maturity date, your funds can’t be transferred until after the maturity date, without incurring any applicable penalty.