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Existing Customers – Savings

Frequently Asked Questions

We’ve put together the answers to some of the most commonly asked questions about our savings accounts. If you have a question that we haven’t answered here, please call us on 0345 845 0829. Our lines are open 8am to 6pm Monday to Friday (Wednesday from 10am). Alternatively, you can also send an email to our customer service team with your enquiry.

How do I register for Internet Banking?

Visit our Internet Banking information page to find out how to register.

How do I reset my Internet Banking password?

This cannot be done online so please call 0345 845 0829 to request this.

Why can I not collect money from my nominated account?

After we receive your completed Direct Debit Mandate, it can take up to seven working days before it is active.

What is the sort code for Scottish Widows Bank?

We don’t have a sort code for Scottish Widows Bank. This is because we are not a clearing bank, meaning funds must be collected using the Direct Debit facility which is set up for your nominated bank details.

How long does it take to transfer funds to my nominated account?

Withdrawals will reach your nominated account by the end of the following business day (provided you give us the agreed notice, if applicable for your account). You can also request a same day transfer at a cost of £25. Your instruction must be received by 3.40pm.

What is the daily maximum amount I can transfer to my nominated account using Faster Payment Service with Scottish Widows Bank?

The maximum total amount that can be transferred per day using Faster Payment Services is £499,995. Please also note that the maximum limit is £99,999 per transaction, therefore if your transfer is greater than £99,999 but less than £499,995 your payment will need to be broken up to fit under the £99,999 limit. For example, a £150,000 transfer would show on your nominated as one payment of £99,999 and another payment of £50,001. The daily maximum limit of £25,000 for transfers to your nominated account using Internet Banking remains unchanged.

What if the total amount I want to transfer is more than £499,995?

Your payment will be sent by CHAPS free of charge.

How do I change my personal details?

Please download our details amendment form. Using this form, you can update your:

  • - Security details
  • - Address details
  • - Name
  • - Bank details
  • - Frequency of interest payments.

Can I make a withdrawal by cheque?

Withdrawals are made by Faster Payment Service, and are free of charge (provided you give us the agreed notice, if applicable for your account) and will reach your nominated account by the end of the following business day. You can also request a same day transfer at a cost of £25. Your instruction must be received by 3.40pm.

How can I change my account from sole to joint?

The only way to do this is to complete a new application.

How do I apply for the Internet Saver Account?

You apply online for this account.

What happens when my 3 or 5 Year Fixed Term Deposit Account matures?

We’ll write to you at least 30 days before the maturity date of your Fixed Term Deposit Account. You can request us to transfer the funds into your nominated account, or if you’d like to put the money into another account with us, we have a number of options that may be suitable.

If we don’t receive instructions from you, on the last day of the fixed term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), the account will revert to a variable interest rate equivalent to the Bank of England base rate.

When will I get a statement for my savings account?

You’ll receive a statement every time interest is applied to your account.

However, please note that if you don't instigate a transaction on your account within three years, (for example withdraw or deposit funds other than your usual interest transactions) we'll class your account as “dormant”. We'll attempt to contact you at the last known address to advise you of this however, once your account status is changed you'll not receive any statements and you'll be unable to make transactions on your account, until you confirm that the account should remain open.

Please note, for fixed term deposit accounts, the three year period before an account is considered dormant will start at the maturity date of the fixed term deposit account.

Are there any penalties for transferring my ISA to a new provider?

There are no penalties for this.

What is your address?

Scottish Widows Bank
PO Box 12757
67 Morrison Street
Edinburgh
EH3 8YJ

What is your telephone number?

Our telephone number is 0345 845 0829. Our lines are open 8am to 6pm Monday to Friday (Wednesday from 10am).

How do I avoid the notice on my 7 day notice and/or 60 day notice account?

As part of the terms and conditions you must always give the appropriate notice on withdrawals.

Is Scottish Widows Bank covered by the Financial Services Compensation Scheme (FSCS)?

Your eligible deposits with Scottish Widows Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Scottish Widows Bank. Some savings accounts under the Charities Aid Foundation brand name are also deposits with Scottish Widows Bank plc. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please click How FSCS protects your money for further information or visit www.fscs.org.uk.

You can also refer to our FSCS Information Sheet for more details.

I have a Scottish Widows ISA which I opened through Lloyds Banking Group. Who do I contact for information?

Please contact 0345 767 8910, option 1. More information on the Lloyds Banking Group can be found at www.lloydsbankinggroup.com

How do I close my Scottish Widows Bank savings account?

If you have telephone banking access you can close your savings account by calling us on 0345 845 0829 (then select option 1 for savings accounts). Our lines are open 8am to 6pm Monday to Friday (Wednesday from 10am). You will need to have your telephone banking passwords and codeword ready when you call.

If you don't have telephone banking access you can write to us with your request to close your account. Our address is:

Scottish Widows Bank
PO Box 12757
67 Morrison Street
Edinburgh
EH3 8YJ

Please note that funds can only be transferred back to your nominated account (unless we receive bank identification in the form of a cancelled cheque or bank statement that would allow your nominated account details to be changed to a different account). Payments will be sent by Faster Payment in line with the terms and conditions of the account. No cheques will be issued.

What should I do if I have a complaint?

If you have a complaint please visit our complaints page to find out how to inform us about it. We'll then try to provide a solution as quickly as possible.

How do I let you know about a bereavement?

The death of someone close to you is very difficult. In addition to the emotional upset you'll be facing, you may also need to take care of practical matters.

At Scottish Widows Bank, we try to make this as easy as possible:

You can download the documents you need to complete here. You'll also need to send the original death certificate, or a certified copy of it. Please see our bereavement guide for clarification.

All the documents should be sent to us with a covering letter to:

Scottish Widows Bank,
PO Box 12757,
67 Morrison Street,
Edinburgh
EH3 8YJ

You can also call us on 0345 845 0829 if you'd like us to post out the documents you need to complete and return to us. Our lines are open 8am to 6pm Monday to Friday (Wednesday from 10am).

Once we receive all the documents we can update our records.

How can I track down an old account?

If you held a Scottish Widows Bank account in the past and think you may have forgotten accounts with us, we'll do our best to find and reactivate these for you.

You can visit www.mylostaccount.org.uk to submit an electronic account tracing form online. This is an official site set up by the British Bankers' Association (BBA), the Building Societies Association (BSA), and National Savings and Investments (NS&I).

Alternatively you can call us on 0345 845 0829 and a member of our staff will talk you through what needs to be done. To assist us it would be helpful if you could gather any information such as old statements, any old correspondence from us, or any other details relating to the old account(s).