This summary is designed to give enough information to help you easily compare the account with other savings products. It is not intended to replace any terms and conditions.
||Club and Association Deposit Account
|What is the interest rate?
The interest rate is variable. The current rate is shown in the table below.
||Gross rate / AER
- Interest can be paid monthly, quarterly or annually.
- Monthly interest payments are only available on balances of at least £50,000.
- Interest will be paid on all funds in the account.
- Interest can be paid to the account. Alternatively, it can be transferred to a different account with us in the same name or, providing the account balance is above £2,500, transferred to your pre-advised account.
|Can Scottish Widows Bank change the interest rate?
Yes. We can move the interest rate up or down at any time. For example, if the Bank of England base rate changes, we will review our rates. The terms and conditions explain when and how we will do this.
|What would the estimated balance be after 12 months based on £1,000 deposit?
An illustration of the future balance is shown below.
||Gross rate / AER
||Balance at 12 months
This is an illustrative example and assumes that:
- You don’t withdraw any money and interest isn’t paid out of the account.
- The interest rate stays the same.
- You make your initial deposit payment on the day you open the account.
- You don’t make any further deposits.
|How do I open and manage my account?
You can open an account by printing our online application form and posting it to us.
- The minimum initial deposit is £500.
- The account cannot have a balance of more than £5,000,000. If you wish to discuss special arrangements, please call us.
- Additional payments into the account must be at least £100.
You can manage the account by telephone or by post.
|Can I withdraw money?
- Yes. You can make withdrawals from the account.
- Individual withdrawals must be at least £100.
- You can close the account at any time.
- There is a 14-day cancellation period from the account opening date during which the account can be closed without any charge.
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
- Gross rate means we will not deduct tax from the interest we pay on money in the account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).