The tax free savings option
E-Cash ISA Interest Rates
The E-Cash ISA offers a winning combination of quick access and tax free savings.
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | E-Cash ISA |
| Interest Rates (AERs) |
Please see below for full information. |
| Tax Status | Tax free savings. Interest is payable gross as long as HM Revenue and Customs requirements are met. |
| Conditions for Bonus Payment | No bonus payment applies to this account. |
| Withdrawal Arrangements | No notice period or charges for withdrawals. |
| Access | Internet |
| Minimum Balance | £10 |
| Maximum Balance | £5,760 (annual allowance, will accept transfers in from previous ISA's) |
| Mininmum Withdrawal | £10 |
Current Interest Rates
Effective from 25 March 2013, accounts opened on or after 25 March 2013 will earn:
| Balance | AER/tax free (variable) |
|---|---|
| £10 and over | 1.30% |
Accounts opened before 25 March 2013 will earn
| Balance | AER/tax free (variable) |
|---|---|
| £10 and over | 1.80% |
The date your account was opened is in the welcome letter you received after you opened your account. This information is also available on your statements.
Previous Interest Rates
As a comparison, for accounts opened after 25 March 2013, the following table shows rates previously available from Scottish Widows Bank on the same account from 5 November 2012 to 25 March 2013:
| Balance | AER/tax free (variable) |
|---|---|
| £10 and over | 1.80% |
For accounts opened before 5 November 2012, the following table shows rates previously available from Scottish Widows Bank on the same account from 14 March 2011 to 13 January 2013:
| Balance | AER/tax free (variable) |
|---|---|
| £10 and over | 2.50% |
Interest rates are subject to change at anytime.
Interest Payment Periods
Interest can be paid annually on 1 April, or twice yearly on 1 April and 1 October.
Definitions
On the interest rate table you may see some terms you are unfamiliar with. These are:
Tax Free — This is the contractual rate of interest payable where interest is exempt from income tax.
Tax treatment depends on your individual circumstances and may change
AER — Stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. (As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time).
The AER advertised is based on interest paid gross and capitalised to the account once a year– please note that other interest payment periods are available and the actual interest rate on your account will be lower if you have interest applied more frequently, but when compounded will equal the AER.
