Making the right choice for you and your money
Frequently asked questions
We want you to feel confident that you have chosen the right Scottish Widows Bank Savings Account. So here are answers to some questions you may have. If you need more information please contact us.
Which of your savings accounts are tax-free?
Scottish Widows Bank offers an e-cash ISA which is tax free. If you are a non taxpayer you may also be eligible to receive gross interest on our other savings products.
Can I save regularly?
Yes you can. Most of our savings accounts allow you to make regular deposits by Direct Debit or as and when you choose. The only accounts which don't are our fixed term accounts where you can deposit a single amount when you open the account and leave it for 12 months.
What are your interest rates?
You can find full information on all our interest rates here.
Do you offer current accounts too?
No — not at this moment in time.
Can my organisation have an account with Scottish Widows Bank?
Our non-personal accounts can be used as a deposit account by all types of organisations — including charities, clubs and associations. It can even be used as a client’s account. Our Pension Fund Deposit Account, 1 Year Fixed Term Pension Fund Deposit Account, and 5 Year Fixed Term Pension Fund Deposit Account can be used by pension fund trustees for the cash element of any pension fund.
Why do your interest rates change from time to time?
We review our interest rates from time to time and sometimes make changes. This may be for competitive or other reasons — such as changes in regulations or market conditions.
What types of accounts do you offer?
We offer a choice of deposit accounts for both individuals and organisations. Individuals also have the option of a Ecash ISA.
How quickly can I withdraw money from my account?
Withdrawals can normally be made against proceeds of cheques or BACS on sixth business day, starting from the date the account is credited.
- If you give us three business days’ notice transfers from your account will be made free of charge. For the 7 Day and 60 Day Notice accounts you must give us the agreed notice period.
- We can arrange same day transfer by CHAPS if you give us the instruction by 2pm that day — there will be an administration charge to cover the cost.
Withdrawals from your account will be paid by electronic funds transfer directly into the bank or building society account agreed on your application. We cannot pay money to third parties.
No withdrawals are allowed on our fixed term accounts, unless you close the account.
Can I transfer money from my bank or building society to Scottish Widows Bank?
Yes, you can. Either telephone us and we will collect the money electronically from your account or you can set up a regular payment instruction. Either way you must set up a direct debit mandate — but you can change the date and amount whenever you choose, provided you give us three working days notice.
Do you accept cheques from third parties?
No, we cannot accept any cheques that are not from an account held in your name.
What security measures do you have in place?
When you open an account with us you will be given an account number to help us locate your account details and deal more efficiently with any requests. This is not a personal security code but it should be quoted whenever you telephone or write to us. The security details you provide on your application form will be held on file for your protection. And for your added protection money will only ever be transferred to your pre-agreed bank or building society account.
Always take reasonable steps to keep the passwords and other security information secret at all times. This is essential to help prevent fraud and protect the accounts. Take care when storing or getting rid of information about your accounts. You should take simple steps such as shredding printed material.
It is essential that you tell us as soon as possible if you suspect or discover someone else knows your security information — call our Customer Service Staff on 0845 845 0829.
Are my savings covered by the Financial Services Compensation Scheme?
Scottish Widows Bank plc is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. If we are unable to pay what we owe you, you may be able to get compensation of up to £50,000 from the Scheme. Most depositors including individuals and small firms, are covered. Deposits denominated in currencies are treated alike. A leaflet with further details is available on request from the scheme.
Call their helpline on 020 7892 7300.
Visit their website at www.fscs.org.uk
Email: enquiries@fscs.org.uk
or write to the Financial Services Compensation Scheme, 7th Floor Lloyds Chambers, Portsoken Street, London, E1 8BN.
Do you offer telephone banking?
Yes, you can contact our helpful customer service staff on 0845 845 0829 between 8am and 6pm weekdays — from 10am Wednesdays.
