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Making the right choice for you and your money

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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 3 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 a defined fixed term.

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. They can even be used to hold client funds. Our Pension Fund Deposit Account 2 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 an Ecash ISA 3 .

How quickly can I withdraw money from my account?

You can make withdrawals as follows:

  • If you give us one business days notice transfers from your account will be made free of charge and you'll receive the money by the end of the following business day. For the 7 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 3.40pm 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 non personal and pension fund fixed term accounts. For personal fixed term deposit accounts, no withdrawals are allowed unless you close the account, penalties apply please see the specific product pages for full details.

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 team on 0345 845 0829.

If you have a savings account and you've not made any withdrawals or deposits for three years and we've not heard from you during that time, we'll write at least once to the most recent address we hold for you to ask if you want to keep the account open (unless mail has previously been returned from that address).  We may also make other attempts to trace you. If your reply is that you want to keep your account open, we'll continue to treat your account as ‘live’, sending you statements and other correspondence in the normal way.

If we don't receive a response from you after a set period, usually between six weeks and three months, your account may be considered ‘dormant’ and we'll treat your account differently from a ‘live’ account. This is to protect you:

  • it can stop fraud and identity theft - it's not good practice to send out statements and other material to an out-of-date address, where other people could try to access your account or use the correspondence for other fraudulent purposes
  • it can safeguard your privacy by not allowing confidential information to go to an old address.

If your account is considered ‘dormant’, we'll retain a record of the account.The funds in the account remain yours. If you make a valid claim the funds will be paid to you in full, with interest (if it is an interest-bearing account).

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 my savings covered by the Financial Services Compensation Scheme?

Your eligible deposits with Scottish Widows Bank plc are protected up to a total of £75,000 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.

Do you offer telephone banking?

Yes, you can contact our helpful customer service team on 0345 845 0829 between 8am and 6pm weekdays — from 10am Wednesdays.