Apply now for our new high interest Internet Saver Account
Internet Saver Account Interest Rates
The Internet Saver Account offers an impressive rate of return, and includes a 0.69% bonus for the first 12 months, for new customers to Scottish Widows Bank.
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | Internet Saver Account |
| Interest Rates (AERs) |
Please see below for full information. Interest rates are variable. |
| Tax Status | Interest is normally payable after allowing for deduction of income tax at the specified rate (currently 20%) but may be paid gross if the appropriate completed HM Revenue and Customs form is provided. |
| Conditions for Bonus Payment | For bonus rate information please see below. The bonus rate is paid for 12 months and is only available to new customers. |
| Withdrawal Arrangements | No notice period or penalties for withdrawals. maximum daily online withdrawal limits apply - see below. |
| Daily Withdrawal | The maximum daily limit for online withdrawals is £10,000. This daily limit may change from time to time. Larger withdrawals can be arranged by contacting our Customer Service staff on 0845 845 0829. |
| Access | Internet |
Current Interest Rates
| Balances | Gross Interest Rate including bonus* | Annual Equivalent Rate (AER) including bonus* | Gross Interest Rate/AER without bonus | ||
|---|---|---|---|---|---|
| £1 and over | 2.70% | 2.70% | 2.01% | ||
| *The above rate includes a 0.69% interest rate bonus for new Scottish Widows Bank customers in the first 12 months. | |||||
Interest Payment Periods
A choice of interest payment periods of either monthly, quarterly or annually is available for Internet Saver Accounts.
Definitions
On the interest rate table you may see some terms you are unfamiliar with. These are:
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).
Gross — This is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
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.
