Loyalty Instant Transfer Account Interest Rates
This account is no longer available to new business. For account information please call our Customer Services Staff 0845 845 0829.
Current Interest Rates
| Balances | Gross Interest Rate including bonus* | Annual Equivalent Rate (AER) including bonus* | Gross Interest Rate/AER without bonus | ||
|---|---|---|---|---|---|
| £50,000 and over | 2.10% | 1.35% | 0.60% | ||
| £25,000 to £49,999 | 2.05% | 1.30% | 0.55% | ||
| £100 to £24,999 | 2.00% | 1.25% | 0.50% | ||
| *The above rate includes a 1.50% interest rate bonus for the first 6 months. | |||||
Previous Interest Rates
As a comparison the following table shows rates previously available (including introductory bonus) from Scottish Widows Bank on the same account from 1 March 2009 to 1 April 2009.
| Balances | Gross Interest Rate including bonus* | Annual Equivalent Rate (AER) including bonus* | Gross Interest Rate/AER without bonus | ||
|---|---|---|---|---|---|
| £50,000 and over | 2.60% | 1.85% | 1.10% | ||
| £25,000 to £49,999 | 2.55% | 1.80% | 1.05% | ||
| £100 to £24,999 | 2.50% | 1.75% | 1.00% | ||
| *The above rate includes a 1.50% interest rate bonus for the first 6 months. | |||||
Interest Payment Periods
A choice of interest payment periods of either monthly, quarterly, six monthly or annually is available.
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.
