1 Year Fixed Term Deposit Account

A fixed rate of interest for one year

How to apply

Before applying we recommend you read the Interest Rates and Charges, the Personal Savings Account Conditions, the In detail and the Summary box page. You should also download a copy of our FSCS Information Sheet.

There are two different ways you can apply:

Option 1 – Apply online

The current issue of the 1 Year Fixed Term Deposit Account is:

Issue 107, 0.50%* gross/AER** (fixed)

To secure this fixed rate, you’ll need to complete your online application before 6pm on Wednesday, 2nd May 2018.

When applying online, you'll need to provide the following details, so please have this information available:

  • Your National Insurance Number (or Tax Identification Number, if applicable)
  • The account details of the bank account your deposit will be made from (this must be an account held in your name).

Important information if you're applying online

  • If you want to pay your deposit by cheque, or you’d like to submit a Power of Attorney or 3rd Party Mandate, you’ll need to complete a paper application.
  • The minimum deposit for this account is £10,000, and maximum is £5,000,000. Your deposit must be paid from either a nominated high street account (this must be an account held in your name) or an existing Scottish Widows Bank account.
  • We may request that you send us document(s) to verify your identity. In this situation, we won’t collect your deposit until we’ve received the documents.
  • This account is available to people aged 16 or over and resident in the UK.
  • Sole applicants have the option to make their deposit from an existing easy access Scottish Widows Bank savings account.
  • For joint applications, please ensure that you have the second applicant’s permission to apply for this account, and that they’ve read the "How to apply" section above. We won’t collect a deposit until:

    • - the second applicant has logged in to Internet Banking (we’ll send them login details) to read and accept the Terms and Conditions for this account, and
    • - we’ve received any documents we’ve asked you to send us to verify your identity.

New Customers – how to apply online:

Online applications are currently unavailable, please try again later, or download an application form and apply by post.

Existing Internet Banking customers – how to apply online:

Online applications are currently unavailable, please try again later, or download an application form and apply by post.

Option 2 – Download an application form to apply by post

To open an account simply download and print out the application form, then complete and send it to us with the following:

  • A cheque from your main bank/building society current account.

    Please note that if the deposit is made by CHAPS we require identification in the form of an original bank statement, cancelled cheque or pre-printed pay-in slip from a UK bank or building society current account on which you are named. (this will be returned to you).

Download 1 Year Fixed Term Brochure & Application form

Send your completed application form to:

Scottish Widows Bank
PO Box 12757
67 Morrison Street

If you have any questions about your application, please call our customer service team on 0345 845 0829. Our lines are open 8am to 6pm Monday to Friday ( Wednesdays from 10am).

*based on interest paid annually

**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 — Gross rate means that we will not deduct tax automatically from your interest.  You are responsible for paying any tax due to HMRC.

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.

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