3 Year Fixed Term Deposit Account

An interest rate fixed for three years

In detail

Here are answers to some of the questions you may have about this account:

How does this account work?

This account is available in issues, each with a certain start date and maturity date – three years later.  The fixed rate of interest you will earn during the three year term will be determined prior to each issue and available for you to check before you choose to open your account.

You can open an account at any time from when we announce the next issue until the actual start date for that three year term. However, we reserve the right to close the issue early if demand is higher than expected. The fixed rate of interest, determined prior to the specified issue being promoted, will apply from when the account is opened until maturity. The interest earned during the offer period will be paid to your pre-advised account at the end of the offer period. The interest earned after the end of the offer period will be paid away monthly, quarterly or annually to either another Scottish Widows Bank account or your pre-advised account.

Can I apply for this account online?

Yes, you can apply for a 3 Year Fixed Term Deposit Account online.

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.

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 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 who are ordinarily 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.

Visit our application page to find out more, and to apply.

How do I make deposits?

  • For paper applications - your deposit can be made by cheque or by internal transfer from an existing Scottish Widows Bank account. Cheques must be drawn on an account held in your name.  Building Society cheques must be stamped and signed by the issuing branch to confirm that they are from an account held in your name.
  • Third party cheques are not permitted.
  • Please note that if the initial payment 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 without delay).
  • For online applications - your deposit can be made from your nominated account or by internal transfer from an existing Scottish Widows Bank account.
  • Additional deposits can be made until the start date of your Fixed Term Deposit Account by calling us on 0345 845 0829.

These are the only ways we can accept deposits. Transfers of money into your account via the bank money transmission system — such as bank giro credit, standing order or dividend mandate — are not possible. This is because there can be delays and identification difficulties with these methods that we have no control over.

Can I make withdrawals?

  • No partial withdrawals allowed.
  • If you need to withdraw your money before the end of the term, you can close your fixed rate deposit account, however you will be charged an amount equal to 200 days' interest. We will work this out at the rate at which we pay interest on your fixed rate deposit account.
  • We may take this amount from the interest we owe you on your account which we have not yet paid. If there is not enough interest that we have not yet paid we will take this amount from your fixed rate deposit account. You can ask us to pay the money in your fixed rate
    deposit account into another savings account with Scottish Widows Bank or your nominated external account.
  • On death of customers before the end of the term, the initial capital plus the full amount of accrued interest will be returned.

What happens after the three year term is up?

At least 30 days before the end of the three year term, we will send you a letter advising of your options. These are:

  • Roll over your current Term Deposit to the one existing at the time of maturity
  • Transfer money to another savings account with Scottish Widows Bank
  • Transfer money to your nominated external account.

If we don’t receive any instruction from you, your funds will automatically be rolled over to a Scottish Widows Bank Variable Rate Account with interest payable at the Bank of England Base Rate. Please see the Terms & Conditions – Section 5 for more details.

How is interest paid?

  • Interest will accrue at the fixed rate from the start date and will be paid monthly, quarterly or annually.
  • Interest will be paid away to either another Scottish Widows Bank deposit account or an external bank or building society account held in your name(s).
  • The fixed rate of interest, determined prior to the specified issue being promoted, will apply from when the account is opened until maturity. The interest earned during the offer period will be paid to your pre-advised account at the end of the offer period. The interest earned after the end of the offer period will be paid away monthly, quarterly or annually to either another Scottish Widows Bank account or your pre-advised account. Where interest is paid monthly it will be paid on the first business day of the month
  • The contracted rate of interest on your account will be lower than the annual gross interest rate if you choose to have interest paid monthly or quarterly.
  • Interest will be paid gross and you will be responsible for paying any tax due to HMRC.

Will I receive statements?

You will receive annual statements. At the end of the term you will receive a closing statement and a Certificate of Interest.

Can the account be opened in joint names?

Yes, the 3 Year Fixed Term Deposit can be opened as a joint account.

A joint account means

  1. Both of you are separately responsible for keeping to its terms. If either of you does not keep to them, we can take action against either or both of you singly or together.
  2. We may give any information about the account to either of you (even if you choose that both of you must sign instructions to us).
  3. If you choose to allow either of you to authorise transactions on the account, either of you will be able to withdraw any money in the account (which may be without the other’s knowledge). We will not be obliged to make any enquiries about the purpose of any transactions.
  4. The account cannot later be put into just one of your names, unless you both agree.
  5. If there is a dispute between you about your account, we may require you both to authorise transactions until you both agree how the account is to be run.
  6. If either of you dies, we will pay any balance on your account to the other.
  7. If a joint account is opened we require to verify the identity of all account holders.
  8. For joint applications made online, the second applicant must login to Internet Banking (we'll send them login details) to read and accept the Terms and Conditions for the account.

Instructions from either or both of you

The option of both of you to authorise all transactions on your account is not available.

Are there any specific terms and conditions unique to this account?

Please read the terms and conditions for the 3 Year Fixed Term Deposit Account. .