This summary is designed to give enough information to help you easily compare the account with other savings products. It is not intended to replace any terms and conditions.
||3 Year Fixed Term Deposit Account
|What is the interest rate?
The interest rate is fixed. The rate is shown in the table below.
||Gross rate / AER
- Interest will be paid on all funds in the account.
- Interest can be paid monthly, quarterly or annually.
|Can Scottish Widows Bank change the interest rate?
No. The account has a fixed rate of interest. This means we will not change your interest rate during the term.
|What would the estimated balance be after 36 months based on £10,000 deposit?
An illustration of the future balance is shown below.
||Gross rate / AER
||Balance at 36 months
This is an illustrative example and assumes that:
- You make your initial deposit payment on the day you open the account.
|How do I open and manage my account?
You can open an account online or by printing our online application form and posting it to us.
- Applicants must be aged 16 and over and a UK resident.
- The minimum initial deposit is £10,000.
- The maximum deposit is £5,000,000.
- The initial deposit must be received within the offer period. Multiple deposits can be made within the offer period.
- The interest rate available during the offer period will be the same as the interest rate for the fixed term. Interest earned during this period will be paid to your pre-advised account at the end of the offer period.
- No additional deposits are allowed after the offer period has ended.
- The fixed term starts immediately after the offer period.
You can manage the account over the telephone and by post.
|Can I withdraw money?
- No withdrawals are allowed other than closure.
- Early closure is allowed but 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.
- If the account holder dies, we will repay the deposit and interest up to the date of early closure on receipt of a request to do so, without any early closure charge.
- A maturity letter will be sent to you at least 30 days before the account maturity date. If your maturity instructions are not received before the maturity date, your account will automatically be rolled over to a Scottish Widows Bank Maturity Base Rate Tracker Account with interest payable at the Bank of England base rate.
- If you close the account and wish to withdraw your money the same day by CHAPS payment, a charge will be applied to cover our transfer costs. Withdrawal by other forms of electronic transfer will be made free of charge.
- There is a 14-day cancellation period from the account opening date during which the account can be closed without any charge.
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
- Gross rate means we will not deduct tax from the interest we pay on money in the account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).