1 Year Fixed Term Business Deposit Account
This account is no longer available to new business. For account information, please call our Customer Services Staff 0845 845 0829.
Designed to offer your clients a high rate of return on their savings with the security of knowing that it's fixed for the next 12 months, the Scottish Widows Bank 1 Year Fixed Term Business Deposit Account is ideal for non personal funds such as those of:
- Companies, partnerships and sole traders
- Professional firms and clients’ accounts
- Charities, associations and clubs.
Key Features of the Account
- Accounts available in issues, for limited periods of time, at interest rates determined before each issue
- Fixed rate of interest earned from specified ‘start date’ until ‘maturity date’ one year later.
- Interest paid to account at maturity – interest is paid gross on balances of £50,000+
- Accounts can be opened before the start date when each issue is launched. Interest is earned from account opening date until the start date at Bank of England Base Rate. The interest earned during this period will be added to the original investment at the start of the fixed rate period, and will be paid net or gross depending on tax status.
- Minimum deposit of £10,000, maximum £5,000,000 (balances of £5,000,000+ may be held by special arrangement)
- No additional deposits permitted after the start date
- We will write to customers at least 30 days before maturity date to explain what their options are after the one year term
- Early access to funds permitted on account closure, when the whole balance will be repaid without interest
- Available to new and existing Scottish Widows Bank customers.
Benefits for You
- 0.2% annual commission, paid quarterly
- Commission payments guaranteed for the next year
- Simple commission registration
- No cross-sell guarantee.
See how much commission you can earn using our savings commission calculator.
