5 Year Fixed Term Deposit Account
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 five years, the Scottish Widows Bank
5 Year Fixed Term Deposit Account offers an ideal addition to any savings and investment portfolio. And, you will earn 0.40% annual commission (paid quarterly) based on your total client balances.
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’ five years later.
- Interest paid monthly, quarterly or annually to either another Scottish Widows Bank deposit account or an external bank account held in your name.
- 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 for the variable rate period will be included in the first interest payment after the fixed rate commences, and will be paid net or gross depending on tax status.
- Minimum deposit of £10,000 (maximum £5,000,000).
- 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 five year term.
- Available to new and existing Scottish Widows Bank customers.
- No partial withdrawals permitted.
- If your client needs to withdraw their money before the end of the term, they can close the fixed rate deposit account, however they will be charged an amount equal to 365 days' interest.
- On death of customers before the end of the term, the initial capital plus the full amount of accrued interest will be returned.
Benefits for You
- 0.40% annual commission, paid quarterly.
- Commission payments guaranteed for the next 5 years.
- Simple commission registration.
- No cross-sell guarantee.
Next Step
Download the Client Brochure and Application form
(pdf 215k) or visit our Literature Library and complete the request form to order client application packs and a commission registration form.
Alternatively, you can call 0845 845 0110 for more information.
Interest rates
