5 Year Fixed Term Pension Fund Deposit Account
The 5 Year Fixed Term Deposit Account offers an impressive rate of return, and the interest is fixed for five years.
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Interest Rates (AERs) |
Deposits made during the offer period will earn a variable rate of
interest at the Bank of England base rate, until the actual start date
of the fixed term (shown below), when the fixed interest rate will The interest for the variable rate period will be included in your first interest payment after the fixed rate commences, and will be paid net or gross depending on tax status. After the start date the interest rate is fixed until the maturity date shown below. Interest must be paid away to either another Scottish Widows Bank savings account or an external bank account held in your name. Interest can be paid monthly, quarterly or annually. Please see below for current interest rate information. |
| Tax Status | Interest is paid net of basic rate income tax (currently 20%) but
may be paid gross if the appropriate HM Revenue and Customs
scheme reference number is supplied. Interest will be paid gross
on all deposits of £50,000 and over. As these would be classed as Qualifying Time Deposits by HM Revenue and Customs, it is your responsibility to declare interest received to them. |
| Conditions for Bonus Payment | No bonus payment applies to this account. |
| Withdrawal Arrangements | No partial withdrawals allowed. If you need to withdraw your
money before the end of the term, you can close your 5 Year Fixed
Term Pension Fund Deposit Account, however you will be charged
an amount equal to 365 days interest. |
| Access | Access normally only at the Maturity Date.
We’ll write to you before your account matures to ask |
Issue 11: Fixed Term Start date: 16/09/2010 | Maturity date: 15/09/2015
| Balance | Bank of England Base Rate (earned until fixed term start date) Gross/AER | 5 Year Fixed Term Pension Fund Deposit Account | ||
|---|---|---|---|---|
| Interest frequency | Gross | AER | ||
| £10,000 – £5,000,000 | 0.50% | Annually | 4.00% | 4.00% |
| Quarterly | 3.94% | |||
| Monthly | 3.92% | |||
Interest Periods
Interest will be paid monthly, quarterly or annually to either another Scottish Widows Bank deposit account or an external bank account held in your name.
Please note that the contractual rate of interest on your account will be lower than the annual gross interest rate if you have interest paid monthly or quarterly.
Definitions
On the interest rate table you may see some terms you are unfamiliar with. These are:
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 — This is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
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