- Minimum deposit of £10,000
- Maximum deposit of £5 million
- Joint accounts available
- Access is normally only at the maturity date
- We'll write to your client before the account matures to ask what they'd like us to do with their money
- The deposit can be made by cheque or internal transfer from an existing Scottish Widows Bank account
- Cheques must be from an account held in your client's name (building society cheques need to be verified by issuing branch)
- No additional deposits can be made
- Third-party cheques are not permitted
- No partial withdrawals are permitted throughout the one year term
- Early access to funds is permitted on account closure, however the full balance will be returned without interest
- Instructions can be given by telephone or post
- On account closure, transfers from accounts are free of charge provided there is one business days notice. Same-day transfer is available if the request is made before 3.40pm and is subject to an administration charge, currently £25
At least 30 days before the end of the one year term, your client will receive a letter advising of their options. These are
- Transfer money to another savings account with Scottish Widows Bank
- Transfer money to the nominated external account
If we don't receive any instruction from your client, the money will automatically be rolled over to a Scottish Widows Bank Variable Rate Account with interest payable at the Bank of England Base Rate
- Interest earned during the fixed term will be paid to the account on the maturity date.
- The fixed rate of interest, determined prior to the specified issue being promoted, will apply from when the account is opened until maturity. Any interest earned during the offer period will be paid to your client’s nominated account at the end of the offer period.
- At the end of the term your client will receive a closing statement and Certificate of Interest.
- Interest will be paid gross and your client will be responsible for paying any tax due to HMRC.