Current interest rates and charges
The 3 Year Fixed Term Deposit Account offers an interest rate that is fixed for 3 years.
Issue 70: Offer period: 21/06/2018 to 01/08/2018 | Maturity date: 02/08/2021
|Balance||3 Year Fixed Term Deposit Account|
||Withdrawals by CHAPS transfer to another UK account - £25
We may charge for duplicate statements - £5
Interest payment 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.
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 — Gross rate means that we will not deduct tax automatically from interest payments. The account holder is responsible for paying any tax due to HMRC.
The AER advertised is based on interest paid gross and capitalised to the account once a year - please note that other interest payment periods are available and the actual interest rate on your account will be lower if you have interest applied more frequently, but when compounded will equal the AER.
Key product information for our Savings Account(s)
||3 Year Fixed Term Deposit Account
The fixed rate of interest, determined prior to the specified issue being promoted, will apply from when the account is opened until maturity. The interest earned during the offer period will be paid to your pre-advised account at the end of the offer period. The interest earned after the end of the offer period will be paid away monthly, quarterly or annually to either another Scottish Widows Bank account or your pre-advised account. Where interest is paid monthly it will be paid on the first business day of the month.
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 above for current interest rate information.
||Interest will be paid gross and your client will be responsible for paying any tax due to HMRC.
|Conditions for bonus payment
||No bonus payment applies to this account.
No partial withdrawals allowed.If you need to withdraw your money before the end of the term, you can close your Fixed Term Deposit Account, however 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 Term Deposit Account. We may take this amount from the interest we owe you on your account which we have not yet paid. If there is not enough interest that we have not yet paid we will take this amount from your Fixed Term Deposit Account. You may therefore get back less than you first invested.
On death of customers before the end of the term, the initial capital plus the full amount of accrued interest will be returned.
||Access is normally only at the end of the agreed term. We'll write to clients before the account matures to ask what they'd like us to do with their money.