Interest rates and charges

Current interest rates and charges

The 3 Year Fixed Term Deposit Account offers an interest rate that is fixed for 3 years.

Issue 66: Offer period: 21/12/2017 to 31/01/2018 | Maturity date: 01/02/2021

 
Balance3 Year Fixed Term Deposit Account
Interest frequencyGross/AERCharges
£10,000–£5,000,000  Annually 0.80% Withdrawals by CHAPS transfer to another UK account - £25
We may charge for duplicate statements - £5
Quarterly 0.80%
Monthly 0.80%

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.

Definitions

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.

 

Summary box
Key product information for our Savings Account(s)

Account name 3 Year Fixed Term Deposit Account
Interest rates
(AERs)

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.

Tax status 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.
Withdrawal arrangements

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.

On death of customers before the end of the term, the initial capital plus the full amount of accrued interest will be returned.

Access 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.

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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