Interest paid on the Cash Investment Account will be no less than 0.25% below Bank of England Base Rate until 31 December 2012
Current interest rates
Effective from 27 September 2010
Instant Transfer option
| Balances | Gross interest rate/AER |
| £50,000 and above |
1.50% |
| £500 to £49,999 |
1.25% |
7-Day Notice option
| Balances | Gross interest rate/AER |
| £50,000 and above |
1.85% |
| £500 to £49,999 |
1.60% |
Previous interest rates
As a comparison the following table shows rates previously available from Scottish Widows Bank on the same account from 29 January 2010 to 27 September 2010.
Instant Transfer option
| Balances | Gross interest rate/AER |
| £50,000 and above |
1.50% |
| £500 to £49,999 |
1.25% |
7-Day Notice option
| Balances | Gross interest rate/AER |
| £50,000 and above |
2.00% |
| £500 to £49,999 |
1.75% |
Interest rates are variable.
Interest payment periods
Interest payment/statements issued monthly†/quarterly/annually.
†On request for balances in excess of £50,000.
Interest rate when compounded will equal the annual rate.
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 – This is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
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
| Minimum balance |
£500 |
| Maximum balance |
£5,000,000
|
| Minimum withdrawal |
£100
|
| Bank of England Base Rate |
Currently 0.50% |
| Previous Base Rate to 5 March 2009 |
1.00% |