Features and benefits

Eligibility

  • Available to customers aged 16 and over
  • Minimum investment of £10
  • Maximum investment is specified by the ISA regulations each tax year (see www.gov.uk/individual-savings-accounts for the current limit)

Access

  • Internet banking, telephone and post

Deposits

  • Initial deposit by personal cheque, transfer from an existing Scottish Widows Bank account, or transfer from your client’s main current account
  • Cheques from an account held in your client's name (building society cheques need to be verified by issuing branch)
  • Third-party cheques are not permitted
  • Additional deposits by regular or occasional Direct Debit payments from an existing personal current account
    - A Direct Debit mandate needs to be completed in order to use this facility
    - There must be cleared funds in the personal account
    - Regular monthly transfers of additional funds can be arranged
  • Transfers from other ISAs accepted

Withdrawals

  • No notice period or penalties for withdrawals
  • Withdrawals will be paid by electronic funds transfer direct to the nominated bank or building society current account
  • Instructions made by internet banking
  • Minimum withdrawal £10
  • Transfers from accounts are free of charge provided there is one business days notice

Interest payments

  • Interest can be credited to your client’s account with us or to their designated account with any other bank or building society according to their instructions
  • Interest can be applied annually on 1 April, or twice yearly on 1 April and 1 October

Tax

  • Tax-free interest on savings

 

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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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