Current interest rates
Effective from 14 March 2011
| Balance tier | AER/tax-free |
| £10 and over |
2.50% |
Previous interest rates
As a comparison the following table shows rates previously available (including introductory bonus) from Scottish Widows Bank on the same account from 1 April 2009 to 14 March 2011.
| Balance tier | AER/tax-free including bonus* | AER/tax-free without bonus |
| £10 and over |
2.10% |
0.60% |
*The above rate includes a bonus of 1.50% for the first 12 months.
Interest payment periods
Interest can be paid annually on 1 April, or twice yearly on 1 April and 1 October.
Definitions
Tax Free – This is the contractual rate of interest payable where interest is exempt from income tax.
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).
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
| Account name |
E-Cash ISA |
Interest rates
(AERs) |
Please see below for full information.
|
| Tax status |
Tax free savings. Interest is payable gross as long as HM Revenue and Customs requirements are met. |
| Conditions for bonus payment |
No bonus payment applies to this account. |
| Withdrawal arrangements |
No notice period or penalties for withdrawals. |
| Access |
Internet, telephone and post |