Personal

When your client’s 1, 3 or 5 Year Personal Fixed Term Deposit Account matures, there are a number of options for them to decide what they’d like to do with the proceeds. If they’d like to withdraw some or all of the balance on the maturity date, we can arrange this for them.

If your client needs more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for personal funds. This account allows quick and easy access, and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here.

Scottish Widows Bank has a number of other accounts where your client could transfer the proceeds of their maturing Fixed Term Deposit. We’ve detailed these options and how to apply below.

We’ll write to you and your client at least 30 days before the maturity date.

1 Year Fixed Term Deposit Account*

*This option is only available for customers with an existing 1 Year Fixed Term Deposit Account.

  • Earn a fixed rate of interest for another year
  • Deposit £10,000 to £5,000,000
  • Your client can add to their maturity balance if they’d like to deposit more (additional deposits must be made during the applicable offer period, as advertised on the account interest rates page)
  • Apply by post (call us for an application pack).

3 Year Fixed Term Deposit Account

Transfer all or some of the maturity balance into a Fixed Term Deposit Account for another three years:

  • Earn a fixed rate of interest for another three years
  • Deposit £10,000 to £5,000,000
  • Add to your maturity balance if your client would like to deposit more (additional deposits must be made during the applicable offer period, as advertised on the account interest rates pages).

We regularly launch new issues of our Fixed Term Deposit Accounts, which are available for a limited time only. You should therefore only visit the account pages after the maturity date of the existing Fixed Term Deposit Account, to ensure the rate you see advertised is the rate your client will receive if they apply for this option. The interest rate advertised before the existing account has matured may be different to the rate your client would receive, as the funds are reinvested after the maturity date.

Direct Transfer Account 2

A simple savings account with easy access:

  • Your client can transfer money to and from their main (nominated) current account as
    often as they like
  • Operate the account online, by phone or by post
  • This account is available to UK residents only.

Note: While we can accept your instruction to open a new account before the maturity date, your client’s funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

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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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