Features and benefits

Eligibility

  • Minimum investment of £500
  • Maximum balance of £5 million per individual client
  • Balances greater than £5 million per individual client can be held by special arrangement only

Access

  • Telephone banking
  • Post

Deposits

Deposits can be made by

  • Telephone or post
  • Cheques from an account held in the trustees’ name (building society cheques need to be verified by issuing branch)
  • Regular or occasional transfers by Direct Debit from a nominated account
    - A Direct Debit mandate needs to be completed in order to use this facility
    - There must be cleared funds in the current account
    - Regular monthly transfers of additional funds can be arranged
  • Third-party cheques are not permitted

Withdrawals

  • No notice period or loss of interest for withdrawals
  • Withdrawals will be paid by electronic funds transfer direct to the pre-advised bank or building society current account, or another Scottish Widows Bank savings account
  • Instructions can be given by telephone or post
  • Minimum transfer is £100
  • Transfers from accounts are free of charge provided there is one business days notice
  • Same-day transfer is available if the request is made before 3.40pm and is subject to an administration charge, currently £25 

Interest payments

  • Interest is normally paid into your client’s account annually or quarterly, on the first day of January, April, July and October
  • A monthly interest payment option is available for balances over £50,000

Tax

  • Interest will be paid gross and your client will be responsible for paying any tax due to HMRC.

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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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