Current interest rates
Effective from 8 June 2011
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 17 June 2009 until 8 June 2011.
| Balances | Gross interest rate/AER |
| £50,000 and above |
1.50% |
| £500 to £49,999 |
1.25% |
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.
The Trust Fund Deposit Account is designed to work efficiently alongside the trust's existing bank or building society current account as a high interest deposit facility.
Key product information
| Account name |
Trust Fund Deposit Account |
Interest rates
(AERs) |
Please see below for full information.
Interest rates are variable. The rate will be no less than 0.25% below Bank of England Base Rate until 31 December 2012.
|
| Tax status |
Interest is payable gross as long as confirmation of the beneficiary’s tax status is evidenced by the Trust Deed and the following documentation, or as otherwise agreed with our Customer Services staff
- Individuals: R85 for (UK resident)
- R105 form (Non-UK residents)
- R105 DAT form (Non-UK resident with a Discretionary Trust or Accumulation Trust)
|
| Conditions for bonus payment |
No bonus payment applies to this account. |
| Withdrawal arrangements |
Instant transfer Option - No notice period or charges for withdrawals.
7-Day Notice Option - Seven days notice must be given for an account withdrawal. If early withdrawal is agreed, which we regard as non-standard, we will deduct the equivalent of seven days gross interest on the amount withdrawn.
|
| Access |
Telephone or postal banking. |
| Minimum balance |
£500 |
| Maximum balance |
£5,000,000 |
| Minimum withdrawal |
£100 |