Direct Transfer Account
Key Product Information for our Savings Account(s)
|Account Name||Direct Transfer Account|
|Please see below for full information.
Interest rates are variable.
|Tax Status||Interest will be paid gross and you will be responsible for paying any tax due to HMRC.|
|Conditions for Bonus Payment||For bonus rate information please see below. The bonus rate is paid for 12 months.|
|Withdrawal Arrangements||No notice period or penalties for withdrawals.|
Current Interest Rates
Effective from 10th August 2020
|Balances||Gross Interest Rate/AER|
|£100 and over||0.01%|
Previous Interest Rates
For previous interest rate information for your account please contact our customer service team on 0345 845 0829.
Interest Payment Periods
Interest will be paid monthly on the first day of the month or quarterly on the first day of January, April, July and October.
On the interest rate table you may see some terms you are unfamiliar with. These are:
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 — Gross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HMRC.
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.
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.