Your pension in your pocket
Our app makes it easy to keep an eye on your pension and plan for the future.
Scottish Widows Bank no longer offers savings products. This section contains information for existing customers.
On 7th November 2024, the Bank of England announced a decrease in the base rate from 5.00% to 4.75%.
Impact on our products:
The Scottish Widows Bank standard variable rate, effective from 11th November 2024, is 8.24%.
Account name | Balance | Gross Interest Rate/AER (variable) | Charges | Additional Information |
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Instant Saver 2 Account | £100 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
Withdrawals by CHAPS transfer to another UK account: £25 We may charge for duplicate statements: £5 |
For previous interest rates contact our customer service team on 0345 845 0829. |
Internet Saver Account | £100 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
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Instant Saver Account | £100 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
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Instant Saver plus Account | £100 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly/Half Yearly Interest 1.44% gross/1.45% AER |
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Instant Transfer Account | £100 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly/Half Yearly Interest 1.44% gross/1.45% AER |
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60 Day Notice Account | £50,000 and over | Effective from 29th October 2024 Yearly Interest 1.55% gross/AER Monthly/Quarterly/Half Yearly Interest 1.54% gross/1.55% AER |
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£100 to £49,999 | Effective from 29th October 2024 Yearly Interest 1.50% gross/AER Monthly/Quarterly/Half Yearly Interest 1.49% gross/1.50% AER |
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1 Year Fixed Term Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 | |||
3 Year Fixed Term Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 | |||
5 Year Fixed Term Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 | |||
Direct Transfer Account | £100 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
Withdrawals by CHAPS transfer to another UK account: £25 We may charge for duplicate statements: £5 |
For previous interest rates contact our customer service team on 0345 845 0829 |
Cash ISA | £100 and over | Effective from 29th October 2024 Yearly Interest 1.45% tax free/AER Half Yearly Interest 1.44% tax free/1.45% AER |
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E-Cash ISA | £10 and over | Effective from 29th October 2024 Yearly Interest 1.45% tax free/AER Half Yearly Interest 1.44% tax free/1.45% AER |
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E-Cash ISA 2 | £10 and over | Effective from 29th October 2024 Yearly Interest 1.45% tax free/AER Half Yearly Interest 1.44% tax free/1.45% AER |
Account name | Balance | Gross Interest rate/AER (Variable) | Charges | Additional Information |
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Direct Transfer Account 2 | £100 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
Withdrawals by CHAPS transfer to another UK account: £25 We may charge for duplicate statements: £5 |
For previous interest rates contact our customer service team on 0345 845 0829 Applications for this account must be submitted via a financial adviser. |
Maturity Base Rate Tracker EXISTING CUSTOMERS ONLY |
£100 and over | Effective from 8th November 2024 Yearly Interest 4.75% gross/AER Monthly Interest 4.65% gross/4.75% AER Quarterly Interest 4.67% gross/4.75% AER |
For previous interest rates contact our customer service team on 0345 845 0829 This account is only available to existing Fixed Term Deposit Account holders whose accounts are due to mature. |
Account name | Balance | Tax free interest rate/AER (Variable) | Charges | Additional Information |
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E-Cash ISA 3 | £10 and over | Effective from 29th October 2024 Yearly Interest 1.45% tax free/AER Half Yearly Interest 1.44% tax free/1.45% AER |
Withdrawals by CHAPS transfer to another UK account: £25 We may charge for duplicate statements: £5 |
For previous interest rates contact our customer service team on 0345 845 0829 |
Account name | Balance | Gross Interest Rate/AER (variable) | Charges | Additional Information |
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Business Deposit Account | £500 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
Withdrawals by CHAPS transfer to another UK account: £25 We may charge for duplicate statements: £5 |
For previous interest rates contact our customer service team on 0345 845 0829 |
Pension Fund Deposit Account | £500 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
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Trust Fund Deposit account | £500 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
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Cash Investment Account | £500 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
For previous interest rates contact our customer service team on 0345 845 0829 These accounts are sold via intermediaries only. |
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Cash Investment Account 2 | £500 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
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Cash Investment Account 95 Day Notice | £500 and over | Effective from 29th October 2024 Yearly Interest 1.50% gross/AER Monthly/Quarterly Interest 1.49 gross/1.50% AER |
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1 Year Fixed Term Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 | |||
3 Year Fixed Term Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 | |||
5 Year Fixed Term Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 | |||
1 Year Fixed Term Pension Fund Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 | |||
3 Year Fixed Term Pension Fund Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 | |||
5 Year Fixed Term Pension Fund Deposit Account | For general information, or information about any specific issue, contact our customer service team on 0345 845 0829 |
Account name | Balance | Gross Interest Rate/AER (variable) | Charges | Additional Information |
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Charity Deposit Account | £500 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
Withdrawals by CHAPS transfer to another UK account: £25 We may charge for duplicate statements: £5 |
For previous interest rates contact our customer service team on 0345 845 0829 |
Club and Association Deposit Account | £500 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
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Pension Fund Deposit Account 2 | £500 and over | Effective from 29th October 2024 Yearly Interest 1.45% gross/AER Monthly/Quarterly Interest 1.44% gross/1.45% AER |
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Maturity Base Rate Tracker | £100 and over | Effective from 8th November 2024 Yearly Interest 4.75% gross/AER Monthly 4.65% gross/4.75% AER Quarterly Interest 4.67% gross/4.75% AER |
For previous interest rates contact our customer service team on 0345 845 0829 This account is only available to existing Fixed Term Deposit Account holders whose accounts are due to mature. |
Personal Savings Accounts that have been withdrawn
The following personal savings accounts have been withdrawn. If you held one of these accounts and didn’t close it before it was withdrawn your money was automatically transferred to an Instant Saver 2 Account. Your account number won’t have changed.
Account name | Date withdrawn |
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Goldchip Account | 10th March 2014 |
Spinal Injuries Scotland Savings Account | 10th March 2014 |
Scotland Rugby Savings Account | 10th March 2014 |
Pompey Soccersave Account | 7th April 2014 |
VIP Premier Account | 29th May 2017 |
Loyalty 60 Day Notice Account | 29th May 2017 |
Loyalty Instant Transfer Account | 29th May 2017 |
Non Personal Savings Accounts that have been withdrawn
The following non personal savings accounts have been withdrawn. If you held one of these accounts and didn’t close it before it was withdrawn your money was automatically transferred to a Business Deposit Account (see Non Personal Savings Accounts No Longer Available). Your account number won’t have changed.
Account name | Date withdrawn |
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Treasury Tracker Account | 10th March 2014 |
Treasury Tracker 60 Day Notice Account | 10th March 2014 |
Scotland Rugby Treasury Account | 10th March 2014 |
For information about previous interest rates please contact our customer service team on 0345 845 0829. Lines are open 8am to 6pm Monday to Friday.
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 — Gross rate means that we will not deduct tax automatically from interest payments. The account holder is responsible for paying any tax due to HMRC.
Tax free — This is the contractual rate of interest payable where interest is exempt from income tax.
The AER advertised is based on interest paid gross and capitalised to the account once a year – please note that other interest payment periods may be 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.
If your existing Fixed Term Deposit Account is due to mature soon, you need to start thinking about what you’d like to do with the money once it’s released.
Click on the type of account you have below to view the options available from Scottish Widows Bank for your maturing funds. We'll write to you before your account is due to mature to remind you of these options and tell you what you need to do depending on your preference.
When your Personal Fixed Term Deposit Account matures, there are a number of options for you to decide what you’d like to do with the proceeds. If you’d like to withdraw some or all of the balance on the maturity date, call us on 0345 845 0829 and we can arrange this for you.
If you’re not sure what you’d like to do with the proceeds and need 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 to your money and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here (PDF, 264KB).
When your Non Personal Fixed Term Deposit Account matures, there are a number of options for you to decide what you’d like to do with the proceeds. If you’d like to withdraw some or all of the balance on the maturity date, call us on 0345 845 0829 and we can arrange this for you.
If you’re not sure what you’d like to do with the proceeds and need more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for non personal funds. This account allows quick and easy access to your money and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here.
If your funds are held under trust, or on behalf of clients, please contact us on 0345 845 0829.
We’ll write to you at least 30 days before the maturity date.
When your Fixed Term Pension Fund Deposit Account matures, there are a number of options for you to decide what you’d like to do with the proceeds. If you’d like to withdraw some or all of the balance on the maturity date, call us on 0345 845 0829 and we can arrange this for you.
If you’re not sure what you’d like to do with the proceeds and need more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for pension 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 (PDF, 264KB).
We’ll write to you at least 30 days before the maturity date.
Terms and Conditions
Personal Savings Account Conditions (PDF, 372KB)
Additional Personal Savings Literature
Internet Banking User Guide (PDF, 598KB)
Internet Banking / Telephone Banking Registration Form (PDF, 70KB)
Postal Instruction Form (PDF, 57KB)
Authorised Power of Attorney & Account Mandate Form (PDF, 569KB)
Account Details Amendment Form for Personal Savings (PDF, 1MB)
Cash ISA Transfer Instruction Form (PDF, 569KB)
ISA Reactivation Form (PDF, 642KB)
Full Privacy Notice (PDF, 154KB)
Short Privacy Statement (PDF, 569KB)
Bereavement Form (PDF, 145KB)
Bereavement Guide - help for customers (PDF, 46KB)
ISA APS Leaflet (PDF, 43KB)
ISA APS Additional Subscription Eligibility Declaration (PDF, 571KB)
ISA APS Application Form and Transfer Authority (PDF, 1MKB)
FSCS Information Sheet (PDF, 118KB)
Terms and Conditions
Non-Personal Savings Account Conditions (PDF, 289KB)
Additional Non-Personal Savings Literature
Postal Instruction Form (PDF, 57KB)
Account Details Amendment Form for Non-Personal Saving (PDF, 4MB)
Full Privacy Notice (PDF, 154KB)
Short Privacy Statement (PDF, 596KB)
FSCS Information Sheet (PDF, 118KB)
We want you to feel confident that you have chosen the right Scottish Widows Bank savings account. So here are answers to some questions you may have. If you need more information please contact us.
Yes you can. Most of our savings accounts allow you to make regular deposits by Direct Debit or as and when you choose.
You can find full information on all our interest rates here.
We review our interest rates from time to time and sometimes make changes. This may be for competitive or other reasons — such as changes in regulations or market conditions.
You can make withdrawals as follows:
Withdrawals from your account will be paid by electronic funds transfer directly into your nominated account. We cannot pay money to third parties.
No withdrawals are allowed on our non-personal and pension fund fixed term accounts. For personal fixed term deposit accounts, no withdrawals are allowed unless you close the account. You will incur a charge equivalent to lost interest. Please refer to your account terms and conditions for full details.
Yes, you can. Either telephone us and we will collect the money electronically from your account or you can set up a regular payment instruction. Either way you must set up a direct debit mandate — but you can change the date and amount whenever you choose, provided you give us three working days notice.
No, we cannot accept any cheques that are not from an account held in your name.
When you opened an account with us you will have been given an account number to help us locate your account details and deal more efficiently with any requests. This is not a personal security code but it should be quoted whenever you telephone or write to us. The security details you provide on your application form will be held on file for your protection. And for your added protection money will only ever be transferred to your pre-agreed bank or building society account.
Always take reasonable steps to keep the passwords and other security information secret at all times. This is essential to help prevent fraud and protect the accounts. Take care when storing or getting rid of information about your accounts. You should take simple steps such as shredding printed material.
It is essential that you tell us as soon as possible if you suspect or discover someone else knows your security information — call our Customer Service Team on 0345 845 0829.
If you have a savings account and you've not made any withdrawals or deposits for three years and we've not heard from you during that time, we'll write at least once to the most recent address we hold for you to ask if you want to keep the account open (unless mail has previously been returned from that address). We may also make other attempts to trace you. If your reply is that you want to keep your account open, we'll continue to treat your account as ‘live’, sending you statements and other correspondence in the normal way.
If we don't receive a response from you after a set period, usually between six weeks and three months, your account may be considered ‘dormant’ and we'll treat your account differently from a ‘live’ account. This is to protect you:
If your account is considered ‘dormant’, we'll retain a record of the account.The funds in the account remain yours. If you make a valid claim the funds will be paid to you in full, with interest (if it is an interest-bearing account).
Please note, for fixed term deposit accounts, the three year period before an account is considered dormant will start at the maturity date of the fixed term deposit account.
Your eligible deposits held by a UK establishment of Lloyds Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Lloyds, Lloyds Bank, Mayfair Private Banking, Lloyds Private Banking, Lloyds Bank Private Banking, Lloyds 360, Lloyds Bank 360, MBNA and Scottish Widows Bank.
Some savings accounts under the Charities Aid Foundation brand name are also deposits with Lloyds Bank plc. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please click How FSCS protects your money (PDF, 638KB) for further information or visit www.fscs.org.uk.
You can also refer to our FSCS Information Sheet (PDF, 80KB) for more details.
Yes, you can contact our helpful Customer Service Team on 0345 845 0829 between 8am and 6pm weekdays.