BUSINESS 7 DAY NOTICE DEPOSIT ACCOUNT
Business 7 Day Notice Deposit Account Interest Rates
This account is no longer available to new business. For account information please call our customer service team 0345 845 0829.
Current Interest Rates
Effective from 4th July 2013
| Balances | Gross Interest Rate/AER |
|---|---|
| £500 and above | 0.40% |
There is currently no charge for early withdrawal from this account.
Previous Interest Rates
For previous interest rate information for your account please contact our customer service team on 0345 845 0829.
Interest Payment Periods
A choice of interest payment periods of either monthly, quarterly, six monthly or annually is available.
Definitions
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 — 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.
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.