E-Cash ISA 3

The tax free savings option

Key details

  • Tax free savings
  • Operated via Internet Banking – you can manage your account 24 hours a day, 7 days a week
  • Minimum balance just £10
  • The annual ISA limits can be found at www.gov.uk/individual-savings-accounts. The limits apply to Cash ISAs, stocks and shares ISAs, innovative finance ISAs and lifetime ISAs.
  • Inward transfer of cash ISAs, stocks and shares ISAs, innovative finance ISAs and lifetime ISAs are accepted (you’ll pay a 25% charge if you transfer out of a lifetime ISA to another type of ISA). To transfer in from another provider you need to complete the ISA transfer instruction form (PDF, 595KB)
  • Telephone access to customer service team from 8am until 6pm weekdays - phone on 0345 845 0829
  • No hidden costs or charges

Interest rates are subject to change at anytime

Tax treatment depends on your individual circumstance and may change
 

How it works

Eligibility

  • Available to customers aged 16 and over.
     

Deposits

  • Initial deposit by personal cheque, transfer from an existing Scottish Widows Bank account, or transfer from your main current account.
  • Cheques from an account held in your name (building society cheques need to be verified by issuing branch).
  • Third-party cheques are not permitted.
  • Additional deposits by regular or occasional Direct Debit payments from an existing personal current account:
    • You'll need to call us to set up a Direct Debit to use this facility
    • there must be cleared funds in the personal account
    • regular monthly transfers of additional funds can be arranged.
  • Transfers from other ISAs accepted.
     

Withdrawals

If you want to transfer money to your nominated account:

  • You can instruct withdrawals using internet banking.
  • The minimum withdrawal is £100.
  • Transfers of up to £250,000 per day will be free of charge and if you instruct us before 6pm you’ll receive the money into your nominated account by the end of the same day. If you instruct us after 6pm you’ll receive the money into your nominated account on the next working day.
  • We can arrange same day transfers by CHAPS if you give us the instruction by 3.40pm that day. There’s a £25 charge for this service.

  • Summary box


    Account name

    E-Cash ISA 3

     

    What is the interest rate?

    The interest rate is variable. The current rate is shown in the table below.

     

    Balance

    Tax free/AER rate

    Balance

    £10+

    Tax free/AER rate

    1.55%

     

    • Interest can be paid twice a year on 1 April and 1 October, or yearly on 1 April.
    • Interest will be paid on all funds in the account.
    • Interest can be paid to the account. Alternatively, it can be transferred to a different account with us in the same name or, providing the account balance is above £2,500, transferred to your pre-advised account.

     

    Can Scottish Widows Bank change the interest rate?

    Yes. We can move the interest rate up or down at any time. For example, if the Bank of England base rate changes, we will review our rates. The terms and conditions explain when and how we will do this.

     

    What would the estimated balance be after 12 months based on £1,000 deposit?

    An illustration of the future balance is shown below.

     

    Initial deposit

    Tax free/AER rate

    Balance at 12 months

    Initial deposit

    £1,000

    Tax free/AER rate

    1.55%

    Balance at 12 months

    £1,015.50

     

    This is an illustrative example and assumes that:

    • You don’t withdraw any money and interest isn’t paid out of the account.
    • The interest rate stays the same.
    • You make your initial deposit payment on the day you open the account.
    • You don’t make any further deposits.

     

    How do I open and manage my account?

    You can open an account by printing our online application form and posting to us.

    • Applicants must be aged 16 and over and a UK resident.
    • The minimum initial deposit is £10.
    • You can set up a direct debit to pay into the account regularly.
    • The yearly ISA allowance applies. The current ISA limit can be found at www.gov.uk/individual-savings-accounts The full amount can be saved in any combination of permitted ISAs.
    • You can transfer an existing ISA to us.

    You can manage the account over the telephone and online.

     

    Can I withdraw money?

    • Yes. You can make withdrawals from the account.
    • Individual withdrawals must be at least £10.
    • Transfers of up to £250,000 per day will be free of charge and if you instruct us before 6pm you’ll receive the money into your nominated account by the end of the same day. If you instruct us after 6pm you’ll receive the money into your nominated account on the next working day.
    • We can arrange same day transfers by CHAPS if you give us the instruction by 3.40pm that day. There’s a £25 charge for this service.
    • Any money moved out of the account will lose its tax-free status unless it is paid back into the account before the end of the tax year. The tax-free status only applies while money is in the account. Tax treatment depends on your individual circumstances and may change in future.

     

    Additional information

    • Accounts can only be opened in a sole name.
    • You must not pay into more than one cash ISA, or more than your yearly ISA allowance into any combination of permitted ISAs, within the same tax year.
    • If your spouse or civil partner dies, you may be entitled to an Additional Permitted Subscription (APS).
    • This is a flexible ISA, so if you make a withdrawal, you can pay that money back into the account before the end of the tax year and not limit the amount you can save in your cash ISA tax free.
    • Tax-free is where interest is exempt from income tax.
    • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and not compounded once each year
    • There is a 14-day cancellation period from the account opening date during which the account can be closed without any charge.

     

  • Before applying you should:

    To open an account simply download and print out the application form, complete it and send it to us with the following:

    • A cheque (this must be in the same name of the account you will hold with Scottish Widows Bank) from your main bank/building society current account.
    • Identification in the form of an original bank statement, cancelled cheque or pre-printed pay-in slip from a UK bank or building society current account on which you are named (this will be returned without delay).

    Download the form (PDF, 240KB)

    Send your completed application form to:

    Scottish Widows Bank
    PO Box 883
    Leeds
    LS1 9TY

Interest rates

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.