The tax free savings option
Here are answers to some of the questions you may have about this account:
How do I operate this account?
Once your account is open and we have your initial deposit we will send you an information pack and operating instructions. You can operate your account
- By Internet Banking — Our Internet Banking service offers a convenient way for you to manage your account 24 hours a day, 7 days a week. Please note, Internet Banking cannot be accessed or operated by Powers of Attorney or Third Party Mandate holders.
- By Telephone Banking — Our staff are available to deal with any queries you may have relating to Internet Banking or your E-Cash ISA 3 between 8am and 6pm weekdays, with the exception of Wednesday when we are open between 10am and 6pm. Telephone 0345 845 0829. For your security Scottish Widows Bank will require to verify your identity when you access this service.
How do I make deposits?
After your initial deposit which can be a personal cheque or transfer from an existing Scottish Widows Bank account, you can add money to your account by:
- A cheque drawn on a current account nominated in your application form — cheques from accounts not in your name are not permitted and building society cheques must be stamped and signed by the issuing branch to confirm that they are from an account held in your name.
- Regular or occasional Direct Debit payments from
your main current account — to collect regular or occasional transfers by Direct Debit, from your pre-advised account, we will require a completed mandate. Please note it takes three business days to set up a Direct Debit mandate and we are unable to collect funds on your behalf during that period. Completion of the Direct Debit mandate gives you the ability to place additional funds in your account from time to time.
We will arrange for the payment to be sent to us on the day specified in your Direct Debit mandate, provided this is at least three business days from when we process your payment instruction. We will process your instruction the business day we receive it or, if we receive it after the cutoff time or on a non-business day, the next business day.
We will credit your account when we receive the payment. It will earn interest from that day and we will allow you to use it straightaway.
These are the only ways you can make deposits. Transfers of money into your Account via the bank money transmission system — such as bank giro credit standing order or dividend mandate — are not possible. This is because there can be delays and identification difficulties with these methods that we have no control over.
For the eligible spouse or civil partner of a deceased ISA holder to invest in an Additional Permitted Subscription (APS), by cheque or electronically, a Declaration will be required for each payment in.
Regular direct debits can't be set up for the APS.
Please see our Product Literature page for more information.
How do I make withdrawals?
If you want to withdraw money from your E-Cash ISA 3:
- Instruct us to do so through Internet Banking
- The minimum withdrawal is £10
- Transfers will be made free of charge and funds will reach your nominated account by the end of the following business day.
For your security and protection transfers will be made via electronic funds transfer direct to your pre-advised bank or building society current account — we cannot pay money to a third party.
There is a limit on the amount you can deposit in your ISA each year.
What are the ISA Rules?
These are the ISA Rules as applied to the Scottish Widows Bank E-Cash ISA 3:
- The current 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
- If you require further information about ISAs, please visit www.gov.uk/individual-savings-accounts
- ISA savers can invest into a cash ISA, a stocks & shares ISA and an innovative finance ISA. Investors can save up to the annual ISA limit in any of these or any combination of them. Depending on age and circumstances, investors may also be able to save in a lifetime ISA. ISAs can be with the same or with different ISA providers.
Tax treatment depends on your individual circumstances and may change
What is the Additional Permitted Subscription?
When an ISA investor dies, their surviving spouse/civil partner may be eligible to invest an Additional Permitted Subscription (APS) to an ISA or ISAs in their own name in addition to their own personal annual allowance.
If the ISA holder died before 6th April 2018, the APS value is calculated based on the deceased ISA investor's balance as at the date of death. If the date of death is on or after 6th April 2018, the APS value can be calculated based on the value of the ISA holder's ISAs at the date of death or a later date, which will be the earlier of:
- The date the ISA was closed; or
- Three years from the date of death (including any interest earned up to that date).
You can invest the APS into an existing ISA you already have with us. If you don’t have an ISA with us you can apply to us for a new ISA to invest your APS, or you can apply to open an ISA with any other provider to invest your APS. You must initially complete an APS Application Form, and subsequently an Additional Permitted Subscription Eligibility Form when making additional subscriptions to your APS.
You can choose to invest your APS to an existing Cash ISA, Stocks & Shares ISA or Innovative Finance ISA that you already hold with your existing ISA manager. Or, the APS can be invested into a new Cash ISA, Stocks & Shares ISA or Innovative Finance ISA opened for this purpose.
How often is interest paid?
Interest is calculated on a daily basis from the day funds are cleared. It is applied twice a year on 1 April and 1 October or yearly on 1April, without tax deducted.
Interest rates are variable.
Interest rates are subject to change at anytime. Please see our interest rate page for the current rate.
What happens when I transfer my existing ISA to Scottish Widows Bank ?
- A transfer in from another cash ISA should not take more than 15 working days from the date we receive the instruction
- A transfer in from a stocks & shares ISA, an innovative finance ISA or a lifetime ISA should not take more than 30 calendar days from the date we receive the instruction
- For transfers in, we'll pay interest at your new interest rate while your ISA funds are being transferred to us, provided the funds were able to be moved from your old account when we made the request
- If there's a delay, we'll pay interest at your new interest rate from the first working day after the day on which the transfer should have been completed under the timelines stated above
- To ensure you are kept informed promptly, we will send all postal correspondence about your transfer 1st class.
If you’d like more detailed information about the cash ISA transfer process, visit the British Bankers’ Association website for more details: www.bba.org.uk
Will I receive regular, printed statements?
Statements will be produced twice yearly — on 6 April and 6 October.
What is the Direct Debit Guarantee?
The easiest way for you to deposit money in your account — on an occasional or regular basis — is via Direct Debit. The terms of the Direct Debit Guarantee are:
- This Guarantee is offered by all banks and building societies that take part in the Direct Debit Scheme. The efficiency and security of the Scheme is monitored and protected by your own bank or building society.
- If the amounts to be paid or the payment dates change you will be told of this 10 business days in advance, as agreed.*
- If an error is made by Scottish Widows Bank or your building society, you are guaranteed a full and immediate refund from your branch of the amount paid.
- If you receive a refund you are not entitled to, you must pay it back when Scottish Widows Bank asks you to.
- You can cancel a Direct Debit at any time by writing to your bank or building society. Please also send a copy of your letter to us.
If the Direct Debit facility is not used over a 12 month period it may be cancelled by your high street bank or building society. If this happens please telephone us for a new Direct Debit mandate.
*If you wish to change the amount to be paid or the payment dates we usually require only three business days notice. For your security and protection telephone instructions will normally be recorded.
Are there any specific terms and conditions unique to this account?
Our Internet Banking service offers a convenient way for you to manage your account 24 hours a day, seven days a week. Separate Terms and Conditions exist for our Internet Banking service. The first time you log in you will need to accept our Internet Banking Terms and Conditions before you can access your Scottish Widows Bank account(s) online.