Easy access to your money with our simple savings account
Here are answers to some of the questions you may have about this account:
How does this account work?
Once your account is open and we have your initial deposit we will send you an information pack and operating instructions. You can choose three banking options:
- By telephone — If you want to operate your account by telephone you can speak to a member of our helpful and friendly customer service team on 0345 845 0829. This service is available from 8am until 6pm Monday to Friday.
- By post — Please write to us at: Scottish Widows Bank, PO Box 883, Leeds LS1 9TY. Once you have an account number this should be included in all correspondence, so that we can deal with your request more efficiently.
- By Internet Banking — You can request Internet Banking by completing the relevant question in your Instant Saver 2 Account application form. Alternatively, please call 0345 845 0829 to register. Lines are open 8am to 6pm Monday to Friday. When you call, you’ll need your Instant Saver 2 Account number. We’ll also ask you additional questions to verify your identity before setting up your Internet Banking access.
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 you nominate in your application form — cheques from accounts not in your name are not allowed 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 into your 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 we can accept 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.
How do I make withdrawals?
If you want to transfer money from your Instant Saver 2 Account to your nominated current account:
- You must instruct us to do so by telephone, Internet Banking or post.
- Transfers will be made free of charge and funds will reach your nominated account by the end of the following business day.
- Same day transfers by CHAPS on the day of instruction can be arranged — if the instruction is received by 3.40pm — and subject to an administration charge to cover our costs.
How often is interest paid?
With the Instant Saver 2 Account you can choose to have interest paid into your account every 1, 3, 6 or 12 months.
For monthly interest you need a minimum balance of £10,000.
Interest will be paid gross and you will be responsible for paying any tax due to HMRC.
Will I receive regular, printed statements?
You will receive a printed statement within 10 business days of any interest being added to your account.
Can the account be opened in joint names?
Yes, the Instant Saver 2 Account can be opened as a joint account.
A joint account means
- Both of you are separately responsible for keeping to its terms. If either of you does not keep to them, we can take action against either or both of you singly or together.
- We may give any information about the account to either of you (even if you choose that both of you must sign instructions to us).
- If you choose to allow either of you to authorise transactions on the account, either of you will be able to withdraw any money in the account (which may be without the other’s knowledge). We will not be obliged to make any enquiries about the purpose of any transactions.
- The account cannot later be put into just one of your names, unless you both agree.
- If there is a dispute between you about your account, we may require you both to authorise transactions until you both agree how the account is to be run.
- If either of you dies, we will pay any balance on your account to the other.
- If a joint account is opened we require to verify the identity of all account holders.
Instructions from either or both of you
The option of both of you to authorise all transactions on your account is not available. This is because it is not possible for more than one customer to give an instruction at the same time by telephone or Internet Banking.
We can only accept instructions to collect funds from a pre-advised account you are party to.
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?
The Instant Saver 2 Account is very straightforward and easy to operate — whether you choose to do it by internet, telephone or post.