1 Year Fixed Term Deposit Account

1 Year Fixed Term Deposit Account Interest Rates and Charges

The 1 Year Fixed Term Deposit Account offers a fixed rate of interest for 12 months.

Issue 122: Offer period: 15/05/2020 to 14/07/2020 | Maturity date 14/07/2021

Balance Gross/AER Charges
£10,000 – £5,000,000 0.65% Withdrawals by CHAPS transfer to another UK account - £25
We may charge for duplicate statements - £5

Interest Periods

Interest will accrue at the fixed rate from the start date but will not be applied until the maturity date 12 months later.

Introduced Accounts

If your application is submitted to Scottish Widows Bank by an introducer, the introducer will receive a trail fee of 0.01% annually based on the average balance in your account.


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 — Gross rate means that we will not deduct tax automatically from your interest.  You are responsible for paying any tax due to HMRC.