Making the right choice for you and your money

We want you to feel confident that you have chosen the right Scottish Widows Bank savings account. So here are answers to some questions you may have. If you need more information please contact us.

  • Yes you can. Most of our savings accounts allow you to make regular deposits by Direct Debit or as and when you choose.

  • You can find full information on all our interest rates here.

  • Our non-personal accounts can be used as a deposit account by all types of organisations — including charities, clubs and associations. They can even be used to hold client funds. Our Pension Fund Deposit Account 2 can be used by pension fund trustees for the cash element of any pension fund.

  • We review our interest rates from time to time and sometimes make changes. This may be for competitive or other reasons — such as changes in regulations or market conditions.

  • We offer a choice of deposit accounts for both individuals and organisations. Individuals also have the option of an Ecash ISA 3 .

  • You can make withdrawals as follows:

    • You can transfer up to £250,000 per day free of charge and you'll receive the money by the end of the same day if you give us instruction until 6.00 pm. Instructions received after -6.00 pm will be sent and received the next working day. For the 7 Day Notice accounts you must give us the agreed notice period.
    • We can arrange same day transfers by CHAPS if you give us the instruction by 3.40PM that day. There will be a £25 charge

    Withdrawals from your account will be paid by electronic funds transfer directly into your nominated account. We cannot pay money to third parties.

    No withdrawals are allowed on our non-personal and pension fund fixed term accounts. For personal fixed term deposit accounts, no withdrawals are allowed unless you close the account. You will incur a charge equivalent to lost interest. Please refer to your account terms and conditions for full details.

  • Yes, you can. Either telephone us and we will collect the money electronically from your account or you can set up a regular payment instruction. Either way you must set up a direct debit mandate — but you can change the date and amount whenever you choose, provided you give us three working days notice.

  • No, we cannot accept any cheques that are not from an account held in your name.

  • When you open an account with us you will be given an account number to help us locate your account details and deal more efficiently with any requests. This is not a personal security code but it should be quoted whenever you telephone or write to us. The security details you provide on your application form will be held on file for your protection. And for your added protection money will only ever be transferred to your pre-agreed bank or building society account.

    Always take reasonable steps to keep the passwords and other security information secret at all times. This is essential to help prevent fraud and protect the accounts. Take care when storing or getting rid of information about your accounts. You should take simple steps such as shredding printed material.

    It is essential that you tell us as soon as possible if you suspect or discover someone else knows your security information — call our Customer Service Team on 0345 845 0829.

    If you have a savings account and you've not made any withdrawals or deposits for three years and we've not heard from you during that time, we'll write at least once to the most recent address we hold for you to ask if you want to keep the account open (unless mail has previously been returned from that address).  We may also make other attempts to trace you. If your reply is that you want to keep your account open, we'll continue to treat your account as ‘live’, sending you statements and other correspondence in the normal way.

    If we don't receive a response from you after a set period, usually between six weeks and three months, your account may be considered ‘dormant’ and we'll treat your account differently from a ‘live’ account. This is to protect you:

    • it can stop fraud and identity theft - it's not good practice to send out statements and other material to an out-of-date address, where other people could try to access your account or use the correspondence for other fraudulent purposes
    • it can safeguard your privacy by not allowing confidential information to go to an old address.

    If your account is considered ‘dormant’, we'll retain a record of the account.The funds in the account remain yours. If you make a valid claim the funds will be paid to you in full, with interest (if it is an interest-bearing account).

    Please note, for fixed term deposit accounts, the three year period before an account is considered dormant will start at the maturity date of the fixed term deposit account.

  • Your eligible deposits held by a UK establishment of Lloyds Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Lloyds Bank, Mayfair Private Banking, Lloyds Bank Private Banking, Lloyds Bank 360, MBNA and Scottish Widows Bank. Some savings accounts under the Charities Aid Foundation brand name are also deposits with Lloyds Bank plc. Any total deposits you hold above the limit between these brands are unlikely to be covered.

    Please click How FSCS protects your money  (PDF, 638KB) for further information or visit

    You can also refer to our FSCS Information Sheet  (PDF, 116KB) for more details.

  • Yes, you can contact our helpful Customer Service Team on 0345 845 0829 between 8am and 6pm weekdays.

Financial Services Compensation Scheme

Financial Services Compensation Scheme

Find out more about the Financial Services Compensation Scheme

Find out more

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.