3 Year Fixed Term Deposit Account Interest Rates and Charges
The 3 Year Fixed Term Deposit Account offers a fixed rate of interest for three years.
Issue 83: Offer period: 15/05/2020 to 14/07/2020 | Maturity date 14/07/2023
|Balance||3 Year Fixed Term Deposit Account (fixed)|
|£10,000–£5,000,000||Annually||0.80%||Withdrawals by CHAPS transfer to another UK account – £25
We may charge for duplicate statements – £5
Interest will be paid monthly, quarterly or annually to either another Scottish Widows Bank deposit account or an external bank account held in your name.
Please note that the contractual rate of interest on your account will be lower than the annual gross interest rate if you have interest paid monthly or quarterly.
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.
The AER advertised is based on interest paid gross and capitalised to the account once a year - please note that other interest payment periods are available and the actual interest rate on your account will be lower if you have interest applied more frequently, but when compounded will equal the AER.