Interest rates and charges

Current interest rates and charges

The 1 Year Fixed Term Deposit Account offers an interest rate that is fixed for 1 year.

Issue 109: Offer period: 21/06/2018 to 01/08/2018 | Maturity date: 01/08/2019

 

 Balance

1 Year Fixed Term Deposit Account Gross/AER

Charges

£10,000–£5,000,000  0.50% Withdrawals by CHAPS transfer to another UK account - £25
We may charge for duplicate statements - £5

Interest payment periods

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

Definitions

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 interest payments.  The account holder is 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.

 

Summary box
Key product information for our Savings Account(s)

Account name 1 Year Fixed Term Deposit Account
Interest rates
(AERs)

The fixed rate of interest, determined prior to the specified issue being promoted, will apply from when the account is opened until maturity. The interest earned during the initial offer period will be added to your original investment at the end of the offer period. The interest earned after the end of the offer period will be applied to the account on the maturity date.

After the start date the interest rate is fixed until the maturity date (shown above).

Tax status Interest will be paid gross and your client will be responsible for paying any tax due to HMRC.
Conditions for bonus payment No bonus payment applies to this account.
Withdrawal arrangements

No partial withdrawals are allowed. Early access to funds is permitted on account closure, however the full balance will be returned without interest.

Access

Access only at the maturity date.

We'll write to clients before the account matures to ask what they'd like us to do with their money.

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

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.

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