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Fixed Term Savings Account
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Features
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3 year savings account provided by Scottish Widows Bank
No hidden costs or charges
Joint Accounts are available
Monthly, quarterly or annual income options
Interest is paid net of basic rate income tax (currently 20%) but may be paid gross if the appropriate HM Revenue and Customs form is completed. Interest will be paid gross on all deposits of £50,000 and over. As these would be classed as Qualifying Time Deposits by HM Revenue and Customs, it is your responsibility to declare interest received to them
Covered by the Financial Services Compensation Scheme guarantee. (See brochure for further details)
Scottish Widows has an ‘A Strong’ Standard & Poor’s financial strength rating
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Current Interest Rate
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4% AER 3 Year Fixed Term.
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Minimum Investment Amounts
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£10,000
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Maximum Investment Amounts
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£5,000,000
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Term
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3 Year fixed term. See brochure/appliacation form for start date.
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Charges
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None. No hidden costs or charges
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Exit Penalties
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No partial withdrawals allowed. If you need to withdraw your money before the end of the term you can close your Fixed Term Deposit Account, however you will be charged an amount equal to 365 days' interest.
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How to Apply
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Please note that this product is no longer available.
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Fixed Term Deposit Accounts Explained
Fixed Term Deposit accounts are simply savings accounts which have a start and end date. The terms are generally 1, 3 or 5 years although other terms such as 9 and 18 month accounts may be available.
Fixed term deposits may be suitable for investors who are averse to taking a significant level of risk or who want to save for a fixed term as they know access to the funds will be needed at a pre-determined time in the future.
Interest will accrue at the fixed rate from the start date of the account and will be paid monthly, quarterly or annually as agreed. The account may be set up to earn a variable rate of interest at the Bank of England base rate until the actual start date when the fixed interest rate will begin.
At the end of the term you will receive a closing statement and an interest certificate.
Interest will be paid net to UK taxpayers for single deposits under £50,000. Non-taxpayers can receive interest gross by completing the relevant HM Revenue & Customs (HMRC) form. Interest will be paid gross on balances of £50,000 and over. It is your responsibility to declare interest received to HMRC.
If you require any further information on Savings Accounts please visit our Frequently Asked Questions or contact us.
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