1 Year Fixed Term Deposit Account

Savings

Our 1 Year Fixed Term Deposit Account offers your clients a fixed rate of return on their savings for the next year.

Key benefits

  • Fixed interest rate during the term and offer period.
  • Accounts available in issues.
  • Minimum deposit of £10,000.
  • No additional deposits or withdrawals.
  • Not linked to any investment products.
  •  Interest paid at maturity.
  • Annual trail fee of 0.01% (paid quarterly).
  • Postal applications only – to secure the interest rate you’re applying for we’ll need to receive the application before the start date.

Download the application form

Take the first step toward setting up a 1 Year Fixed Term Deposit Account for your client.

Download (PDF)

Or speak to a Scottish Widows Bank consultant.

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Key details

Eligibility
  • Minimum deposit of £10,000.
  • Maximum deposit of £5 million.
  • Joint accounts available.
Access
  • Access is normally only at the maturity date.
  • We'll write to your client before the account matures to ask what they'd like us to do with their money.
Deposits
  • The deposit can be made by cheque or internal transfer from an existing Scottish Widows Bank account.
  • Cheques must be from an account held in your client's name (building society cheques need to be verified by issuing branch).
  • No additional deposits can be made.
  • Third-party cheques are not permitted.
Withdrawals
  • No partial withdrawals are permitted throughout the one year term.
  • Early access to funds is permitted on account closure, however the full balance will be returned without interest.
  • Instructions can be given by telephone or post.
  • On account closure, transfers from accounts are free of charge provided there is one business day’s notice. Same-day transfer is available if the request is made before 3.40pm and is subject to an administration charge, currently £25.
Maturity

At least 30 days before the end of the one year term, your client will receive a letter advising of their options. These are:

  • roll over the current term deposit to the one available at the time of maturity
  • transfer money to another savings account with Scottish Widows Bank
  • transfer money to the nominated external account.

 

If we don't receive any instruction from your client, the money will automatically be rolled over to a Scottish Widows Bank Variable Rate Account with interest payable at the Bank of England Base Rate.

Interest payments
  • Interest earned during the fixed term will be paid to the account on the maturity date.
  • The fixed rate of interest, determined prior to the specified issue being promoted, will apply from when the account is opened until maturity. Any interest earned during the offer period will be paid to your client’s nominated account at the end of the offer period.
  • At the end of the term your client will receive a closing statement and Certificate of Interest.
Tax
  • Interest will be paid gross and your client will be responsible for paying any tax due to HMRC.

Other information you need

    • Earn a fixed rate of interest for another year.
    • Deposit £10,000 to £5,000,000.
    • Your client can add to their maturity balance if they’d like to deposit more (additional deposits must be made during the applicable offer period, as advertised on the account interest rates page).
    • Apply by post (call us for an application pack).

    We regularly launch new issues of our Fixed Term Deposit Accounts, which are available for a limited time only. You should therefore only visit the account pages after the maturity date of the existing Fixed Term Deposit Account, to ensure the rate you see advertised is the rate your client will receive if they apply for this option. The interest rate advertised before the existing account has matured may be different to the rate your client would receive, as the funds are reinvested after the maturity date.

     

    Maturity options for Fixed Term Deposit Accounts.

    When your client’s Fixed Term Deposit Account matures, they'll need to decide what they'd like to do with the proceeds. If they'd like to withdraw some or all of the balance on the maturity date, we can arrange this for them.
     
    If your client needs more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for personal funds. This account allows quick and easy access, and pays interest at the Bank of England Base Rate Look at the Terms and Conditions for this account (PDF)
     
    We'll write to you and your client at least 30 days before the maturity date.

    Note: While we can accept your instruction to open a new account before the maturity date, your client’s funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

  • Our 1 Year Fixed Term Deposit Account is ideal if your client:

    • wants to earn a fixed rate of interest on their savings
    • doesn't need access to it in the next year.
    Not for your client?

    Take a look at our other savings options
     

  • Interest Rate
    • The fixed rate of interest, determined prior to the specified issue being promoted, will apply from when the account is opened until maturity.
    • Accounts can be opened before the start date when each issue is launched.
    • Interest earned during the fixed term will be paid to the account on the maturity date.
    • Any interest earned during the offer period will be paid to your client’s nominated account at the end of the offer period.
    Benefits for you
    • No cross-sell guarantee.
    Benefits for your client
    • Not linked to any investment products.

    The fixed rate of interest, determined prior to the specified issue being promoted, will apply from when the account is opened until maturity.

  • Current interest rates and charges

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

    Issue 112: Offer period: 08/11/2018 to 19/12/2018 | Maturity date: 19/12/2019

    Balance 1 Year Fixed Term Deposit Account 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 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.

    Key product information

    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.

    • 0.01% annual trail fee, paid quarterly.
    • Simple registration
  • Before you apply

    Before applying you should ensure your client has been provided with a copy of the account  Personal Savings Account Conditions (PDF) and Interest Rates and Charges Sheet (PDF). You must also provide a copy of our FSCS Information Sheet (PDF)

    Postal Application

    Please complete the application form (PDF) and return it to:

    Scottish Widows Bank
    PO Box 12757
    67 Morrison Street 
    Edinburgh 
    EH3 8YJ

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