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The Direct Transfer Account 2 is a straightforward savings account offering easy access.
The Direct Transfer Account 2 is a straightforward savings account offering easy access. It is ideal for clients who:
Effective from 31 August 2018
|Balances||Gross interest rate/AER||Charges|
|£100 and above||0.60%||Withdrawals by CHAPS transfer to another UK account - £25
We may charge for duplicate statements - £5
For previous interest rate information for your account please contact our customer service team on 0345 845 0829.
A choice of interest payment periods of either monthly*, quarterly or annually is available for the Direct Transfer Account 2.
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.
|Account name||Direct Transfer Account 2|
|Please see above for full information.
Interest rates are variable.
|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 notice period or charges for withdrawals, maximum daily online withdrawal limits apply - see below.|
*On request for balances in excess of £10,000.
Before proceeding to the application you should ensure that your client has been provided with a copy of the Personal Savings Account Conditions (PDF) and Interest Rates and Charges Sheet (PDF) You must also provide a copy of our FSCS Information Sheet (PDF)
If your client would like internet and telephone banking, please complete the relevant questions in the application form.
Return all forms to:
Scottish Widows Bank
PO Box 12757
67 Morrison Street
Register your firm to submit savings business with Scottish Widows Bank.