Direct transfer account 2
The Direct Transfer Account 2 is a straightforward savings account offering easy access.
- Easy access to savings.
- Internet banking.
- Minimum opening balance £1,000.
- Maximum balance £5 million.
- No cross-sell guarantee.
- Annual trail fee of 0.01% (paid quarterly).
See all our Direct Transfer Account 2 forms and guides in one place.
Other information you need
The Direct Transfer Account 2 is a straightforward savings account offering easy access. It is ideal for clients who:
- want to save regularly
- invest a lump sum
- maintain no-notice access to their savings.
Benefits for you
- Annual trail fee of 0.01% paid quarterly based on total average clients' balances.
- No cross-sell guarantee.
Benefits for your client
- Flexibility to manage the account by internet banking, telephone or post.
- Telephone contact 8am-6pm Monday to Fridays.
- No hidden costs or penalties.
Current interest rates and charges
Effective from 10th August 2020
Balances Gross interest rate/AER Charges £100 and above 0.01%
Withdrawals by CHAPS transfer to another UK account - £25
We may charge for duplicate statements - £5
Previous interest rates
For previous interest rate information for your account please contact our customer service team on 0345 845 0829.
Interest payment periods
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.
Key product information
Account name Direct Transfer Account 2 Interest rates
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. Access Internet/Phone/Post.
*On request for balances in excess of £10,000.
- 0.01% annual trail fee, paid quarterly.
- No minimum or maximum period of client investment.
- Simple registration
Before you apply
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 883
Register your firm to submit savings business with Scottish Widows Bank.