Direct transfer account 2

Savings

The Direct Transfer Account 2 is a straightforward savings account offering easy access.

Key benefits

  • 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).

Download the application form

Take the first step toward a straightforward savings account for your client.

Download (PDF)

Or speak to a Scottish Widows Bank consultant.

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Key details

Eligibility
  • Minimum investment of £1,000.
  • Minimum balance of £100.
  • Maximum balance £5 million.
Access
  • Internet banking:
    • manage the account online
    • to apply, the internet banking question in the application form needs to be completed.
  • Telephone banking.
  • Post.
Deposits

Deposits can be made by:

  • internet banking, telephone or post
  • cheques from an account held in your client's name (building society cheques need to be verified by issuing branch)
  • regular or occasional transfers by Direct Debit from an existing personal current account:
    • Direct Debit mandate (PDF) needs to be completed in order to use this facility
    • there must be cleared funds in the personal account.
    • regular monthly transfers of additional funds can be arranged.

 

Third-party cheques are not permitted.

Withdrawals
  • No notice period or penalties for withdrawals.
  • Withdrawals will be paid by electronic funds transfer direct to the pre-advised bank or building society current account.
  • Instructions can be given by telephone, internet banking or post.
  • Minimum transfer is £100.
  • Transfers from accounts are free of charge provided there is one business days notice.
  • Same-day transfer is available if the request is made before 3.40pm and is subject to an administration charge, currently £25.
Interest payments
  • Interest is normally paid into your client’s account annually or quarterly, on the first day of January, April, July and October.
  • A monthly interest payment option is available for balances over £10,000.
  • Interest is credited to an account which is instructed by the client.
Tax
  • Interest will be paid gross and your client will be responsible for paying any tax due to HMRC.

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 (from 10am on Wednesdays).
    • No hidden costs or penalties.
  • Current interest rates and charges

    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
    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.

    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 Direct Transfer Account 2
    Interest rates
    (AERs)
    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)

    Postal application

    Please complete the application form (PDF) and Direct Debit mandate (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
    Edinburgh
    EH3 8YJ


    Register your firm to submit savings business with Scottish Widows Bank.

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