|
Account Name |
5 Year Fixed Term Deposit Account |
Interest Rates
(AERs) |
Deposits made during the offer period will earn
a variable rate of interest at the Bank of
England base rate, until the actual start date
of the fixed term (shown above), when the fixed
interest rate will begin. The interest for the
variable rate period will be included in your
first interest payment after the fixed rate
commences, and will be paid net or gross
depending on tax status. After the start date
the interest rate is fixed until the maturity date shown
above. Details of current rates shown below. |
|
Tax Status |
Interest is paid net of basic rate income tax
(currently 20%) but may be paid gross if the
appropriate HM Revenue and Customs scheme
reference number is supplied. 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. |
|
Conditions for Bonus Payment |
No bonus payment applies to this account |
|
Withdrawal Arrangements |
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.
Scottish Widows will work this out at the rate
at which they pay interest on your Fixed Term
Deposit Account. Scottish Widows may take this
amount from the interest they owe you on your
account which they have not yet paid. If there
is not enough interest that Scottish Widows have
not yet paid they will take this amount from
your Fixed Term Deposit Account.
On death of customers before the end of the
term, the initial capital plus the full amount
of accrued interest will be returned. |
|
Access |
Access normally only at the end of the agreed
term. Scottish Widows will write to you before the account
matures to ask what you'd like them to do with
your money |
