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To gain a full understanding of this Plan it is
important that you read the brochure carefully, including the Terms and
Conditions. If you are unsure about anything, please seek financial advice to
ensure the Plan suits your requirements and overall investment planning.
Remember, the information in this brochure does not constitute tax, legal or
investment advice and Moneyworld has given you no advice. Please read our
terms of
business before proceeding.
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Summary
| 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 below), 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 below.
Interest must be paid away to either another Scottish Widows Bank savings account or an external bank account held in your name.
Interest can be paid monthly, quarterly or annually. Please see below for current interest rate information. |
| 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 form is completed. |
| 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 |
Current
Rates
| Balance |
Bank of England Base Rate(variable, and earned until fixed term start date) |
Interest Frequency |
Gross |
AER |
| £10,000-£5,000,000 |
0.50% |
Annually |
4.00% |
4.00% |
| Quarterly |
3.94% |
| Monthly |
3.93% |
Interest
Periods
Interest
will be
paid
monthly,
quarterly
or
annually
to
either
another
Scottish
Widows
Bank
deposit
account
or an
external
bank
account
held in
your
name.
Please
note
that the
contractual
rate of
interest
on your
account
will be
lower
than the
annual
gross
interest
rate if
you have
interest
paid
monthly
or
quarterly.
Definitions
On the
interest
rate
table
you may
see some
terms
you are
unfamiliar
with.
These
are:
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 —
This is
the
contractual
rate of
interest
payable
before
the
deduction
of
income
tax at
the rate
specified
by law
(currently
20%)
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