5 Year Fixed Term
Who are we?
Scottish Widows Bank opened for business in 1995 and is part of the Lloyds Banking Group. The Bank aims to produce quality
financial products with excellent customer service through telephone, postal or online banking.
• A fixed rate of interest during the five year term.
• Minimum deposit £10,000.
• Maximum deposit £5,000,000.
• Available to new and existing Scottish Widows Bank customers.
• Not linked to any investment products.
• No partial withdrawals allowed unless the account is closed, which will be subject to a charge, as set out in clause 4
of our Terms and Conditions.
Opening the Account Competitive interest rates
• This account is available in issues, each with a certain • Interest must be paid away to either another
start date and maturity date – five years later. Scottish Widows Bank deposit account or an external
bank account held in your name. Interest can be paid
The fixed rate of interest you will earn during the five
monthly, quarterly or annually. The contracted rate of
year term will be determined prior to each issue and
interest on your account will be lower than the annual
available for you to check before you choose to open
gross interest rate if you choose to have interest paid
monthly or quarterly.
• You can open an account and deposit your funds at
• Deposits made during the offer period will earn an
any time from when we announce the next issue until
interest rate equivalent to the Bank of England’s Base
the actual start date for that five year term. However,
Rate at the time. This interest will be included in your
we reserve the right to close an issue early if demand
first interest payment after the fixed rate is applied.
is higher than expected. Any account opened will
earn a variable rate of interest equivalent to the Bank • From the start date a fixed rate of interest will then
of England Base Rate, until the start date, when the apply for the five year term.
fixed interest rate will begin.
The fixed rate applicable to each issue can be found on
• Simply complete the application form in this brochure our website at www.scottishwidowsbank.co.uk or by
and send to us with a personal cheque for the deposit calling our Customer Service team on 0845 845 0829.
or make your deposit by internal transfer from an
existing Scottish Widows Bank account.
Interest payment Qualifying Time Deposits (QTDs)
The account will earn a variable rate of interest equivalent An account is a QTD if the terms and conditions for the
to the Bank of England Base Rate until the actual start account meet these criteria:
date, when the fixed interest rate starts (this information
– the deposit is at least £50,000
is on the interest rate sheet for each issue). The interest
earned during this period will be added to your original – repayment to be made at a specified time within
investment at the start of the fixed rate period, and will 5 years of the QTD being made (repayment on
be paid net. the fifth anniversary is not acceptable) and the
repayment date must be specified at the outset
Interest will accrue at the fixed rate from the start date
and will be paid monthly, quarterly or annually to your – makes no provision for the right to repayment
nominated account. to be transferred
Interest will be paid net to UK tax payers until the start – prevents partial withdrawals
of the fixed rate period and on all deposits under £50,000
– prevents additions
during the fixed rate period. Non tax payers can receive
interest gross subject to us receiving confirmation of If the terms and conditions meet the five criteria then
your tax status. The relevant HM Revenue and Customs interest must be paid gross – neither the saver nor the
registration form can be sent to you, upon request, when Financial Institution are able to change this.
you open your account.
All deposits of £50,000 and over will be paid without tax If your application has been
taken off during the fixed rate period as these are classed
as ‘Qualifying Time Deposits’ by HM Revenue and
submitted to Scottish Widows Bank
Customs (see below for further information). The interest by an Introducer, the following
earned still forms part of your taxable income and you’ll applies:
be responsible for declaring the income to HM Revenue • Your Introducer will not be able to make withdrawals
and Customs and paying any tax due. from or deposits to your account under this
To meet the criteria of a ‘Qualifying Time Deposit’ the arrangement and will not be able to change
any account details.
maturity date stated at the outset of each issue will be
a date which is at least one business day before the fifth • Your Introducer will receive 0.3% commission
anniversary of the start date. In line with this, the annually based on the average balance of your
payment date for annual interest will be set to coincide account. This will be paid quarterly in January,
with the maturity date. Consequently, the amount of April, July and October.
interest paid each year will not always be for 365 days. • By Introducer, we mean the firm that your individual
Introduced by a Financial Adviser:
• In addition to the above we will advise your Financial
Adviser of your account balance on request. By
completing the Financial Adviser details and signing
the declaration in the application form you will be
agreeing to this.
• If this arrangement changes and you no longer
wish us to do this, please confirm to us in writing.
• Your deposit can be made by cheque or internal • No partial withdrawals allowed.
transfer from an existing account.
• If you need to withdraw your money before the end
• No additional deposits can be made. of the term, you can close your fixed rate deposit
account, however you will be charged an amount
• Cheques must be drawn on an account held in your
equal to 365 days’ interest. We will work this out at
name. Building Society cheques must be verified to
the rate at which we pay interest on your fixed rate
confirm they are from an account held in your name.
(Please arrange for the issuing branch to stamp and sign • We may take this amount from the interest we owe
the reverse of the cheque and add your name, sort-code, you on your account which we have not yet paid.
account number and roll number if applicable).
If there is not enough interest that we have not yet
Third party cheques cannot be accepted. paid we will take this amount from your fixed rate
• Please note that we can only accept funds transferred deposit account.
as above. Inward transfer of credits through the • You can ask us to pay the money in your fixed rate
bank’s money transmission system, e.g. bank giro deposit account into another savings account with
credit, standing order or dividend mandate, is not Scottish Widows Bank or your nominated external
possible as there can be identification difficulties and account.
delays outside our control. Payments made in this way
may be returned automatically. • On death of customers before the end of the term,
the initial capital plus the full amount of accrued
interest will be returned.
• At least 30 days before the end of the five year term,
we will send you a letter advising of your options.
– Roll over your current Term Deposit to the one
existing at the time of maturity.
– Transfer money to another savings account with
Scottish Widows Bank.
– Transfer money to your nominated external
• If we don’t receive any instruction from you, your
funds will automatically be rolled over to a Scottish
Widows Bank Variable Rate Account with interest
payable at the Bank of England Base Rate.
For more information please see Terms & conditions,
Terms & Conditions Defined Terms
Our agreement with you is made up of these terms and In these conditions, the following terms have the
conditions that apply to the 5 Year Fixed Term Deposit meanings shown beside them:
Account (‘the account’) which the account holder(s)
‘Annual Equivalent Rate’ means the notional rate of
(‘you’) holds with Scottish Widows Bank plc (‘us’) and
interest which would be equal to the contractual rate of
our interest rates sheet for your particular deposit account.
interest if it were paid and compounded on an annual basis;
You can ask us for a copy of this agreement and our
‘Bank of England Base Rate’ means the Bank of
interest rates sheet, at any time.
England’s repo rate (commonly referred to as its base rate);
These accounts are available to people aged 16 and over.
‘business day’ means Monday to Friday excluding bank
Scottish Widows Bank Plc’s registered office is: holidays in England;
PO Box 12757, ‘CHAPS transfer’ means a transfer of money using the
67 Morrison Street, Clearing House Automated Payment System. We will
Edinburgh, charge you a £25 administration fee to cover the cost
EH3 8YJ. of making this transfer.
We are registered in Scotland and our company ‘cut-off time’ means the time on each business day
registration number is No.154554. We are authorised such that instructions received after that time will not
a nd regulated by the Financial Services Authority. be treated as received until the next business day.
Our Financial Services Authority register number is The cut-off time is usually not before 6:00pm, although
201601. The main business of Scottish Widows Bank the cut-off time for CHAPS transfers is 2.00pm. Please
is arranging, entering into and administering mortgages ask if you would like to know the cut-off time for a
and accepting deposits. particular transaction;
‘electronic transfer’ means a payment to or from
Our contact details the account made by any means other than cash or
cheque. Examples include a direct debit; a CHAPS transfer;
Our staff are available to deal with your requirements
a transfer to or from another Scottish Widows Bank
between 8am and 6pm weekdays (from 10am
account and a transfer arranged by telephone.
‘Lloyds Banking Group’ means the group of companies
You can contact us by calling:
which includes us and a number of other companies using
0845 845 0829
brands including Lloyds TSB, Halifax and Bank of Scotland,
If calling from overseas telephone: and their associated companies. More information on the
0044 131 655 2000 Lloyds Banking Group can be found at
You can write to us at:}
PO Box 12757 ‘pre-advised account’ means the account in your
67 Morrison Street name(s) with another United Kingdom bank (or building
Edinburgh society) which you nominate as the account from which
EH3 8YJ or to which electronic transfers may be made;
Our website is: ‘Security Details’ can be processes or security
www.scottishwidowsbank.co.uk. procedures we ask you to follow or use, for example,
a password or other information, security numbers or
You can contact us using any of these contact
codes to make an instruction or confirm your identity.
details unless we specify otherwise.
‘Gross’ This is the contractual rate of interest payable
before the deduction of income tax at the rate specified
by law (currently 20%).
1. Payment Services 1.5 As long as we have checked your identity in one of
the ways set out above, we will assume that we are
1.1 Your payment instructions can be given to us
dealing with you.
(including withdrawal of consent) by:
1.6 You will not be able to give a payment instruction
(a) Telephone – we will require your security
using your Security Details if we have stopped, or
passwords to be confirmed prior to any
suspended, your ability to use them. We can do this
transactions being carried out.
if we reasonably consider it necessary for reasons
(b) Via post – we will accept instructions by letter relating to:
or postal instruction forms (these are available
(a) the security of your Security Details; or
via our website or on request to the customer
services line). Your instruction must be signed (b) suspected unauthorised or fraudulent use
and will be checked against our records upon of your Security Details.
receipt of your request.
Unless the law prevents us from doing so or we
1.2 With regard to your payment instructions: believe it would undermine our security measures,
we will try to contact you by telephone or in writing
(a) Your instructions will not be effective until we
in advance to tell you that we have done this and
our reason for doing so. If we are unable to tell you
(b) If you ask us to make a payment, we cannot in advance, we will tell you as soon as possible
change or cancel the payment instructions afterwards.
because we start processing it when we receive
1.7 We may refuse to carry out a payment instruction if:
it, (unless it is an instruction for a future date,
in which case it can be stopped or recalled up (a) you do not have available funds to make
to 6pm on the business day before the the payment;
instruction is to be carried out.)
(b) the payment instruction is not clear or you
(c) Although some payments can be made on have not provided us with the correct details
non-business days, the processing of these in accordance with condition 1.3;
payments is not completed on our systems
(c) there is a legal requirement or a court or
until the next business day.
other authority tells us to act in that way;
1.3 When you request an electronic transfer to another
(d) the payment seems unusual compared with
account, you must give us the other account name,
the way you normally use your account;
sort code, account number and any other details we
ask you for such as the name of the person you are (e) we reasonably believe you or someone else has
sending the payment to, so we can arrange or make used or is using or obtaining, or may use or
the electronic payment. You are responsible for obtain a service or money illegally or fraudulently;
checking that the details are correct. We will not be
(f) we reasonably believe that someone else may
liable if an electronic transfer goes to the wrong
have rights over money in your account (in this
person because you gave us the wrong details. If it
case we can also ask (or require you to ask) a
does go to the wrong person because you gave us
court what to do, or do anything else we
the wrong details, we will use reasonable efforts to
reasonably need to do to protect us); or
recover the money and, if we manage to do so, we
may charge you our reasonable costs. (g) any other reason set out separately in this
1.4 When we contact you or you contact us we need to
check your identity before you can give us 1.8 Please note that transactions can only be carried
instructions or we can disclose or discuss confidential out when we are fully satisfied that identification
information about your accounts. For this reason: requirements are met.
(a) you must sign instructions given on paper; and 1.9 We may refuse to accept a payment into an account
or an instruction for a payment from it if we
(b) if you are contacting us or giving us instructions
reasonably believe that doing so might cause us
by any other method (for example by telephone)
(or another company in the Lloyds Banking Group)
you must do so using the Security Details we
to breach a legal requirement or might expose us
have given to you or agreed with you personally.
(or another company in the Lloyds Banking Group)
to action from any government or regulator.
2. Payment into your Account (Deposit) 4. Payments to and from another
2.1 You can only make the payment into your account Scottish Widows Bank Account
in the following ways: 4.1 You can instruct us to make a transfer between your
(a) by cheque; or account and any another Scottish Widows Bank
account you have under the same name(s) with us,
(b) by transferring money from another subject to the withdrawal restrictions in condition 3.
Scottish Widows Bank account in your name(s)
(see condition 4). 4.2 We will process your instruction the business day we
receive it or, if we receive it after the cut-off time
2.2 We will only accept a payment into your account or on a non-business day, the next business day,
in Sterling. subject to the withdrawal restrictions in condition 3.
The minimum deposit is £10,000. The maximum 4.3 When we process your instructions, we will debit the
balance accepted by us is £5,000,000. money from one account and it will be credited to
No additional deposits can be made. the other account and available to withdraw, subject
to the withdrawal restrictions in condition 3.
2.3 Cheques must be drawn from an account you are 5. Charges and Interest
named on. For your protection we recommend that
personal cheques issued by you are made payable
5.1 Where you close the account at maturity and wish
to: Scottish Widows Bank <Account Holder’s Name>.
to withdraw your money the same day, a charge
2.4 Third party cheques are not permitted. Building (presently £25) will be applied to cover our transfer
society cheques must be verified to confirm they are costs. Withdrawals by other forms of electronic
from an account held in your name. (Please arrange transfer will be made free of charge. No other charges
for the issuing branch to stamp and sign the reverse will apply to the account for standard services.
of the cheque and add your name, sort code,
account number and roll number if applicable). Exceptional Service
2.5 We do not accept inward transfers of credit through 5.2 We may charge for providing you with any
the bank’s money transmission system, eg. bank giro non-standard service which you request in
credit, standing order or dividend mandate is not connection with your account. We will inform
possible as there can be identification difficulties you of the charge before we provide the service.
and delays out with our control. Payments made in
this way may be returned automatically and may Interest
incur a charge, currently £10. 5.3 Annual Equivalent Rate (AER) is based on interest
paid and capitalised to the account once each year.
3. Payment out of your Account We may change our interest rates, charges and
charging dates under condition 11.
No partial withdrawals allowed. Early access to funds is Interest Rates
permitted on account closure, If you need to withdraw your
5.4 Variable interest at the Bank of England Base Rate
money before the end of the term, you can close your fixed
will apply to the account until the date when the
rate deposit account, however you will be charged an
specified issue of the 5 Year Fixed Term Deposit
amount equal to 365 days’ interest. We will work this out at
Account starts. After the start date a fixed rate,
the rate at which we pay interest on your fixed rate deposit
determined prior to the specified issue being
account. We may take this amount from the interest we owe
promoted, will apply.
you on your account which we have not yet paid. If there is
not enough interest that we have not yet paid we will take
this amount from your fixed rate deposit account.
You can ask us to pay the money in your fixed rate deposit
account into another savings account with Scottish Widows
Bank or your nominated external account.
On death of customers before the end of the term, the
initial capital plus the full amount of accrued interest will
Interest Calculation Where a QTD is broken we will pay any accrued
5.5 Before the start date, interest is calculated on a daily interest referable solely to the period in which the
basis from the day funds are cleared. This means deposit was a QTD without deduction of tax. If the
that you will earn interest after the second business deal continues to run to maturity following a partial
day in respect of cheques received for the credit of withdrawal/addition after a QTD has been broken
the account. tax must be deducted from any interest paid.
Taxation of Interest
5.9 The interest earned during the initial offer period will
5.6 Interest is normally payable net of lower rate tax
be added to your original investment at the start of
(currently 20%) but may be paid gross if you
the fixed rate period. The interest earned during the
provide us with the appropriately completed
five year term will be paid away monthly, quarterly
or annually to either another Scottish Widows Bank
5.7 All deposits of £50,000 and over will be paid without account or an external account in your name.
tax taken off during the fixed rate period as these are
5.10 To meet the criteria of a ‘Qualifying Time Deposit’
classed as ‘Qualifying Time Deposits’ by HM Revenue
the maturity date stated at the outset of each issue
and Customs (see section 5.8). The interest earned
will be a date which is at least one business day before
still forms part of your taxable income and you will
the fifth anniversary of the start date. In line with
be responsible for declaring the income to HM
this, the payment date for annual interest will be set
Revenue and Customs and paying any tax due.
to coincide with the maturity date and consequently,
5.8 An account is a QTD if the terms and conditions the amount of interest paid each year will not always
for the account meet these criteria: be for 365 days.
– the deposit is at least £50,000
– repayment to be made at a specified time
6.1 At least 30 days before the end of the term we will
within 5 years of the QTD being made
send you a letter advising of your options. These are:
(repayment on the fifth anniversary is not
acceptable) and the repayment date must – Option to open another Fixed Term Deposit
be specified at the outset Account which is available at the time of
– makes no provision for the right to repayment
to be transferred – Transfer money to another savings account
with Scottish Widows Bank
– prevents partial withdrawals
– Transfer money to your nominated
– prevents additions
If the terms and conditions meet the five criteria
– To allow the account to revert to a variable rate,
then interest must be paid gross – neither the saver
equivalent to the Bank of England base rate.
nor the Financial Institution are able to change this.
6.2 If we do not receive instructions from you (or we
Where any of the conditions cease to be met the
cannot reasonably comply with your instructions),
QTD is broken and is no longer a QTD e.g.
on the last day of the term (or the next working day
– additions to the deposit (including capitalised if this falls on a Saturday, Sunday or Bank Holiday),
interest) withdrawal of part of the deposit the account will revert to a variable interest rate,
before it matures, and equivalent to the Bank of England base rate.
– pooling the deposits with other deposits
For systems reasons, we will credit interest to the
account and subsequently ‘pay away’ the interest
on the same day without ever being added to the
original sum which is allowable under the QTD rules
and therefore does not break the QTD
7. Identification Requirements 9. Security
7.1 To comply with Money Laundering Regulations, 9.1 You must:
Scottish Widows Bank need to verify your identity
(a) follow instructions we give you, which we
when opening the account.
reasonably consider are needed to protect
7.2 Scottish Widows Bank may make searches now and you and us from unauthorised access to
in the future about you with an online reference your accounts;
agency who will supply information for the purpose
(b) not let anyone else use your Security Details.
of verifying your identity. Scottish Widows Bank may
For personal accounts this also applies to
also obtain documents from you confirming your
someone sharing a joint account with you
identity and address.
as he or she will have his or her own;
7.3 You will not be allowed to operate the account until
(c) keep your Security Details secure and protected
the Money Laundering checks are complete.
7.4 The FSA’s Factsheet “Proving your Identity” will help
(d) do all you reasonably can to make sure no
explain why we need to verify your identity. You can
one finds out your Security Details, for example
get a free copy from www.moneymadeclear.fsa.
gov.uk/pdfs/proving_your_identity.pdf or by
calling them on 0845 606 1234. (i) choosing obvious passwords or codes
(such as your date of birth) as part of
8. Communication your Security
8.1 On opening an account with us, you will be allocated (ii) writing your Security Details on, or keeping
an account number. Its purpose is to assist us in them with your banking documentation;
locating your account details in order to deal
(iii) writing down your Security Details in
efficiently with your requirements. It is not a security
a way that is recognisable;
code but should be quoted in all correspondence
and in telephone enquiries. (iv) letting anyone listen in to your calls
with us, or watch you entering or
8.2 When using our telephone banking service we may
making use of your Security Details;
monitor or record telephone calls with you in order
to check we have carried out your instructions (e) not let anyone else give instructions, or have
correctly and to help improve our quality of service. access to information, on your accounts unless
We reserve the right to request additional account he or she has a separate arrangement with us
information as is reasonable to satisfy ourselves that to do so, or you have authorised him or her
the telephone caller is in fact the account holder. to do so.
9.2 The Security Details you provide on your application
form will be held securely on file for your protection.
8.3 You will receive annual statements and annual
Security Details can be changed at your request
interest certificates. At the end of the term you
providing notification is given in writing (evidenced
will receive a closing statement and an interest
as required) and signed in accordance with the
8.4 Where we say we will write to you, we will as
9.3 If you think someone else may be able to use,
appropriate do so by letter, email, text, statement
or has used, your Security Details (because, for
messages or inserts or in any other way which is
example, they have found out your password),
sent to you individually.
you must tell us as soon as you reasonably can
8.5 You are responsible for checking statements and by telephoning our customer service staff on
other account information we give you. You must tell 0845 845 0829. If we ask, you must give us any
us as soon as you reasonably can (by telephoning information you know about the misuse of the
our customer service staff on 0845 845 0829) if you Security Details. We will pass this to the police
notice any errors on your account. If you do, or if if we reasonably think that will be useful.
we notice any errors, we will correct them as soon
as reasonably possible.
8.6 We will communicate with you in English.
10. Refunds 11. Variation
10.1 We will refund the amount of a withdrawal and any
Interest Rate Changes without advance notice
charges or interest you paid as a result of it, and pay
you any interest we would have paid you on that 11.1 Before the start of the specified issue of the
amount, if: 5 Year Fixed Term Deposit account;
(a) you asked us to make the payment to an (a) variable interest at the Bank of England Base
account at another bank and the payment was rate applies. During this time rates “tracker rate”
not made properly or never arrived, unless there changes automatically. A “tracker rate” is where
was a mistake in any of the details contained in the interest rate tracks a “reference interest
the payment instruction you gave us or we can rate”. This is a rate which is not set by us but is
show that the payment was received by the publicly available so that you can find out what
other bank (in this case, that bank is required it is and check it independently. The Bank of
by law to make the payment immediately); or England Base Rate is an example of a reference
(b) you tell us that a payment out of your account
was unauthorised and, having investigated it, (b) where the interest rate on a tracker account
we are reasonably satisfied that the payment changes as a result of a change in the reference
was not authorised and that you are not liable interest rate we will apply the new rate with
(condition 12 has more information on liability). effect from the next business day.
We will not refund the payment if you tell us 11.2 After the start date of the issue of the 5 Year Fixed
more than 13 months after the payment Term Deposit Account a fixed rate of interest will
was made. apply for the term.
10.2 If a withdrawal was not made properly or never
Changes with advance notice
arrived, we will (if you ask us to) make immediate
efforts to trace the payment and notify you in 11.3 By writing to you at least two months in advance
writing or by telephone of the outcome. we can change:
10.3 If you ask us to transfer money to your account by (a) the terms that apply to a particular account or
direct debit and the payment is not made correctly service (such as the margin on a tracker account,
or never arrived we will: the benefits included with an account); or
(a) (unless we can show it was the fault of the (b) any of the other terms of this agreement.
paying bank, or you gave us the wrong 11.4 We will only make a change under condition 11.3
payment details – see condition 1.4) if you can end this agreement (or close the affected
immediately ask the paying bank to make account or service) before the change takes effect
the payment to us again; if you do not want to accept the change:
(b) if you ask us to, make immediate efforts to (a) without charge; or
trace the payment and notify you in writing
or by telephone of the outcome; and (b) we say we will not make a charge which would
otherwise apply. Unless you close your account
(c) refund you any charges you paid as a result. or end this agreement prior to the proposed
10.3 If we can show that it was the paying bank’s change date, you will be deemed to have
fault they will be responsible for: accepted the changes to your terms and
(a) putting the amount of the payment back
into your pre-advised account;
(b) paying you any interest you would have earned
on the amount had it not been taken from your
pre-advised account; and
(c) refunding you any charges you paid as a result of
the payment not being made correctly or at all.
12. Liability 13. What we do with your information
12.1 If we break this agreement: 13.1 We may hold information on you for
administration, research, analysis, credit
(a) we will not be liable for losses or costs caused
assessment, money laundering checks, fraud
by abnormal and unforeseeable circumstances
prevention and the marketing of financial and
outside our reasonable control, which would
related products and services.
have been unavoidable despite all efforts to
the contrary, for example delays or failures 13.2 In accordance with the Data Protection Act 1998
caused by industrial action, problems with you have a right to ask for a copy of this information
another system or network, mechanical (on payment of an administration fee. Please call our
breakdown or data-processing failures; customer service staff on 0845 845 0829 for details)
and the right to request us to change any of this
(b) we will not be liable for any indirect loss
information if it is incorrect. The information we
resulting from our breach.
hold about you is confidential. We will only disclose
12.2 You will not be liable for any payment instructions it outside Scottish Widows Bank and other
you did not give yourself, even if they were given Lloyds Banking Group companies when:
using your Security Details, unless we can prove
(a) you give us your consent,
(b) it is needed by our agents and others involved
(a) that you have acted fraudulently in which case
in running accounts and services for you,
you will be liable for all payments from the
account that we have been unable to stop; or (c) we or others need to investigate or prevent
(b) that you have been very careless with your
Security Details (for example if you do not (d) the law permits or requires it, even without
tell us as soon as you think someone has your consent,
discovered your Security Details or is accessing
(e) there is a duty to the public to reveal the
your accounts without your authority or you
broke your obligations in condition 8) in which
case (depending on the facts of the case and (f) we need to assist any body which monitors
any legal requirements that apply) you may be compliance with any code of practice to which
liable for payments from your account but only we subscribe, in discharging its functions under
until you have told us that your Security Details the code,
have been lost, stolen or could be misused.
(g) we need to assist the Financial Ombudsman
If you are not liable for a payment we will refund the or our regulator.
amount of the payment and any charges or interest
We will remind you periodically that you can request
you paid as a result of it, and pay you any interest
us not to send you any marketing information
we would have paid you on that amount, and will
regarding additional services and products of
not have any further liability to you.
Scottish Widows Bank or other Lloyds Banking Group
12.3 Nothing in this agreement limits our liability for companies by writing to us at PO Box 12757,
acting fraudulently or very carelessly or otherwise 67 Morrison Street, Edinburgh, EH3 8YJ, quoting
excludes or limits our liability to the extent we are your account number.
unable to exclude or limit it by law.
13.3 We may check what you have told us and share
information with fraud prevention agencies; therefore
it is important that you give accurate information.
If you give us false or inaccurate data and we
suspect fraud, we will record this at the fraud
prevention agencies. Law enforcement agencies
may access and use this information.
Scottish Widows Bank and other organisations
may access and use, from other countries, the
information recorded by fraud prevention agencies.
13.4 Scottish Widows Bank, and any company appointed 14. Law
on our behalf, may make such enquiries as we
14.1 Subject to conditions 14.2 to 14.3, the law of
consider necessary to confirm the truth and
accuracy of the information given. We may supply
information provided to credit reference agencies (a) governs the contract between you and us; and
and fraud prevention agencies. Information shared (b) forms the basis on which relations are established
amongst third parties is only used to verify your between you and us before the contract is made.
identity and to assist with the detection and
prevention of fraud. We may use credit reference 14.2 If you are resident in Northern Ireland when the
agency and fraud prevention agency records about conditions in this agreement first apply to you the
you to help make decisions about you, for example: law of Northern Ireland will apply for the purposes
of condition 14.1.
– checking details on applications for credit and
credit related or other facilities 14.3 If you are resident in England or Wales when the
conditions in this agreement first apply to you the
– managing credit and credit related services, law of England and Wales will apply for the purposes
and to manage your accounts of condition 14.1.
– for motor, household, credit, life, and
other insurance proposals and claims 15. Complaints
– for fraud prevention and detection, debtor 15.1 Scottish Widows Bank has in place an internal
tracing, debt recovery, and to check your complaints procedure, details` of which can be
identity to prevent money laundering obtained by telephone from our customer service
staff on 0845 845 0829.
– checking details of job applicants and
employees 15.2 Alternatively you can write to us at:
13.5 Your information may, in certain cases, be disclosed Customer Services Department
to other companies in the Lloyds Banking Group Scottish Widows Bank plc
or agents acting on behalf of the Group, where PO Box 12757
the interests of Scottish Widows Bank require such 67 Morrison Street
a disclosure. Information, including full details of Edinburgh EH3 8YJ
the conduct of your account and any transactions If we are still unable to reach an agreement with you
that you make, may be shared and used by to settle your complaint, we’ll write to you with a “final
Scottish Widows Bank plc and other companies response”. If you are not happy with our final response,
within the Lloyds Banking Group, to enable them to or if you do not receive it within 8 weeks, you can
identify and advise you, by post, telephone or other (unless you are a larger business customer) refer your
electronic media, of any products and services that complaint to the Financial Ombudsman Service by
may be of interest to you, unless you have advised writing to them at South Quay Plaza, 183 Marsh Wall,
us not to do so. London E14 9SR; by telephoning 0845 080 1800 or
13.6 Other Lloyds Banking Group companies will not by e-mailing complaint.info@financial-ombudsman.
make marketing approaches to you unless you org.uk. The decision of the Financial Ombudsman
already have a relationship with them. Service will be binding upon us.
13.7 Sending your personal data by E-mail is not secure. 15.3 Scottish Widows Bank are covered by the Financial
Only include your E-mail address if you agree to Services Compensation Scheme (FSCS). The FSCS
Scottish Widows Bank sending you E-mails. can pay compensation to depositors if a bank is
unable to meet its financial obligations. Most
13.8 We may record and monitor telephone calls with depositors – including most individuals and
you in case we need to check we have carried out small businesses – are covered by the scheme.
your instructions correctly and to help improve the
quality of our service.
In respect of deposits, an eligible depositor is (f) If either of you dies, we will pay any balance
entitled to claim up to £85,000. For joint accounts on your account to the other.
each account holder is treated as having a claim in
(g) If a joint account is opened we will need to
respect of their share so, for a joint account held by
verify the identity of all account holders.
two eligible depositors, the maximum amount that
could be claimed would be £85,000 each (making Instructions from either or both of you
a total of £170,000). The £85,000 limit relates to
16.3 The option of both of you to authorise all instructions
the combined amount in all the eligible depositor’s
on your account is not available. This is because it is
accounts with the bank including their share of any
not possible for more than one customer to give an
joint account, and not to each separate account.
instruction at the same time by telephone.
For further information about the scheme (including
the amounts covered and eligibility to claim) please 17. Amendments
call us on 0845 845 0829 or refer to the FSCS
Requests to amend account details should be made
website www.FSCS.org.uk or call 020 7892 7300
in writing and be signed by you in accordance with the
or 0800 678 1100.
prevailing instructions. For your convenience standard
amendment forms are available on telephone request
16. Joint Accounts to the customer services line. Notice of any change
16.1 This section applies to personal account holders if of name or bank details must be accompanied by
more than one customer is named in the application appropriate evidence.
form for your account. We will open all the accounts
you have requested on this application as joint 18. Death of Account Holder
accounts. The instructions in this form will apply to
18.1 If a sole account holder dies, the personal
all future accounts you open in both of your names
representatives may close the account (upon
unless you specifically tell us otherwise.
presentation of such evidence of their authority
16.2 A joint account means: as we may require) by withdrawing the balance
of the account together with any interest accrued
(a) Both of you are separately responsible for
without notice or penalty. If applicable, if a joint
keeping to its terms. If either of you does not
account holder dies the account may continue
keep to them, we can take action against either
in the name of the surviving account holder(s).
or both of you singly or together.
18.2 Alternatively, the survivor(s) may elect to close the
(b) We may give any information about the
account by withdrawing the balance of the account
account to either of you (even if you request
together with any interest accrued.
that both of you must sign instructions to us).
18.3 Where the holder of a Qualifying Time Deposit dies,
(c) Either of you will be able to withdraw any
the deposit can remain a Qualifying Time Deposit
money in the account (which may be without
(and be entitled to gross interest) as long as the
the other’s knowledge). We will not be obliged
Qualifying Time Deposit conditions are not breached.
to make any enquiries about the purpose of
But the Qualifying Time Deposit cannot then roll
over into another Qualifying Time Deposit following
(d) The account cannot later be put into just maturity.
one of your names, unless you both agree.
If the executor closes a Qualifying Time Deposit before
(e) If there is a dispute between you about your maturity the account will cease to be a Qualifying
account, we may require you both to authorise Time Deposit on closure. Interest accrued up to the
transactions until you both agree how the date of closure will be paid gross.
account is to be run.
19. Notice to Close the Account 20. Right to Cancel
19.1 This agreement will continue until you or we cancel If you are not happy about your choice of savings
or end it. or investment account(s), please write to us within
14 days of opening your account at:
19.2 You may end this agreement, or an account or
other service under it, at any time by writing to us Scottish Widows Bank plc,
or phoning us, subject to the withdrawal restrictions PO Box 12757,
in condition 3. Where you have not told us in writing, 67 Morrison Street,
we may require confirmation in writing. Edinburgh
19.3 We may close your account at any time. We will
give you not less than two months’ written notice We will help you switch accounts or we will give you
of our intention to close your account unless: all your money back with interest. We will ignore any
(a) you are, or we reasonably consider you may be:
(i) using or obtaining, or allowing someone else 21. Contracts (Rights of Third Parties)
to use or obtain, a service or money illegally; Act 1999
(ii) acting fraudulently; This contract is between the Account Holder(s) and
Scottish Widows Bank plc. The terms of the Contracts
(iii) behaving improperly (for example,
(Rights of Third Parties) Act 1999 and any other legal
in a threatening or abusive manner);
third party rights are specifically excluded except to the
(b) we reasonably consider that by continuing to extent that rights are expressly conferred on other Lloyds
allow you to run your account: Banking Group companies. This means that only the
(ii) we may break a legal requirement or a parties to the contract (or their legal successor(s),
court order or other authority; assignee(s) or other security holders) and other Lloyds
Banking Group companies may have contractual rights.
(iii) we (or another company in the Lloyds
Banking Group) may be exposed to action 22. Commission
from any government or regulator; or
If your application was submitted to Scottish Widows Bank
(c) you have seriously or persistently breached by your Introducer, they will receive 0.3% commission
these conditions in any other way. If we close your annually based on the average balance of your account.
account without giving you the notice beforehand, This will be paid quarterly in January, April, July and October.
we will do so as soon as possible afterwards.
Application for 5 Year Fixed Term Deposit Account
Scottish Widows Bank plc
This form is only for the use of personal customers. Should you require (For office use only)
any guidance in the completion of this form please contact our
Customer Service staff on: 0845 845 0829. Issue Interest Rate
Please complete this form in BLOCK CAPITALS and in ink. Account Number
Please refer to section 4 or the Terms and Conditions
regarding access to your funds.
1. Introducer details
Was this application introduced by a Financial Adviser or other Introducer? Yes No
Company name and address
FSA Authorisation number (if applicable)
If you are part of a network please give details
2. Personal details
First Customer Second Customer
Title Mr Mrs Miss Mr Mrs Miss
Ms Other Ms Other
Date of birth (DD/MM/YYYY)
Place of birth: Town
Sex Male Female Male Female
Country of residence
Country of nationality
National Insurance Number
Daytime Telephone Number
Evening Telephone Number
Mobile Telephone Number
2. Personal details (continued)
First Customer Second Customer
Tax identification Number
(for overseas customers only)
NB: If your primary place of residence ceases to be in the UK or if your country of residence changes you must inform
Scottish Widows Bank as soon as possible. See EU Savings Tax Directive section in brochure.
If calling from overseas please contact our Customer Services staff on 00 44 131 655 2000 to confirm our
3. Deposit details
Please credit the following to my Fixed Term Deposit Account with you (tick one or more as appropriate).
Enclosed cheque(s) for: £ made payable to ‘Scottish Widows Bank’ <account holders name>
(3rd party cheques are not permitted)
Transfer of: £ from my/our existing Scottish Widows Bank account:
4. Interest options
Please complete the relevant box to indicate how you would like your interest paid:
Monthly Quarterly Annually
Please complete the relevant box to indicate how you would like your interest paid:
(a) By adding it to a different Scottish Widows Bank account in the same name or in an individuals name who is party:
to the account – a/c no
held in the name of
(b) By adding it to my/our bank or building society account detailed in Section 5.
5. Existing Bank or Building Society details (Main Current Account) – (This section must be completed in all cases)
Bank/Building Society Name
Branch Sort Code
Roll Number (Building Society Only)
If you are opening your account with a personal cheque drawn from the above account we will not require further
verification of your bank details.
6. Joint account
If a joint account is opened we need to verify the identity of all account holders.
7. Important – For your security
In order to provide telephone access we require details to be included for numbers 1 and 2. Please note that number 3
(Customer Code Word) is optional. First Customer Second Customer
1. First primary school
2. Mother’s maiden name
3. Customer Code Word (optional)
When receiving telephone instructions we will ask for the above passwords.
Always take responsible steps to keep the passwords and other security information secret at all times. This is essential to help
prevent fraud and protect the accounts. Take care when storing or disposing of information about your accounts. You should take
simple steps such as shredding printed material.
It is essential that you tell us as soon as possible if you suspect or discover someone else knows your security information.
Call our customer service staff on 0845 845 0829.
8. Data Protection Statement
This declaration relates to the personal details given on this form and You may monitor or record phone calls with me in case you need to
to any other information which I provide to Scottish Widows Bank, or check you have carried out my instructions correctly and to help
which it holds on me. improve your quality of service.
I agree that you may check what I have told you and share information The information you hold about me is confidential. You will only disclose
with fraud prevention agencies. I understand that it is important that it outside the Lloyds Banking Group (or associated companies) when:
I give you accurate information. If I give you false or inaccurate data and • I give you my consent,
you suspect fraud, you will record this at the fraud prevention agencies. • It is needed by your agents and others involved in running
Law enforcement agencies may access and use this information. You accounts and services for me,
and other organisations may access and use, from other countries, the • You or others need to investigate or prevent financial crime,
information recorded by fraud prevention agencies. • The law permits or requires it, even without my consent,
I agree that you may hold information on me for administration, • There is a duty to the public to reveal the information,
research, analysis, credit assessment, money laundering checks, fraud
• You need to assist any body which monitors compliance with
prevention and the marketing of financial and related products and
any code of practice to which you subscribe, in discharging its
services. In accordance with the Data Protection Act 1998 I understand functions under the code,
that I have a right to ask you to send a copy of this information (on
• You need to assist the Financial Ombudsman or your regulator.
payment of the administrative fee. Please call our Customer Service staff
on 0845 845 0829 for details) and the right to request you to change If our application has been submitted via a Financial Adviser,
any of this information if it is incorrect. we agree you may disclose the balance of our account to our
Financial Adviser named in this application form on request.
I authorise you or any company appointed on your behalf to make
I understand that the information may, in certain cases, be disclosed
such enquiries as it considers necessary to confirm the truth and
to other companies in the Lloyds Banking Group (or associated
accuracy of the information on this form. You may supply information
companies or agents acting on behalf of the Group), where the
provided to credit reference agencies and fraud prevention agencies.
interests of Scottish Widows Bank require such a disclosure.
Information shared amongst third parties is only used to verify my
Information, including full details of the conduct of my account and
identity and to assist with the detection and prevention of fraud.
any transactions that I make, may be shared and used by
I agree that you and other organisations may use credit reference Scottish Widows Bank plc and other companies within the Lloyds
agency and fraud prevention agency records about me to help make Banking Group, to enable them to identify and advise me, by post,
decisions about me, for example: telephone or other electronic media, of any products and services that
• checking details on applications for credit and credit related or they think may be of interest to me. Note: If you would prefer not to
other facilities, receive details of other products or services, please tick this box .
• managing credit and credit related services, and to manage Other Lloyds Banking Group companies will not make marketing
my accounts, approaches to you unless you already have a relationship with them.
• for motor, household, credit, life, and other insurance proposals I understand that you will remind me periodically that I can request
and claims, Scottish Widows Bank not to send me any marketing information
• for fraud prevention and detection, debtor tracing, debt recovery, regarding additional services and products of Scottish Widows Bank
and to check my identity to prevent money laundering, or other companies by writing to you at PO Box 12757, 67 Morrison
• checking details of job applicants and employees. Street, Edinburgh, EH3 8YJ, quoting my account number
If I ask, you will tell me which credit and fraud prevention agencies Warning: Sending your personal data by email is not secure. Only
you have used so I can get a copy of my details from them. include your email address if you agree to Scottish Widows Bank
sending you emails.
9. Identification Requirements
To comply with Money Laundering Regulations, we need to verify You will not be allowed to operate the account until the
your identity when opening an account. Money Laundering checks are complete.
Scottish Widows Bank may make searches now and in the future The FSA’s Factsheet “Proving your Identity” will help explain
about you with an online reference agency who will supply why we need to verify your identity. You can get a free copy from
information for the purpose of verifying your identity. www.moneymadeclear.fsa.gov.uk/pdfs/proving_your_identity.pdf
Scottish Widows Bank may also obtain documents from or by calling them on 0845 606 1234.
you confirming your identity and address.
I, the person whose signature appears below, declare that monies are or verbal instructions requesting account closure given by any one of
being/will be deposited in Scottish Widows Bank Deposit Account as us. We can only accept instructions to collect funds from a pre-advised
sole beneficial owner/as joint beneficial owners. I declare that the account you are a party to. Account closure should be sent direct to
information given on this form is true to the best of my knowledge. my bank/building society account in Section 5 above.
(For joint account holders only.) We as joint account holders, hereby I acknowledge that no payments in favour of third parties will be made.
authorise Scottish Widows Bank to accept and act on either written
Signature (First customer) Date (DD/MM/YYYY)
Signature (Second customer) Date (DD/MM/YYYY)
Note: Throughout this application form the words “I” and “we” may be taken where appropriate to mean the plural as well as the singular.
The following Check List has been compiled to assist you: (please tick as appropriate).
Declaration signed, details completed and cheque enclosed (if applicable).
Original bank/building society statement or cancelled cheque where applicable.
For non-tax payers.
I/We require HM Revenue and Customs Form(s) in order to receive interest gross for balances under £50,000
R85 – UK residents R105 – overseas residents
This page has been provided for your use should you require to give further information on any of the sections.
Section and Number Description
Send your completed application form to:
Scottish Widows Bank plc
PO Box 12757
67 Morrison Street
If you have any questions about your application, please call our customer service staff on 0845 845 0829
(calls charged at local rates) – lines are open 8am to 6pm Monday to Friday, Wednesdays from 10am.
Our Promise to You EU Savings Tax Directive
We are committed to working in partnership with Under the terms of the European Union Savings
our customers and make the following promise Tax Directive it is a requirement for Scottish
to you: Widows Bank to report to HM Revenue and
• To keep the Terms and Conditions of our Customs payments of interest to all residents of
products clear and simple with no hidden other EU member States and some EU Nationals
charges or misrepresentation of facts. resident elsewhere. To enable Scottish Widows Bank
to satisfy its obligations under the Directive you are
• To maintain a plain English policy in all
required to notify Scottish Widows Bank of any
correspondence with you.
change of address that involves a change in your
• To deal with your requirements politely and country of residence. By address is meant your
effectively. Correspondence received will be primary place of residence as disclosed in response
acted on or discussed with you by telephone to Section 2 of the application form.
• To provide clarification or additional details Complaints Procedure
on any operational aspects of our products. Scottish Widows Bank has in place an internal
complaints procedure, details of which can be
Customers With a Disability
obtained by telephone from our Customer Services
Scottish Widows Bank is committed to making its staff on 0845 845 0829.
products and services available to everyone. Copies Alternatively you can write to us at:
of our literature can be provided in large print or in Customer Services Department
Braille and additional assistance is available to any Scottish Widows Bank plc
customer upon request. If you have any special PO Box 12757
requirements please contact our Customer Services 67 Morrison Street
staff in the first instance on 0845 845 0829. Edinburgh EH3 8YJ
If we cannot settle your complaint with us,
you may be entitled to refer it to the Financial
For further information on the products and services provided by
Scottish Widows Bank, please call our Customer Service Staff on:
0845 845 0829
If calling from overseas:
00 44 131 655 2000
Or visit our website:
Scottish Widows Bank plc. Registered Office: PO Box 12757, 67 Morrison Street, Edinburgh EH3 8YJ. Registered in Scotland no. 154554.
Authorised and regulated by the Financial Services Authority. Our Financial Services Authority register number is 201601.
Confirmation can be obtained by visiting the Financial Services Authority website at www.fsa.gov.uk/pages/register/