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5 Year Fixed Term Deposit Account 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. Key features • 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 your account. 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. 1 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 introducer represents. 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. 2 Deposits Withdrawals • 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. deposit account. (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 maturity • At least 30 days before the end of the five year term, we will send you a letter advising of your options. These are: – 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 account. • 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, number 5. 3 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. Wednesdays). ‘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 www.lloydsbankinggroup.com 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%). 4 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 receive them. 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 agreement applies. 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. 5 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. Cheques 2.3 Cheques must be drawn from an account you are 5. Charges and Interest named on. For your protection we recommend that Charges 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. (Withdrawal) 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 be returned. 6 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. Interest Payments 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 HM Revenue 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 6. Maturity – 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 maturity – 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 external account 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 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. from damage; 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. by not: 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 Statements 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 certificate. application form. 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. 8 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 interest rate. (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 conditions. (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. 9 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, either: (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 crime, (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 information, 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. 10 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 Scotland: 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. 11 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 any transactions. 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. 12 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 EH3 8YJ. 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 notice period. (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. 13 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 Name Company name and address Postcode 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 First name(s) Surname Address Postcode Date of birth (DD/MM/YYYY) Place of birth: Town Country Sex Male Female Male Female Country of residence Country of nationality National Insurance Number Daytime Telephone Number Evening Telephone Number Mobile Telephone Number Email Address 2. Personal details (continued) First Customer Second Customer Occupation Employer Name Employer’s Address Postcode 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 current requirements. 3. Deposit details Please credit the following to my Fixed Term Deposit Account with you (tick one or more as appropriate). Initial Payment 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: a/c no. 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 Address Postcode Branch Sort Code Account Number Roll Number (Building Society Only) Account Name 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. 10. Declaration 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 Additional Details 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 Edinburgh EH3 8YJ 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. without delay. • 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 Ombudsman Service. 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: www.scottishwidowsbank.co.uk 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/ 48719 07/11
"Year Fixed Term Deposit Account"