Direct Transfer Account Interest Rates
Sold via intermediaries only. For account information please call our Customer Services Staff on 0845 845 0829.
This account is designed to allow you to maintain a balanced savings and investment portfolio. With a competitive rate of interest, you'll be able to watch your savings grow as well as having easy access to them.
Current Interest Rates
| Balance | Gross/AER Interest Rate including bonus* | Gross Interest Rate/AER without bonus | |||
|---|---|---|---|---|---|
| £100 and over | 2.80% | 1.91% | |||
| *The above rate includes a bonus of 0.89% for the first 12 months. | |||||
Previous Interest Rates
As a comparison the following table shows rates previously available (including introductory bonus) from Scottish Widows Bank from 1 April 2011 to 8 June 2011.
| Balance | Gross/AER Interest Rate including bonus* | Gross Interest Rate/AER without bonus | |||
|---|---|---|---|---|---|
| £100 and over | 2.60% | 1.91% | |||
| *The above rate includes a bonus of 0.69% for the first 12 months. | |||||
Interest Payment Periods
Interest will be paid monthly on the first day of the month or quarterly on the first day of January, April, July and October or annually.
Definitions
On the interest rate table you may see some terms you are unfamiliar with. These are:
AER — Stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. (As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time).
Gross — This is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
The AER advertised is based on interest paid gross and capitalised to the account once a year - please note that other interest payment periods are available and the actual interest rate on your account will be lower if you have interest applied more frequently, but when compounded will equal the AER.
