E-Cash ISA

Once your account is open and we have your initial deposit we will send you an information pack and operating instructions. You can operate your account

• By Internet Banking — Our Internet Banking service offers a convenient way for you to manage your account 24 hours a day, 7 days a week. Please note, Internet Banking cannot be accessed or operated by Powers of Attorney or Third Party Mandate holders.
  
  Our staff are available to deal with any queries you may have relating to Internet Banking or your E-Cash ISA between 8am and 6pm weekdays, with the exception of Wednesday when we are open between 10am and 6pm. Telephone 0845 845 0829 (calls at local rate). For your security Scottish Widows Bank will require to verify your identity when you access this service.

After your initial deposit which can be a personal cheque or transfer from an existing Scottish Widows Bank account, you can add money to your account by:

• A cheque drawn on a current account nominated in your application form — cheques from accounts not in your name are not permitted and building society cheques must be stamped and signed by the issuing branch to confirm that they are from an account held in your name.
• Regular or occasional Direct Debit payments from your main current account — to do this you must first complete the Direct Debit mandate included in the application form. Provided cleared funds are available in your current account, we can collect the money by Direct Debit and the funds will be credited to your cash ISA within three working days.

These are the only ways you can make deposits. Transfers of money into your Account via the bank money transmission system — such as bank giro credit standing order or dividend mandate — are not possible. This is because there can be delays and identification difficulties with these methods that we have no control over.

If you want to withdraw money from your E-Cash ISA:

• Instruct us to do so through Internet Banking
• The minimum withdrawal is £10
• Transfers will be made free of charge and funds will reach your nominated account by the end of the following business day.

For your security and protection transfers will be made via electronic funds transfer direct to your pre-advised bank or building society current account — we cannot pay money to a third party.

There is a limit on the amount you can deposit in your ISA each year. This means that any money you withdraw cannot be replaced.

These are the ISA Rules as applied to the Scottish Widows Bank E-Cash ISA from 6 April 2011:

• The cash ISA limit is £5,340 for all investors aged 16 and over.
• The ISA subscription limit has increased to £10,680 for anyone eligible to invest in an ISA.
• Up to £5,340 of the new ISA allowance can be saved in a cash ISA with one provider. The remainder of the £10,680 can be invested in a stocks and shares ISA with either the same or another provider. Alternatively the full £10,680 can be invested in a stocks and shares ISA with one provider.
  
• If you require further information about ISAs and the changes from 6 April 2011, please contact your nearest HM Revenue and Customs Office or their website at www.hmrc.gov.uk/isa
• ISA savers will be able to invest in two separate ISAs each tax year; a cash ISA and a stocks and shares ISA.
• The annual ISA investment allowance is £10,680. Up to £5,340 of that allowance can be saved in a cash ISA with one provider. The remainder of the £10,680 can be invested in stocks and shares with either the same or a different provider.

Tax treatment depends on your individual circumstances and may change

Interest is calculated on a daily basis from the day funds are cleared. It is applied twice a year on 1 April and 1 October or yearly on 1April, without tax deducted.

Interest rates are variable on a flat basis.

Interest rates are subject to change

Interest rates are subject to change at anytime. Please see our interest rate page for the current rate.

• The target completion time for a cash ISA transfer is 15 working days
• For transfers in, your existing provider will continue to pay interest until the day they close the account and send the money to us, and we will now pay interest at the new rate from the day they close your account, even if we haven’t received your money
• If the transfer process takes longer than 15 working days, we’ll pay you interest at the new rate from the 16th working day (even if your old provider has not closed your old account), as long as your ISA was ready (i.e. was not subject to a notice period or was a fixed rate that had yet to mature) to be transferred when your existing provider received our request
• To ensure you are kept informed promptly, we will send all postal correspondence about your transfer 1st class.

If you’d like more detailed information about the cash ISA transfer process, visit the British Bankers’ Association website for more details: www.bba.org.uk/consumer-guide-to-cash-isa-transfers

Will I receive regular, printed statements?

Statements will be produced twice yearly — on 6 April and 6 October.

The easiest way for you to deposit money in your account — on an occasional or regular basis — is via Direct Debit. The terms of the Direct Debit Guarantee are:

• This Guarantee is offered by all banks and building societies that take part in the Direct Debit Scheme. The efficiency and security of the Scheme is monitored and protected by your own bank or building society.
• If the amounts to be paid or the payment dates change you will be told of this 10 business days in advance, as agreed.*
• If an error is made by Scottish Widows Bank plc or your building society, you are guaranteed a full and immediate refund from your branch of the amount paid.
• If you receive a refund you are not entitled to, you must pay it back when Scottish Widows Bank asks you to.
• You can cancel a Direct Debit at any time by writing to your bank or building society. Please also send a copy of your letter to us.

If the Direct Debit facility is not used over a 12 month period it may be cancelled by your high street bank or building society. If this happens please telephone us for a new Direct Debit mandate.

*If you wish to change the amount to be paid or the payment dates we usually require only three business days notice. For your security and protection telephone instructions will normally be recorded.

Our Internet Banking service offers a convenient way for you to manage your account 24 hours a day, seven days a week. Separate Terms and Conditions exist for our Internet Banking service. The first time you log in you will need to accept our Terms and Conditions before you can access your Scottish Widows Bank account(s) online.