Internet Saver Account

Shortly after applying, you’ll receive a letter confirming your new account number.

We may also need additional identification to verify your identity and or bank account details - if we do, this will also be detailed in your letter. When we have received and processed the identification, we’ll write to you to confirm your account is activated. 

The Money Advice Service Factsheet ‘Proving your Identity’ will help explain why we need to verify your identity. You can get a free copy from www.moneyadviceservice.org.uk or by calling them on 0300 500 5000.

Internet Banking

You’ll also receive your Internet Banking login details. Firstly, you’ll receive your Customer ID, then for security reasons, you’ll receive your Password the following business day.  You’ll be able to view your account online if you login, however you’ll only be able to use your Internet Saver Account for deposits and transfers after we’ve activated your account upon receipt of any additional identification we may require. 

When we activate your account it takes three working days to activate the Direct Debit mandate - we're unable to collect funds on your behalf during that period.   It then takes a further three business days to process your payment instruction.

Completion of the direct debit mandate lets you place additional funds in your account on an occasional or regular basis. Provided cleared funds are available in your nominated bank account, we can collect the money by Direct Debit and the funds will be credited to your Internet Saver Account within three buisness days. This transaction is set up by you, using Internet Banking.

If you want to transfer money from your Internet Saver Account to your nominated bank account you set up this request using Internet Banking.  Transfers will be made free of charge and funds will reach your nominated account by the end of the following business day.

If you require a same day transfers by CHAPS this can be arranged via Telephone Banking.  The instruction must be received by 2pm and is subject to an administration charge to cover our costs. Please call 0845 845 0829 to arrange this.

For your security and protection no payments in favour of third parties will be permitted.

With the Internet Saver Account you can choose to have interest paid monthly, quarterly or annually. Interest can be paid into your Internet Saver Account, or to your nominated current account.

For monthly interest you need a minimum balance of £10,000.

If you are a non-taxpayer we can pay interest into your account without deductions — subject to the required certification. Otherwise income tax is deducted at the lower tax rate of 20%.

You'll receive a statement annually on the anniversary of your account opening. You can also view all you transactions online at anytime, using Internet Banking.

Yes, the Internet Saver Account can be opened as a joint account (to add additional applicants, click on "Add Co-owner" when completing the "Application Summary" page of your online application).

A joint account means

1. Both of you are separately responsible for keeping to its terms. If either of you does not keep to them, we can take action against either or both of you singly or together.
2. We may give any information about the account to either of you (even if you choose that both of you must sign instructions to us).
3. Either of you will be able to withdraw any money in the account (which may be without the other’s knowledge). We will not be obliged to make any enquiries about the purpose of any transactions.
4. The account cannot later be put into just one of your names, unless you both agree.
5. If there is a dispute between you about your account, we may require you both to authorise transactions until you both agree how the account is to be run.
6. If either of you dies, we will pay any balance on your account to the other.
7. If a joint account is opened we require to verify the identity of all account holders.

Instructions from either or both of you

The option of both of you to authorise all transactions on your account is not available. This is because it is not possible for more than one customer to give an instruction at the same time by Internet Banking.

We can only accept instructions to collect funds from the nominated bank account you have provided identification for. Please note, only one bank account can be nominated per Internet Saver Account.

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 accept instructions to pay Direct Debits.
• If there are changes to the amount, date or frequency of your Direct Debit, Scottish Widows Bank will notify you 10 business days in advance of your account being debited or as otherwise agreed. If you request Scottish Widows Bank plc to collect a payment, confirmation of the amount and date will be given to you at the time of the request.*
• If an error is made in the payment of your Direct Debit, by Scottish Widows Bank plc or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society. If you receive a refund you are not entitled to, you must pay it back when Scottish Widows Bank plc asks you to.
• You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify 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. You would need to send us 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.

The Internet Saver Account is very straightforward and easy to operate using Internet Banking.

This account is available to people aged 16 or over who are ordinarily resident in the UK. It is not available for trusts, businesses or charities and cannot be operated by third parties, e.g. under a Power of Attorney.

View the full Terms and Conditions.