Scottish Widows launches fixed-rate deposit account

Scottish Widows Bank this week launched a fixed-rate deposit account paying 5.25% interest over a five year period.

Customers can invest between £10,000 and £5 million in the account, and choose to have interest paid monthly, quarterly, or annually.

“We are delighted to be bringing a strong 5 year fixed rate savings account to the consumer market,” said Mandy Webster, Scottish Widows Bank marketing manager.

“The longer term nature of the 5 Year Fixed Rate Deposit Account ensures customers benefit from security and a good return on their investment.”

The account starts on 23 September 2009 and matures on 22 September 2014.

Customers withdrawing money before the end of the term will be charged the equivalent of 365 days interest.

Founded in 1815, Scottish Widows is part of the Lloyds TSB Group.

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