Fixed Term Deposit Account Maturity Options

Maturity options for your Fixed Term Deposit Account

If your existing Fixed Term Deposit Account is due to mature soon, you need to start thinking about what you’d like to do with the money once it’s released.

Click on the type of account you have below to view the options available from Scottish Widows Bank for your maturing funds. We'll write to you before your account is due to mature to remind you of these options and tell you what you need to do depending on your preference.

  • When your Personal Fixed Term Deposit Account matures, there are a number of options for you to decide what you’d like to do with the proceeds. If you’d like to withdraw some or all of the balance on the maturity date, call us on 0345 845 0829 and we can arrange this for you.

    If you’re not sure what you’d like to do with the proceeds and need more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for personal funds. This account allows quick and easy access to your money and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here (PDF, 264KB).

  • When your Non Personal Fixed Term Deposit Account matures, there are a number of options for you to decide what you’d like to do with the proceeds. If you’d like to withdraw some or all of the balance on the maturity date, call us on 0345 845 0829 and we can arrange this for you.

    If you’re not sure what you’d like to do with the proceeds and need more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for non personal funds. This account allows quick and easy access to your money and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here.

    If your funds are held under trust, or on behalf of clients, please contact us on 0345 845 0829.

    If your money is not held under trust, or on behalf of clients, Scottish Widows Bank has a number of other accounts where you could transfer the proceeds of your maturing Fixed Term Deposit. We’ve detailed these options and how to apply below.

    We’ll write to you at least 30 days before the maturity date.

    If your organisation is a charity:

    Charity Deposit Account

    This option offers a simple savings account for charities that gives you easy access to your money:

    • Transfer money to and from your charity’s main (nominated) current account as often as you like
    • Operate the account online, by phone or by post
    • This account is available to charities only

    Note: While we can accept your instruction to open a new account before the maturity date, your funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

    If your organisation is a club or association:

    Club & Association Deposit Account

    This option offers a simple savings account for clubs and associations that gives you easy access to your money:

    • Transfer money to and from your club or associations’s main (nominated) current account as often as you like
    • Operate the account online, by phone or by post
    • This account is available to clubs and associations only

    Note: While we can accept your instruction to open a new account before the maturity date, your funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

    If your organisation is a pension fund:

    Pension Fund Deposit Account

    This option offers a simple savings account for pension funds that gives you easy access to your money:

    • Transfer money to and from your pension fund’s main (nominated) current account as often as you like
    • Operate the account online, by phone or by post
    • This account is available to pension funds only

    Note: While we can accept your instruction to open a new account before the maturity date, your funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

  • When your Fixed Term Pension Fund Deposit Account matures, there are a number of options for you to decide what you’d like to do with the proceeds. If you’d like to withdraw some or all of the balance on the maturity date, call us on 0345 845 0829 and we can arrange this for you.

    If you’re not sure what you’d like to do with the proceeds and need more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for pension funds. This account allows quick and easy access and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here (PDF, 264KB).

    Scottish Widows Bank has a number of other accounts where you could transfer the proceeds of your maturing Fixed Term Deposit. We’ve detailed these options and how to apply below.

    We’ll write to you at least 30 days before the maturity date.

    Pension Fund Deposit Account 2

    A simple savings account for pension funds with easy access:

    • Transfer money to and from your main (nominated) current account as often as you like
    • Operate the account by phone or by post
    • This account is available to UK residents only

    Note:While we can accept your instruction to open a new account before the maturity date, your funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.