Scottish Widows Bank

Andystriker

Hi,

I am considering opening a fixed rate bond with Scottish Widows Bank.

Anyone had any dealings with them?

Feedback good or bad?

Cheers,

Andy

david78

I have an account with them. Customer service is excellent. I have only used their telephone banking though and not the online access.

Their rates aren't usually the best. What fixed rate are they offering?

jabbahut40

Hi, I used SW last year for a cash ISA with no problems. Website is simple and fast. Service from call centre was responsive and good.

Jabba

Andystriker

david78 wrote: »

I have an account with them. Customer service is excellent. I have only used their telephone banking though and not the online access.

Their rates aren't usually the best. What fixed rate are they offering?

Thanks for replies,

They have a 5 year fixed bond paying 4.6% gross.

opinions4u

Andystriker wrote: »

Thanks for replies,

They have a 5 year fixed bond paying 4.6% gross.

Matched by The AA.

http://www.theaa.com/savings/fixed-rate-savings-accounts-products.html

Might be worth weighing up best mix of rate, banking licence and withdrawal flexibility / charge.

Sure I saw a 4.7% somewhere too.

dunstonh

They have a 5 year fixed bond paying 4.6% gross.

And that is after IFA commission as well. It may be worthwhile considering fee basis with an IFA and getting that commission refunded if the amount is high enough.

Although you can go direct and SW keep the commission they would have paid out.

david78

dunstonh wrote: »

And that is after IFA commission as well. It may be worthwhile considering fee basis with an IFA and getting that commission refunded if the amount is high enough.

Although you can go direct and SW keep the commission they would have paid out.

Are you getting confused dunstonh. Its just a savings account, not a real "Bond".

Or maybe I'm confused :rotfl:

Ifts

Yorkshire Bank do 4.7% on their 5 year fixed term - http://www.ybonline.co.uk/personal/savings/fixed-term-and-notice-accounts/term-deposit/term-deposit-personal-savings

Close Brothers offer 4.25% for 2 year fixed term - http://www.closesavings.co.uk/accounts/premium-gold-1

Andystriker

opinions4u wrote: »

Matched by The AA.

http://www.theaa.com/savings/fixed-rate-savings-accounts-products.html

Might be worth weighing up best mix of rate, banking licence and withdrawal flexibility / charge.

Sure I saw a 4.7% somewhere too.

Hi o4u,

I can't go to the AA as I am maxed out up to the compensation limit.

I did consider the Yorkshire Bank but there is no safety net of any withdrawals. With the Scottish Widows you can close with a penalty.

Thanks all for your replies

Careful_ly

A couple of years ago we had a delay of a week before they sent the cheque on maturity, they seemed to think that was okay, we didn't agree. I am not sure if this was an isolated incident.

dunstonh

david78 wrote: »

Are you getting confused dunstonh. Its just a savings account, not a real "Bond".

Or maybe I'm confused :rotfl:

Scot Wid pay the IFA that submits the application a trail commission of 0.3% p.a. on the 5 year fixed term deposit (i think it is 0.2% on short terms). If you dont use an IFA to submit it then SW keep it for themselves.

Not all providers pay a trail commission on deposits, they are not alone in doing this. Its mainly the non-high street banks.