Scottish Widows Fixed Rate ISAs

Review of Scottish Widows Fixed Rate ISA

Scottish Widows have both Cash and Investment ISA options.

There are a range of Cash ISAs available at the moment each offering a competitive rate of interest. Many people are opting for current accounts in order to maximise their savings, particularly since the new PSA (Personal Savings Allowance) has allowed lower rate tax payers to save up to £1000 tax-free and higher rate tax payers up to £500.

However, there are still some great options for savers who’d like to put away more money than the current accounts will pay interest on.

It’s also important to remember that ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance.

History

Scottish Widows was originally created 1812 as a plan for "establishing in Scotland a general fund for securing provision to widows."

In 2000 Scottish Widows became part of the Lloyds TSB Marketing Group. From 2009 it became part of Lloyds Banking Group.

Scottish Widows offer a range of ISAs for both personal and non-person use. If you have a charity or small organisation then it’s worth checking out their fixed term accounts specially designed for this kind of saving. For person use they have the E-Cash ISA3 which offers an online fixed term way to save. They offer one and two year fixed terms.

E-CASH ISA 3

Scottish Widow currently only offer an E-Cash ISA as a personal tax free savings option which is operated via internet banking. The advantage of this is that you can manage your account 24 hours a day, 7 days a week.

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 1st April, without tax deducted.The minimum balance on this ISA is £10 which is a great alternative to a lot of ISAs which require a high minimum deposit of £1000.

They also offer:

1. Inward transfer of cash ISAs (previously known as mini cash ISAs), stocks & shares ISAs and innovative finance ISAs are accepted. To transfer in from another provider you need to complete the ISA transfer instruction form which they provide
2. Telephone access to customer service team from 8am until 6pm weekdays
3. No hidden costs or charges
4. Ability to invest on behalf of your children.