Direct Transfer Account offers increased variable rate

As of today, Monday 1 June, Scottish Widows Bank's Direct Transfer Account will offer an increased variable rate of 3.01% gross (2.51% AER variable).

This rate includes a 1.00% interest rate bonus for 6 months. The standard rate of 2.01% applies to new and existing business.

Available for clients' personal savings, Scottish Widows Bank also guarantees that this standard rate will never be lower than 0.25% below Bank of England Base Rate until 31/12/2012.

With a rate that competes with the best the market has to offer, the Scottish Widows Bank Direct Transfer Account offers an attractive proposition for both clients and intermediaries. As well as a very competitive rate, clients can benefit from a range of features including easy access to their savings through telephone and internet banking.

For intermediaries, an annual commission of 0.2% is paid on a quarterly basis at 0.05% based on total average clients' balances and there is a no cross-sell guarantee.

Gordon Bowden, Business Development Director, Scottish Widows Bank comments: "We are delighted to be improving an already successful account. Our Direct Transfer Account offers a competitive rate which benefits both clients and advisers. Clients receive a very attractive bonus with a good follow on rate that is guaranteed to be consistently competitive to Bank of England base rate. The account also offers advisers an attractive rate of commission and a steady income stream."

For more information, visit scottishwidows.co.uk