Scottish Widows Bank double business offering

Scottish Widows Bank has launched a new 1 Year Fixed Term Business Deposit Account and a Business 7 Day Notice Account.

The 1 Year Fixed Term Business Deposit Account is a fixed term account maturing on 20.7.10 with a minimum investment of £10K, paying 3.00% gross / AER on maturity. Interest of £50K and over is paid gross.

The Business 7 Day Notice Account pays a rate of 1.75% gross / AER variable on balances of £500 to £49,999. A higher rate of 2.00% gross / AER variable is paid on balances of £50K or more. Withdrawals are subject to 7 days notice. The rate is guaranteed to be no less than Bank of England base rate minus 0.25% until 31.12.12.

Annual commission of 0.20% is paid quarterly in arrears on IFA introduced accounts. Commission is based on your total client balance and is calculated by adding all of your clients' average quarterly balances together. There is no minimum or maximum period of client investment, simple commission registration and a no cross-sell guarantee.

"Both products offer highly competitive rates and should prove very popular. The one year fixed term deposit boasts one of the top performing rates in the short term market. The seven day notice product is a top six performer in its field and rewards businesses who have more to invest. Both products have been awarded four out of five Moneyfacts stars." Source: Moneyfacts

Gordon Bowden, Business Development Director, Scottish Widows Bank comments: "The launch of these accounts completes our suite of products for business customers. We are giving businesses the choice of easy access and/or guaranteed fixed term interest. It also ticks the box in our ongoing commitment to support IFAs and their customers.

"Whether they are a small to medium enterprise, sole trader, charity or club, IFAs can provide savings options that are flexible and easy to use. It is about savings vehicles which work along side existing business accounts. This gives peace of mind to their customer as they do not have to change the way they bank and, with attractive commission rates and a strong business customer proposition, we are supporting the IFA market."