Scottish Widows rolls out all star business cast

Category: Business
Date: 7/1/2009

Scottish Widows Bank has launched a new one year business fixed term deposit account and a business seven day notice account.

The one year business fixed term deposit is a fixed term post or telephone operated account maturing on 20.7.10 with a minimum investment of £10K, paying 3.00% on maturity. Further additions are not permitted and bank base rate is paid until 20.7.09, while interest of £50K and over is paid gross. 0.20% commission per annum is paid quarterly in arrears on IFA introduced accounts.

The business seven day notice account is operated by post or telephone and pays a yearly rate of 1.75% on minimum, investment of £500 (£50K for the monthly option). A higher rate of 2.00% (1.98% monthly) is paid on investments of £50K or more. Earlier access is subject on seven days' loss of interest, while the rate is guaranteed to be no less than the base rate minus 0.25% until 31.12.12. 0.20% commission per annum paid quarterly in arrears on IFA introduced accounts.

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.