Scottish Widows Bank Reviews, Features, Pros & Cons
Scottish Widows is a division of the Lloyds Banking Group and offers life insurance and pensions. The business, which has its headquarters in Edinburgh, Scotland, was established due to a gathering of notable Scotsmen at a coffee shop in 1812. To prevent these women from getting into poverty if their relatives did not return, the company’s original mission was to offer income to widows, sisters, and other female relatives of soldiers fighting the Napoleonic wars.
Since 1815, Scottish Widows have been assisting people with their long-term planning. We are still as devoted as ever to giving our customers the tools they need to take control of their financial future.
Scottish Widows, named for the individuals it was founded to care for, was established in 1815 to assist women and children who had lost their dads, brothers, and spouses in the Napoleonic Wars. After over 200 years, they now look after more than 6 million clients throughout the UK. Scottish Widows’ dedication to assisting clients in making financial plans remains the same today.
Overview Of Scottish Widows Bank
On May 1, 1995, Scottish Widows Bank began operation and welcomed its first clients. They were Scottish Widows’ modest banking division, with only 18 other employees. The bank is a long-standing, sizable life, pension, and investment organization that you will love to bank with.
Over the years, the bank take great pride in providing the flexibility and innovation of a contemporary, effective business coupled with the financial stability and history of a reputable and well-known financial services brand to all its clients.
The Scottish Widows bank has grown significantly over the years, evident not only in the size of their operation (there are about 240 employees at their Head Office in Edinburgh) but also in the expansion of their product line.
The Scottish Widows bank first entered the banking industry with savings products and services and they now provide a variety of savings products for both individuals and businesses, such as fast access and fixed-term accounts.
They decided in 1997 to take advantage of their expanding reputation by entering the mortgage industry, and were one of the first lenders to introduce a flexible mortgage. Their success persisted the following year, and on May 1, 1998, they introduced a mortgage designed especially for professionals after spotting a market gap.
Since then, they have created prestigious mortgage and savings solutions for certain clientele.
For the past 200 years, Scottish Widows Bank, a member of the Lloyds Banking Group, has offered financial services to the UK market. They decided to make their lending offer available to qualified contractors in 2015.
The bank has always supported professions that require employment, such as law, medicine, and accounting, but has now decided to provide contract-based underwriting. They also offer competitive rates to individuals who make larger deposits, which is another advantage. Their contractor requirements are quite similar to Halifax’s, another member of the Lloyds Banking Group, but there is one key distinction.
What Scottish Widows Bank Offer
Scottish Widows Bank provides a wide selection of savings accounts for both personal and commercial users. Private clients have the following options:
- Online savings accounts
- ISAs with instant access to funds
- accounts with fixed-term deposits for one and three years
- Accounts can be started with as little as a £10 minimum balance. Savings accounts are offered for non-personal consumers and include:
- Club and association account for charitable deposits.
- Deposit account for pension funds
- Professionals, including accountants, physicians, lawyers, and teachers, are the target market for the Scottish Widows professional mortgage.
- Additionally, the bank provides adjustable mortgages suitable for employed and self-employed individuals.
Scottish Widows Bank Mortgage
Scottish Widows Bank offers all its new business services primarily through the intermediary market, delivering mortgages in both the offset and professional markets.
Their Flexible Mortgage is a straightforward mortgage with various additional flexible elements, such as offset, an attribute of both their Professional and Flexible products that might shorten the mortgage’s duration or increase monthly payments.
Their Professional Mortgage offers more versatility through a variety of features, including offset and up to 90% borrowing, and is open to fully qualified, practicing, and registered accounting professionals, actuaries, lawyers, dentists, doctors, engineers, optometrists, pharmacists, solicitors, teachers, and veterinarians.
For big loans ranging from £500,000 to £5,000,000, their Premier Mortgage Service offers devoted Relationship Managers who provide knowledgeable, customized service.
Applicants from limited company contractors and PAYE-covering corporation contractors are also accepted. Scottish Widows are far more tolerant of the sector that the contractor works in and will take contractors from all fields.
They also provide versatile offset solutions at prices that are among the lowest on the market. The ability to use offset savings balances to lower monthly payments or shorten the length of the mortgage is a particularly useful feature of the offset mortgage provided by Scottish Widows Bank.
One or the other of these alternatives is available with many offset mortgages. With Scottish Widows Bank, the borrower can even swap back and forth between the two up to four times each year, making this option’s flexibility among the finest of any mainstream UK lenders.
Safety Precautions That Scottish Widows Banks Have In Place
When you open an account with the Scottish Widows Banks, you will receive an account number. This number will make it easier for us to find your account information and handle requests. Although it is not a personal security code, it must be cited anytime you contact us by phone or in writing.
Your application form’s security information will be kept on file for your protection. Money will only ever be moved to your pre-approved bank or building society account for your extra protection.
Always take the necessary precautions to keep passwords and other sensitive information private. This is necessary to safeguard the accounts against fraud and to help prevent it.
Whenever you store or dispose information about your accounts, exercise caution. Simple actions like destroying printed material are something you should do.
If you believe or find out that someone else has your security information, you must contact us as soon as possible. You can call their Customer Service Team at 0345 845 0829.
If you have a savings account and have not withdrawn any money or added any funds in three years, as well as if we have not heard from you during that time, we will write to the most recent address we have on file for you at least once to ask you if you’d like to maintain the account open.
Your account may be deemed “dormant” and handled differently from a “live” performance if we don’t hear from you for a predetermined time, often between six weeks and three months. This is for your protection:
It can prevent identity theft and fraud because it’s bad practice to send documents to outdated addresses where others might try to access your accounts or use the correspondence for other illegal activities. It can also protect your privacy by preventing the delivery of private information to outdated addresses.
We will keep a record of your account even if it is deemed “dormant. “The money in your account is still yours. If your claim is legitimate, the funds will be given to you in full, plus interest.
Scottish Windows Bank Contact Info
If you have any complaints, call the Scottish Widows Bank customer service team at 0345 845 0829 if you’re an existing client and wish to request transaction or account details.
You can also reach out to Scottish Widows Bank, Leeds, LS1 9TY, PO Box 883
Frequently Asked Questions
Can my company open a Scottish Widows Bank account?
All kinds of organizations, such as charities, clubs, and groups, are eligible to open deposit accounts with the Scottish bank. Even customer funds may be kept in them. Pension fund trustees can also deposit the cash portion of any pension fund into their Pension Fund Deposit Account.
Why do the Scottish bank interest rates fluctuate occasionally?
They periodically assess their interest rates and occasionally make adjustments. This might be due to market conditions or other factors, such as increased competition.
Which account types are available from you?
Both individuals and businesses can choose from the various deposit accounts we provide. An Ecash ISA 3 is an additional alternative for people.
Can I transfer funds to Scottish Widows Bank from my bank or building society?
You can. Alternatively, you can set up a recurring payment instruction by calling and instructing us to withdraw the funds from your account electronically. In either case, you must set up a direct debit mandate. You may adjust the time and amount by giving us three working days’ notice.
How can I pay off my mortgage in one lump sum?
You can make one-time payments on a variable, tracker, or discount rate mortgage using a personal check payable to Scottish Widows Bank and your mortgage account number written on the back of the examination. Your review should be sent to the following address:
If you have a fixed-rate mortgage, you can make a yearly check payment of up to 10% of the outstanding sum.
Conclusion
Incorporated under Lloyds Bank plc, Scottish Widows Bank is a trading name. Registration address: 25 Gresham Street, London, EC2V 7HN. 2065 is the registration number for England and Wales. Licensed by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278 and authorized by the Prudential Regulation Authority.