1 Year Fixed Term Deposit Account
Helping you save for the future
The CAF 1 Year Fixed Term Deposit Account is a deposit account provided by Scottish Widows Bank.
Designed specifically for charities, it offers a fixed rate
of interest on funds you're happy to lock away.
This summary is designed to give information to help you compare the account with other savings products. It is not intended to replace any terms and conditions that apply to the account.
||CAF 1 Year Fixed Term Deposit Account
|What is the interest rate?
||The interest rate for Issue 98 is fixed. The annual rate is shown in the table below.
Offer period opens for funding on 23/02/2017 and closes on 29/03/2017
Maturity date is 29/03/2018.
- The interest earned during the offer period will be added to this account at the end of the offer period. The interest rate available during the offer period will be the same as the interest rate for the fixed term.
- The interest earned during the fixed term of the account will be applied to the account on the maturity date.
- Interest is calculated on your daily balance.
|Can Scottish Widows Bank change the rate?
||No. This account has a fixed rate of interest. This means we will not change your interest rate during the offer period and the fixed term of the account.
|What would the estimated balance be after 12 months based on a £10,000 deposit?
An illustration of the future balance is shown below.
||Balance at 12 months
This is an illustrative example assuming that:
- Interest is calculated on a cleared deposit for a full 12 months.
- This does not include the interest accumulated during the offer period.
|How do I open and manage my account?
- You can open an account by printing our online application form and posting it to Savings and Investment Services, CAF Financial Solutions Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4TA.
- The product is only available to charitable organisations***.
- The minimum initial deposit and ongoing balance is £10,000.
- The account cannot have a balance of more than £5,000,000.
- The initial deposit must be received within the offer period. Multiple deposits can be made within the offer period.
- No additional deposits are allowed after the offer period has ended.
- The fixed term starts immediately after the offer period.
- You can manage the account by telephone or by post.
|Can I withdraw money?
- No. Withdrawals or early closure are not permitted during the offer period and the fixed term.
- Scottish Widows Bank will write to you before maturity date to remind you of the date that your fixed term ends. If your maturity instructions are not received before the maturity date, the account will automatically be rolled over to a CAF Maturity Base Rate Tracker with interest payable at the Bank of England base rate.
- If you close the account and wish to withdraw your money on the same day by CHAPs payment, a charge will be applied to cover our transfer costs. Withdrawals by other forms of electronic transfer will be made free of charge.
- There is a 14 day cancellation period from account opening date during which the account can be closed without any charge.
- Interest is paid Gross*.
- Please read this summary in conjunction with CAF 1 Year Fixed Term Deposit Account terms and conditions.
Put your money to work:
*Gross means that interest will be paid without any deduction of tax. You are responsible for paying any tax due to HMRC.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
***charitable organisations means organisations that are (a) registered with the Charity Commission for England and Wales, the Office of the Scottish Charity Regulator or the Charity Commission for Northern Ireland or (b) recognised by HMRC to have charitable status in the UK.
This product is promoted by CAF
Financial Solutions Ltd and provided by Scottish
Widows Bank plc.
CAF Financial Solutions Limited (CFSL) is authorised and regulated by the Financial Conduct Authority. Registered office is 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4TA. Registered under number 2771873. CFSL is a subsidiary of Charities Aid Foundation (registered charity number 268369).
All CAF Financial Solution's profits
(after tax) are transferred to CAF and used to benefit the third
sector in accordance with its charitable objectives. This amount
will not affect your own savings balance or the interest payment
Financial Services Compensation Scheme
Your eligible deposits with Scottish Widows Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Scottish Widows Bank. Some savings accounts under the Charities Aid Foundation brand name are also deposits with Scottish Widows Bank plc. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please click How FSCS protects your money for further information or visit www.fscs.org.uk.