Scottish Widows has launched a new 5 Year Fixed Rate Deposit Account for personal funds.

Customers who open a new account and invest a minimum of £10,000 will be eligible to receive a fixed interest rate of 5.25 per cent AER with returns paid on a monthly, quarterly or an annual basis.

Mandy Webster, marketing manager at Scottish Widows Banks, explains the benefits the 5 Year Fixed Rate Deposit Account, she said: “The longer term nature of the 5 Year Fixed Rate Deposit Account ensures customers benefit from security and a good return on their investment.

“We are delighted to be bringing a strong 5 year fixed rate savings account to the consumer market.”

New and existing customers can invest one lump sum up to £5million with the account start date set for September 23.

While funds received before the start date will earn interest of 0.50 per cent which is the current base rate.

Ms Webster added the new account will compliment the already existing 1 Year Fixed Rate Accounts launched earlier this year, she said: “Scottish Widows Bank offers savers the choice and combination of no notice accounts, 1 year fixed accounts and now a longer term 5 year fixed account.”

Apply online for Scottish Widows 5 Year Fixed Rate Bond»

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