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Scottish Widows Bank

Scottish Widows Bank
Reader Rating5 Votes
2.7

Last updated: January, 2021

About Scottish Widows Bank

Scottish Widows is a life insurance and pensions company operating as a subsidiary of Lloyds Banking Group. Based in Edinburgh, Scotland, the company was founded following an 1812 coffee shop meeting between several prominent Scotsmen. The company’s original goal was to provide funds to widows, sisters and female relatives of soldiers fighting in the Napoleonic wars, so that these women would not find themselves in poverty if their relative did not return.

Scottish Widows, then known as the Scottish Widows’ Fund and Life Assurance Society, opened its first office in 1815. The company was purchased by Lloyds Banking Group in 1999 for £7 billion. Lloyds merged Clerical Medical into Scottish Widows in 2009; Clerical Medical was sold in 2015. Lloyds also sold the asset management division of Scottish Widows in 2013.

According to Ipsos, in 2010 Scottish Widows was the most trusted life, investment and pensions provider in the UK.

Scottish Widows Bank opened in 1995 and now offers mortgage and savings products; the company was one of the first to offer flexible mortgages and the first to launch a mortgage designed for professionals.

Scottish Widows Bank Products and Services

Scottish Widows Bank offers a huge range of savings accounts for personal and business customers. Personal customers can choose from:

  • Internet saver accounts
  • Instant access-savings accounts
  • ISAs
  • One and three-year fixed term deposit accounts

Accounts can be opened with a minimum balance of as little as £10. For non-personal customers, savings accounts available include:

  • Charity deposit account
  • Club and association deposit account
  • Pension fund deposit account

The Scottish Widows professional mortgage is designed specifically for professionals including accounts, doctors, solicitors, and teachers. The bank also offers flexible mortgages designed to suit both employed and self-employed people.

Scottish Widows Bank Security

Deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).

Scottish Widows Bank Contact Details

67 Morrison Street
Edinburgh
EH3 8YJ

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    One Comment

    1. Scottish Widows. Worse Bank/Insurance Company I Have EVER Dealt With In Any Country. Read their reviews then go elsewhere.

      I tried to claim funds from a matured policy and now live in a different country. The reviews on Scottish Widows is bang on for accuracy there is a reason they get ONE STAR on average so “buyers beware”. If you think they are difficult to deal with wait until you try and claim YOUR money back. They are petty, contradictory, they LIE, all in all put up so many road blocks to stall, their own processes and standards are archaic, out of touch and go against common sense and generally accepted good industry practices anything to delay paying you for as long as possible, they are probably designed to do exactly that hoping you give up.

      I would never recommend them to anyone and can’t stress enough READ THEIR REVIEWS then go elsewhere. I have sent them certified documentation of my UK passport and Australian drivers licence which they rejected as they were verified by the Australian police as being true copies. Yet they fail to acknowledge I obtained these documents by getting the supporting documentation certified by the same process which is acceptable in EVERY COUNTRY I have lived/worked in. They were good enough for the UK government passport office but not Scottish Widows? Now they want me to get the same documents re notarised even though these documents were obtained by a process they don’t accept? They also wanted a letter resent from my bank and joint policy holder despite having ALREADY received them. Everything is a drama designed to frustrate and stall, they even requested my policy number after receiving it in the mail which prompted them to contact me in the first place? If you deal with them you deal with CONTRACTORS who don’t seem to either have access to their database and systems or are too lazy to look, I am not sure which.

      Seriously put your money under your mattress or review another company (any company) there is NO WAY they can be worse than Scottish Widows, their processes, standards as well as customer focus is right out of the 19th century.

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