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
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).