Streamlined fixed term deposits are available with Bank of Scotland. They can be opened at a lower cost than other term deposits. Our current cost for opening or rolling over a streamlined term deposit is £25.

Interest rates

A streamlined fixed term deposit with Bank of Scotland will be opened through our preferred branch.

For indicative interest rates for this account please contact the Bank of Scotland directly on telephone number 0131 658 4604. To ensure you are quoted the correct rates, when contacting Bank of Scotland please ensure that you state that the account is to be held within a Suffolk Life plan.

Please note, the minimum investment for each account with Bank of Scotland is £50,000.

Interest rates provided are for indication purposes only and under no circumstances can be guaranteed. Rates may change between you providing your instruction and the account being established.

Establishment procedures

In order to establish a Streamlined fixed term deposit account with Bank of Scotland, please contact the Investment Services Technical Team on
01473 296951. Where a request to establish an account is received prior to 10am we will endeavour to open the account on the same day, however it may take up to 3 working days for Suffolk Life to process the request. These times are in addition to the turnaround time of Bank of Scotland.

Please note, once an instruction has been provided to us, it may not be possible to cancel the instruction. In addition, most term deposit providers do not allow access to funds held in a term deposit until maturity.

Maturity procedures

It is your responsibility to provide maturity instructions to us and these should be provided to the Investment Services Technical Team by telephone, fax or post at least 2 working days prior to maturity. In the absence of instructions from you, the bank’s default process will apply, which will result in the funds maturing into the main SIPP deposit account.

Suffolk Life are not able to give financial advice and the above should not be construed as advice.