Scottish Widows Bank is the banking arm of Scottish Widows, part of the Lloyds Banking Group. It launched in 1995 and now offers a range of mortgages and both personal and non-personal savings products, including easy-access and fixed-term accounts.
The bank’s range of mortgages comprises a flexible mortgage and a mortgage for professionals such as accountants, doctors and teachers. Both contain an offset facility, offer a choice of fixed or variable rates, and are available for new purchases and remortgages.
Their annual result of 31 December 2014 showed a pre-tax profit of £730m. The result excluding a charge for the amortization of the acquired value of in-force tangible asset was £884m. At the time, Scottish Widows Bank had a total of £120.4bn and employs about 240 people at their head office in Edinburgh.