Charity deposit account
The Charity Deposit Account is a straightforward savings account for charities. It's a simple way for your clients to get more out of the funds they have, and offers easy access to their money.
- Exclusively for charities.
- No notice period or penalties for withdrawals.
- Minimum balance only £500.
- Telephone or postal account.
- No cross-sell guarantee.
- Annual trail fee of 0.01% (paid quarterly).
Third-party cheques are not permitted.
See all our forms and guides for the Charity Deposit Account in one place.
Other information you need
This account is for charities who want a straightforward savings account. To be eligible for this account your client’s organisation must meet the definition of a Small and Medium-sized Enterprise (SME), which means having an average number of employees during the most recent financial year of less than 250, and either a total balance sheet not exceeding 43 million euros or an annual turnover not exceeding 50 million euros.
- A variable rate of interest.
Benefits for you
- Annual trail fee of 0.01% paid quarterly based on total average clients' balances.
- No cross-sell guarantee.
Benefits for your client
- Flexibility to manage the account by telephone or post.
- Telephone contact 8am-6pm Monday to Fridays.
- No hidden costs or charges.
Current interest rates and charges
Effective from 1st December 2017:
Balances Gross interest rate/AER (variable) Charges £500 and above 0.10%
Withdrawals by CHAPS transfer to another UK account - £25.
We may charge for duplicate statements - £5.
Previous interest rates
For previous interest rate information for your account please contact our customer service team on 0345 845 0829.
Interest can be paid monthly on the first day of the month, quarterly on the first day of January, April, July and October or annually. Rates are variable.
The minimum account balance required for monthly interest is £50,000.
AER – Stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. (As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time).
Gross – Gross rate means that we will not deduct tax automatically from interest payments. The account holder is responsible for paying any tax due to HMRC.
The AER advertised is based on interest paid gross and capitalised to the account once a year – please note that other interest payment periods are available and the actual interest rate on your account will be lower if you have interest applied more frequently, but when compounded will equal the AER.
Key product information
Charity Deposit Account.
Please see above for full information.
Interest rates are variable.
Interest will be paid gross and your client will be responsible for paying any tax due to HMRC.
Conditions for bonus payment
No bonus payment applies to this account.
No notice period or penalties for withdrawals.
Telephone or postal banking.
- 0.01% annual trail fee, paid quarterly.
- Simple registration
Before you apply
Before proceeding to the application you should ensure that your client has been provided with a copy of the Non-Personal Savings Account Conditions (PDF, 289KB) and Interest rates and Charges Sheet (PDF, 365KB) You must also provide a copy of our FSCS Information Sheet (PDF, 118KB)
Please complete the application form (PDF, 1MB) and return it to:
Scottish Widows Bank
PO Box 883
Register your firm to submit savings business with Scottish Widows Bank.