Charity deposit account

Savings

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.

Key benefits

  • 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).

Download the application form

Take the first step toward setting up a Charity Deposit Account for your client.

Download (PDF)

Or speak to a Scottish Widows Bank consultant.

Contact us

Key details

Eligibility
  • Minimum investment of £500.
  • Maximum balance of £5 million.
Access
  • Telephone banking.
  • Post.
Deposits
  • Telephone or post
  • Cheques from an account held in your client’s name (building society cheques need to be verified by issuing branch)
  • Regular or occasional transfers by Direct Debit from the charity's existing current account:
    • Direct Debit mandate (PDF) needs to be completed in order to use this facility
    • there must be cleared funds in the charity's account
    • regular monthly transfers of additional funds can be arranged.

 

Third-party cheques are not permitted.

Withdrawals
  • No notice period or penalties for withdrawals. 
  • Withdrawals will be paid by electronic funds transfer direct to the nominated bank or building society current account.
  • Instructions can be given by telephone or post.
  • Minimum transfer is £100.
  • Same day transfer is available if the request is made before 3.40pm and is subject to an administration charge, currently £25.
Interest payments
  • Interest is normally paid into your client’s account annually or quarterly, on the first day of January, April, July and October.
  • A monthly interest payment option is available for balances over £50,000.
Tax
  • Interest will be paid gross and your client will be responsible for paying any tax due to HMRC.

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.

  • Interest rate

    • 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 (from 10am on Wednesdays).
    • 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 periods

    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.

    Definitions

    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

    Account name
    Charity Deposit Account.
    Interest rates
    (AERs)

    Please see above for full information.
    Interest rates are variable.

    Tax status
    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.
    Withdrawal arrangements

    No notice period or penalties for withdrawals.

    Access
    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) and Interest rates and Charges Sheet (PDF) You must also provide a copy of our FSCS Information Sheet (PDF)

    Postal application

    Please complete the application form (PDF) and return it to:

    Scottish Widows Bank
    PO Box 12757
    67 Morrison Street
    Edinburgh
    EH3 8YJ

    Register your firm to submit savings business with Scottish Widows Bank.

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