CLUB AND ASSOCIATION DEPOSIT ACCOUNT
Savings
The Club and Association Deposit Account is a straightforward savings account for clubs and associations. It's a simple way for these types of organisations to get more out of the funds they have, and offers easy access to their money.
Key benefits
- Exclusively for clubs and associations.
- 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).
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Eligibility |
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Access |
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Deposits |
Deposits can be made by:
Third-party cheques are not permitted. |
Withdrawals |
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Interest payments |
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Tax |
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Key documents
Client application form (PDF, 1MB)
Non-Personal Savings Account Conditions (PDF, 289KB)
FSCS information sheet (PDF, 118KB)
Direct Debit mandate (PDF, 67KB)
Internet/telephone banking registration form (PDF, 70KB)
Interest rates and charges sheet (PDF, 365KB)
See all our forms and guides for the Club and Association Deposit Account in one place.
Other information you need
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This account is for clubs and associations who want a straightforward savings account. To be eligible for this account your organisation must meet the definition of a Small and Medium-sized Enterprise (SME), which means having an average number of employees during your 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.
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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
- Ability to manage the account by telephone or by post.
- Telephone contact 8am-6pm Monday to Fridays.
- No hidden costs or charges.
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Current interest rates and charges
Effective from 12th December 2016:
Balances Gross interest rate/AER (variable) Charges £500 and above 0.01% 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 is normally paid into your client’s account annually or quarterly, on the first day of January, April, July and October. Rates are variable.
A monthly interest payment option is available for balances over £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
Club and Association 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.
- No minimum or maximum period of client investment.
- Simple registration
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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)
Postal Application
Please complete the application form (PDF, 1MB) and return it to:
Scottish Widows Bank
PO Box 883
Leeds
LS1 9TYRegister your firm to submit savings business with Scottish Widows Bank.