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The Pension Fund Deposit Account 2 is a savings account that holds the cash element of pension funds. This account offers easy access and is suitable for a SIPP or a SSAS.
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.
Interest payment/statements issued monthly†/quarterly/annually.
†On request for balances in excess of £50,000.
Interest rate when compounded will equal the annual rate.
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.
|Pension Fund Deposit Account 2.|
Interest rates (AERs)
|Please see above for full information.|
|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.|
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)
Please complete the application form (PDF) and return it to:
Scottish Widows Bank
PO Box 883
Register your firm to submit savings business with Scottish Widows Bank.