Pension Fund Deposit Account

Interest Rates

Account no longer available to new business. For account information, please call our customer service team on 0345 845 0829.

Current Interest Rates

Effective from 23 February 2017
Balances Gross Interest Rate/AER
(variable)
£500 and above 0.01%

Previous Interest Rates

For previous interest rate information for your account please contact our customer service team on 0345 845 0829.

Interest Payment Periods

Interest Payment/Statements issued Monthly†/Quarterly/Annual

†On request for balances in excess of £50,000.

Interest rate when compounded will equal the annual rate.

Definitions

On the interest rate table you may see some terms you are unfamiliar with. These are:

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 your interest.  You are 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.