Non-Personal

When your client's 1, 3 or 5 Year Fixed Term Pension Fund Deposit Account matures, they'll need to decide what they'd like to do with the proceeds. If they'd like to withdraw some or all of the balance on the maturity date, we can arrange this for them.
 
If your client needs more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for personal funds. This account allows quick and easy access, and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here.
 
We'll write to you and your client at least 30 days before the maturity date.
 
If your client would like to transfer the funds into an easy access savings account with Scottish Widows Bank, they can transfer the proceeds of their maturing Fixed Term Deposit to a Pension Fund Deposit Account 2. This is a simple savings account for pension funds, with easy access:

  • Your client can transfer money to and from their main (nominated) current account as often as they like
  • Operate the account by phone or by post
  • This account is available to UK residents only.

Note: While we can accept your instruction to open a new account before the maturity date, your client’s funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

 

If your client’s organisation is a charity:

Charity Deposit Account

This option offers a simple savings account for charities that gives easy access to funds:

  • Your client can transfer money to and from their main (nominated) current account as often as they like
  • Operate the account online, by phone or by post
  • This account is available to charities only.

Note: While we can accept your instruction to open a new account before the maturity date, the funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

 

If your client’s organisation is a club or association:

Club & Association Deposit Account

This option offers a simple savings account for clubs and associations that gives easy access to funds:

  • Your client can transfer money to and from their main (nominated) current account as often as they like
  • Operate the account online, by phone or by post
  • This account is available to clubs and associations only.

Note: While we can accept your instruction to open a new account before the maturity date, the funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

 

If your client’s organisation is a pension fund:

Pension Fund Deposit Account 2

This option offers a simple savings account for pension funds that gives easy access to funds:

  • Your client can transfer money to and from their main (nominated) current account as often as they like
  • Operate the account online, by phone or by post
  • This account is available to pension funds only.

Note: While we can accept your instruction to open a new account before the maturity date, the funds can’t be transferred until after the maturity date, without incurring any applicable penalty.

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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