Eligibility
- Minimum investment of £500
- Maximum balance of £5 million
- Balances greater than £5 million can be held by special arrangement only
Deposits
Deposits can be made by
- Telephone or post
- Cheques from an account held in the trustees’ name (building society cheques need to be verified by issuing branch)
- Regular or occasional transfers by Direct Debit from a nominated account
- A Direct Debit mandate needs to be completed in order to use this facility
- There must be cleared funds in the current account
- Regular monthly transfers of additional funds can be arranged
- Third-party cheques are not permitted
Withdrawals
- No notice period or loss of interest for withdrawals
- Withdrawals will be paid by electronic funds transfer direct to the pre-advised bank or building society current account, or another Scottish Widows Bank savings account
- Instructions can be given by telephone or post
- Minimum transfer is £100
- Transfers from accounts are free of charge provided there is one business days notice
- Same-day transfer is available if the request is made before 2pm 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
- Interest can be paid into your account without deduction for tax, subject to the appropriate documentation
Tax
- Interest may be paid gross without deduction of basic rate tax subject to confirmation of tax status as evidenced by the following documentation, or as otherwise agreed with our customer service staff
- Pension Fund Evidence of HM Revenue & Customs scheme reference number
Important notice
Please note that charges, terms and limits may change. We may change the selection of funds that we make available. There may be restrictions on the amount that can be invested in certain funds. Please contact us for details of any restrictions that apply. Tax treatment depends on the individual circumstances of your client and may be subject to change in the future.