Charity Deposit Account

A deposit account designed to run alongside your charity's existing current account

Key details

  • No notice period or penalties for withdrawals
  • Operates as a telephone or postal account, linked to your organisation’s existing current account
  • Minimum balance only £500
  • Telephone access from 8am until 6pm weekdays.
     

How it works

Deposits

Deposits can be made by:

  • Telephone or post
  • Cheques from an account held in your name (building society cheques need to be verified by issuing branch)
  • Regular or occasional transfers by Direct Debit from the charity's existing current account:
    • a Direct Debit mandate (PDF, 67KB) needs to be completed in order to use this facility
    • there must be cleared funds in the charity's account
    • regular monthly transfers of additional funds can be arranged.

Third-party cheques are not permitted.

Withdrawals

If you want to transfer money to your nominated account:

  • You can instruct withdrawals by telephone or post.
  • The minimum withdrawal is £100.
  • Transfers of up to £250,000 per day will be free of charge and if you instruct us before 6pm you’ll receive the money into your nominated account by the end of the same day. If you instruct us after 6pm you’ll receive the money into your nominated account on the next working day.
  • We can arrange same day transfers by CHAPS if you give us the instruction by 3.40pm that day. There’s a £25 charge for this service.

  • Summary box


    Account name

    Charity deposit account

     

    What's the interest rate?

    The interest rate is variable. The current rate is shown in the table below.

      Yearly Interest Monthly Interest
    Balance Gross rate/AER Gross rate/AER
    £500+ 1.55% 1.54%/1.55%
    • Interest can be paid monthly, quarterly or annually.
    • Monthly interest payments are only available on balances of at least £50,000.
    • Interest will be paid on all funds in the account.
    • Interest can be paid to the account. Alternatively, it can be transferred to a different account with us in the same name or, providing the account balance is above £2,500, transferred to your pre-advised account.

     

    Can Scottish Widows Bank change the interest rate?

    Yes. We can move the interest rate up or down at any time. For example, if the Bank of England base rate changes, we will review our rates. The terms and conditions explain when and how we will do this.

     

    What would the estimated balance be after 12 months based on £1,000 deposit?

    An illustration of the future balance is shown below.

      Yearly Interest Monthly Interest
    Initial Deposit Gross rate/AER Balance at 12 months Gross rate/AER Balance at 12 months
    £1,000 1.55% £1,015.50 1.54%/1.55% £1,015.50

    This is an illustrative example and assumes that:

    • You don’t withdraw any money and interest isn’t paid out of the account.
    • The interest rate stays the same.
    • You make your initial deposit payment on the day you open the account.
    • You don’t make any further deposits.

     

    How do I open and manage my account?

    You can open an account by printing our online application form and posting it to us.

    • The minimum initial deposit is £500.
    • The maximum deposit is £5,000,000. If you wish to discuss special arrangements, please call us.
    • Additional payments into the account must be at least £100 and cannot be made by third parties.

    You can manage the account by telephone or by post

     

    Can I withdraw money?

    • Yes. You can make withdrawals from the account.
    • Individual withdrawals must be at least £100.
    • Transfers of up to £250,000 per day will be free of charge and if you instruct us before 6pm you’ll receive the money into your nominated account by the end of the same day. If you instruct us after 6pm you’ll receive the money into your nominated account on the next working day.
    • We can arrange same day transfers by CHAPS if you give us the instruction by 3.40pm that day. There’s a £25 charge for this service.

     

    Additional information

    • You can close the account at any time.
    • There is a 14-day cancellation period from the account opening date during which the account can be closed without any charge.
    • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
    • Gross rate means we will not deduct tax from the interest we pay on money in the account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).

  • Before applying you should:

    To open an account simply download and print out the application form, complete it and send it to us with the following:

    • A cheque (this must be in the same name of the account you will hold with Scottish Widows Bank) from your main bank/building society current account.
    • A completed and signed Direct Debit mandate if you would like us to collect payments by Direct debit.
    • If you want interest to be paid gross:
      • Confirmation of the Charity Registration number
      • A letter from the Charity Commission addressed to the Charity
      • Other - please contact our customer service team

    Please note, if you're making your initial deposit by Direct Debit, we require identification in the form of an original bank statement, cancelled cheque or pre-printed pay-in slip from a UK bank or building society current account on which you are named (this will be returned without delay).

    Download the form (PDF, 250KB)

    Send your completed application form to:

    Scottish Widows Bank
    PO Box 883
    Leeds
    LS1 9TY

Interest rates

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.