An interest account for your organisation’s pension funds
- Available to pension fund trustees only
- Designed to hold the cash element of pension funds
- Operates as a telephone or postal account, linked to your existing pension fund current account
- Telephone access from 8am to 6pm Monday to Friday.
How it works
Deposits can be made by:
If you want to transfer money to your nominated account:
Account Summary Box
|Account name||Pension Fund Deposit Account 2|
|What is the interest rate?||The interest rate is variable. The current rate is shown in the table below.
|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.
This is an illustrative example and assumes that:
|How do I open and manage my account?||
You can open an account by printing our online application form and posting it to us.
You can manage the account by telephone or by post.
|Can I withdraw money?||
How to Apply
Before applying you should:
- check the current interest rates on this page
- read the account summary box on this page
- read our Non Personal Savings Account Conditions
- download a copy of our FSCS Information Sheet
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.
- A letter from Inland Revenue confirming that funds are exempt from tax.
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).
Send your completed application form
Scottish Widows Bank
PO Box 883
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