An interest account for an organisation’s pension funds
Interest Rates and Charges
The Pension Fund Deposit Account 2 is designed to work efficiently alongside your existing pension fund current account as an interest deposit facility.
Current Interest Rates and Charges
Effective from 12 December 2016
|Balances||Gross Interest Rate/AER
|£500 and above||0.01%||Withdrawals by CHAPS transfer to another UK account - £25
We may charge for duplicate statements - £5
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.
If your application is submitted to Scottish Widows Bank by an introducer, the introducer will receive a trail fee of 0.01% annually based on the average balance in your account.
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.