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Fixed Term Deposit Account for pensions

A fixed term savings account, with a guaranteed interest rate and no access to funds until maturity.

Why choose a Fixed Deposit Account for pensions?

  • You'll get a fixed interest rate for the full term of the account.
  • You can hold your account for 1 or 2 years.
  • You'll get interest paid yearly into your term deposit.
  • You can have up to 4 account holders.

Additional information & interest rates

  • We'll open your new account within 7 days. It'll be quicker if you're an existing customer, opening an account with us in the same name, as long as your circumstances haven't changed.
  • Please make sure all sections of your application are complete, and you've attached the supporting documents listed within the Customer Identification Requirements (pdf) document. If anything is missing, this might cause a delay.
  • Individual personal customers can view their Fixed Term Deposit Accounts online.
  • Joint account customers and customers who have non-personal Fixed Term Deposit accounts can get information over the phone through our Client Service Team on 0800 092 3300.
  • We only accept deposits to a Fixed Term Deposit Account by electronic transfer.
  • Accounts are available in pounds only.
  • This account is subject to availability and may be withdrawn from sale at any time without notice.
  • The interest rate you'll get is the rate that's available the date your account is opened.
  • Once you have funded your account, you'll have 14 calendar days to add more money. Deposits must be paid on workings days.
  • If you have more questions, please see our Fixed Term Deposit frequently asked questions page.

Funding your Fixed Term Deposit

When your new Fixed Term Deposit Account is ready to be opened we will notify you by email that we are ready to receive your funds by electronic transfer. Deposits must be paid on working days.

You'll need these details:

Sort code: 16-57-10
Account number: 53673440
Account name: Term Deposit Control Account
Reference: Your Fixed Term Deposit account name (this is essential so we can deposit the funds into your new account).

 

30 days before the account matures, we'll write to you to confirm your options. A member of our team will also contact you to help discuss the options available. You can also give us your decision via the Fixed Term Deposit Maturity Options Form. A copy of this form can be downloaded from the 'Additional important literature about your account' tab below. We'll send you a reminder 2 weeks before your Fixed Term Deposit matures.

If we don't hear from you, we'll open a Term Maturity Account and transfer your maturing Fixed Term Deposit funds into it. You can see information on the current interest rate for the Term Maturity Account here.

The following options are available at maturity:

  • roll over the full value with the interest earned in the current term,
  • roll over a partial value and withdraw the remaining balance,
  • withdraw the full value into an account in your name.

If you want to withdraw part of the value of your deposit or the full amount, we'll send this by electronic transfer. The payment must be made to an account in the same name. A fee may be payable for this, please see our Banking Tariff for details.

All written instructions for maturing Fixed Term Deposits should be made using the Fixed Term Deposit Maturity Options Form.

If your Fixed Term Deposit matures on a weekend or bank holiday, the maturity option you selected will take effect on the next working day. If you roll over, you'll have 14 days to add more money to your account.

Fixed Term Deposit Account for Pensions - £ pounds

Rates available from 2 February 2024 to 1 March 2024.

Fixed Term Deposit Account - & pounds
Balance Gross % p.a. AER % p.a.
12 month Term - Matures 28 February 2025 85,000+ 4.50% 4.50%
24 month Term - Matures 28 February 2026 85,000+ 3.90% 3.90%

Rates may vary and are correct as at 2 February 2024.

If you put money in your account after 1 March 2024, the maturity date will be different.

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

How is interest paid?
Interest is paid on the 1st of the month after the funding of the account. Interest is then paid yearly into your term deposit. We'll pay interest again on the maturity date.

How to apply

Although you should apply via your financial adviser or intermediary we have provided the relevant documentation required for an application. It's important that you fully understand the account, interest rates and the relevant Terms and Conditions before submitting an application.

To view the interest rates for this account, click on Interest rates in the 'Additional information & interest rates' section above. To view all of our interest rates go to our Interest rates page.

Please contact your financial adviser or intermediary to discuss opening the account and completing an application form.

Literature downloads

A guide to your account (pdf)

File size: 808.9 KB

Banking Tariff (pdf)

File size: 59.0 KB

Change of Details Form

File size: 137.2 KB

FSCS Information Sheet and Exclusions List (pdf)

File size: 1.7 MB

Term Deposit Maturity Form (pdf)

File size: 143.5 KB