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Reserve Account for Pensions

A current account for pension trustees, scheme administrators and authorised pension scheme practitioners.

Why choose a Reserve Account for Pensions?

  • You'll pay no fees to maintain the account.
  • Get up to 30 everyday debit transactions each month.
  • No charges when transferring between your Euro, Sterling, or US Dollar accounts under the same Customer Number.

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.
  • You can view your Reserve Account online, or by phone or by post.
  • Interest paid on balances in pounds only.
  • Everyday debit transactions on this account are cheque withdrawals, standing orders, Direct Debits, bill payments and electronic payments. For details of other transactions with charges, for example CHAPS, please see our Banking Tariff.
  • This account is subject to availability and may be withdrawn from sale at any time without notice.

Reserve Account for Pensions (GBP) - £ pounds

Reserve Account for Pensions (GBP) - £ pounds
Balance Gross % p.a. AER % p.a.
£500,000+ 1.54% 1.55%
£0+ 1.44% 1.45%

Rates may vary and are correct as at 4 September 2023.

  • Interest rates are variable and tiered.
  • Interest is calculated daily and credited monthly.

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 to apply

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 pension provider to discuss opening the account and completing an application form.

If you don't have a pension provider, please contact us at to discuss your options.

Literature downloads

A guide to our complaints procedure (pdf)

File size: 32.0 KB

A guide to your account (pdf)

File size: 808.9 KB

Banking Tariff (pdf)

File size: 49.4 KB

Change of Details Form

File size: 137.2 KB

FSCS Information Sheet and Exclusions List (pdf)

File size: 1.7 MB

Helping you manage your non-personal account (pdf)

File size: 46.3 KB

International payment request form (pdf)

File size: 58.8 KB

Standing order mandate (pdf)

File size: 201.0 KB