Scottish Widows Bank

Scottish Widows Bank PLC

Phone: +44 0845 767 8910

Club and Association Deposit Account

The Club and Association Deposit Account from Scottish Widows Bank is an account which operates alongside your organisation’s existing current account.
Minimum Balance
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 to 6pm weekdays (from 10am Wednesdays).
All signatories to the account are separately responsible for keeping to its terms. If any signatory does not keep to them, we can take action against the signatories either or both of you singly or together
We may give any information about the account to any signatory (even if you choose that all signatories must sign instructions to us).
If you choose to allow any signatory to authorise transactions on the account, any signatory will be able to withdraw any amount in the account (which may be without the other signatories knowledge). We will not be obliged to make any enquiries about the purpose of any transactions.
The account cannot later be put into just one of the signatories names, unless all signatories agree.
If there is a dispute between the signatories about the running of the account, we may require all signatories to authorise all transactions until you all agree how the account is to be run.
Interest is normally payable after allowing for deduction of income tax at the specified rate (currently 20%) but may be paid gross subject to confirmation of tax status as evidenced by the following:

Deed of constitution
Latest annual accounts signed by auditor


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