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Frequently
Asked Questions
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Our aim is to make banking with Standard Life Bank as simple as possible. So we have tried to answer all the questions most frequently asked:
Frequently
Asked Questions - Charities
Who
can open a charity account?
The charity account is available to all Registered or Recognised Charities
in the UK.
What
types of charity account are available?
You can choose a Direct Access Savings Account, a 10 Day Notice Account
or a 60 Day Notice Account. All offer competitive tiered interest rates.
The 10 / 60 Day Notice Accounts offers higher interest but you must give
10 / 60 clear days' notice before making any withdrawals. All accounts
work alongside an existing bank or building society business account (known
as the designated account).
What is a Savings Plan?
A Savings Plan can hold up to 99 different accounts for the same business
and all the accounts are completely separate. This means you can set up
different named accounts for different things. A Savings Plan can include
Direct Access Savings Accounts as well as 10 / 60 Day Notice Accounts.
Are there any charges for this account?
Charity accounts do not have any charges attached to them for normal transactions.
However, with a 10 / 60 Day Notice Account, you will be charged a penalty
equal to 10 / 60 day's notice on the amount withdrawn if you do not give
us 10 / 60 clear days' notice of withdrawal. There is no limit to the
number of withdrawals that you can request. In addition, interim statements
can be requested at any time free of charge.
Charges will be made for Clearing House Automated Payment System (CHAPS) transfers, any cheques that are not honoured and failed direct debits.
How secure is the charity account?
Your charity account is easy to access and yet incredibly secure. There is a minimum of two and a maximum of three authorised persons on all charity accounts. These are the only people able to make transactions on the account or make alterations to the way in which it is run. Each authorised person has their own personal identification number (PIN) and password which allows for business to be transacted security between your designated external account and your Standard Life Bank charity account.
There is also the option to register for our online banking facility, once your Savings Plan is opened. If you transact online, you have the reassurance that we use the latest security technology - you will be asked for your internet User ID and password when you log on. And, just in case you forget to log off, the system will automatically log off for you if you haven't used your mouse or keypad after a few minutes.
How do I make deposits and withdrawals?
When you open a business account you will be asked to provide details of your existing bank or building society business account. This account will be used for all transactions to and from your Standard Life Bank account and must be in the name of your business. This is referred to as your designated account.
It's simple to deposit or withdraw money:
- Online
Banking
Once you have opened your Business Savings Plan, you may register for
Online Banking. You register via this website or by simply calling Standard
Life Bank. When you have registered for online banking we will send
you your User ID and internet password by post.
You can use your User ID and internet password to carry out transactions
on your accounts during our online banking hours.
There are certain amendments to the business account which can only
be made over the telephone, such as a change of authorised person, so
it is important that you retain details of your PIN and password even
if you generally transact online.
- Telephone
banking
Just ring Standard Life Bank. You will be asked for a random number
from your PIN and a character from your password. Money can be transferred
easily from your designated external account into your Standard Life
Bank account. If you wish, you can make regular payments into your business
account by Direct Debit.
All deposits and withdrawals are made to and from your designated external account. Initial deposits can be made by CHAPS, cheque or Bank Giro Credit.
When you're withdrawing money from your business account, it will be paid
into your designated external business account. The process will normally
take 3 working days but you will receive interest right up until the money
is in your designated external account. Withdrawals made from a 10 / 60
Day Notice Account will be subject to 10 / 60 days' notice. If you are
unable to give us 10 / 60 days' notice of withdrawal, you will be charged
a penalty equal to 10 / 60 days' gross interest on the amount withdrawn
which will be deducted from the remaining balance on the account.
What is pooling?
Within your Plan you can have up to 99 accounts. We pay interest on each individual account at the rate which applies to the total balance of all the pooled accounts held in the Plan. As our interest is calculated in tiers, this means your charity could earn even more.
You can set up separate named accounts for different things within a Savings Plan - for example, running costs, emergency funds, and advertising budget. All the accounts remain completely separate but this facility makes the administration of separate funds easy while potentially giving you access to higher returns.
You must pool accounts with the same notice period - you can't pool 10
/ 60 Day Notice Accounts with Direct Access Savings Accounts.
How and when is interest paid?
Interest is paid to each individual account at the rate which applies to the total Savings Plan balance, as long as the plan is made up of the same account type. Up to 99 accounts can be held within each Savings Plan. Interest, which is calculated daily, can be paid either monthly or annually. It can be:
- added to the individual account
- transferred to another account in the same Savings Plan
- paid to the designated external account
Please note, interest is paid GROSS to Charities.
When will I receive statements?
We will normally send you statements on an annual basis but you can request them monthly, quarterly or half yearly.
If you use our Online Banking service you can browse your account during
our Internet banking hours.
How
do I open a charity account?
Opening a charity account is remarkably quick and simple. All you have
to do is ring us on 0800 783 1687. We will take details and issue a Welcome
Pack directly to your business address, for the attention of the first
authorised person. A PIN/password letter will be issued to each authorised
person at their home address. You then complete the necessary documents
in the Welcome Pack and return them to us along with the information requested.
We will issue an opening balance statement direct to the business address
upon receipt of your initial deposit.
When calling to open the Business Plan we require the following details:
- The name and operating address of the charity
- Registered number of the charity
- Details of authorised person(s) - full name, home address, business telephone number
- Designated bank/building society name and address, account name, number and sort code
- Initial deposit/regular deposit amount (if regular, frequency and date)
- Where and how often interest should be paid
- Frequency of statements required
- REMEMBER
TO QUOTE REFERENCE 4DT17 to get your donation
from First Independent Direct
Please note, interest is paid GROSS to Charities.
How
do I get more information?
If you still have a query about a Standard Life Bank charity account,
just phone us on 0800 783 1687, where one of our telephone banking operators
will be happy to help you.
Frequently
Asked Questions - Business Fixed Rate Bonds
What is a Fixed Rate Bond?
A Fixed Rate Bond is a fixed term savings account providing guaranteed interest rates.
How is interest paid?
You can choose to have your interest paid either monthly or yearly to any of the following accounts:
- 60 Day Notice Account
- 10 Day Notice Account
- Direct Access Savings Account
- external bank or building society account
The interest rate paid is extremely competitive and will be guaranteed for the term of the Bond. If you make a deposit of £50,000 or more, then interest will be paid gross, regardless of your tax status.
Who can open a Business Fixed Rate Bond?
This product is available to business investors who are resident in the UK (and in the case of a limited company incorporated). Available to: Limited companies, Charities, Pension Scheme Trusts, Sole Traders, Partnerships, Clubs and Associations, Solicitor Client Accounts.
How much can I deposit?
The minimum amount which can be invested is £1,000 with a maximum deposit of £1,000,000. Only one deposit will be accepted per Bond, although you can open more than one Bond (subject to availability and up to a total maximum of £10,000,000).
How do I make my deposit?
You can open your Bond by cheque or bank giro credit. Or you can transfer funds from an existing Direct Access Savings Account or Notice Account. To avoid disappointment, we must receive your funds within 14 days of the initial telephone call. We reserve the right to withdraw the offer if we do not receive your funds within this time. You may only make one deposit into a Fixed Rate Bond.
Can I make withdrawals?
No the Bond is designed to provide guaranteed interest rates over a specified period, and withdrawals will not be permitted during that time.
Can I make an additional deposit?
No however, subject to availability, you may open an additional Fixed Rate Bond.
What happens at the end of the term?
We will send you a letter one month before maturity to advise you of the options available.
How
do I open an account?
Telephone one of our experienced operators on 0800 783 1687. But remember,
this is a limited offer if you want to open a Bond, dont delay phone
us now.
The
information, services and products on this web site are intended for use
by residents of the United Kingdom only. Please click on the following
link for full details of Standard Life Bank legal
information
©2004 Standard Life Bank Limited
First
Independent Direct is authorised and regulated by the Financial
Services Authority.
Our FSA Membership Number is 186822
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OR OTHER LOAN SECURED ON IT
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