Who can open a 50 Day Notice Account?
All UK residents aged 16 or over. Accounts can be held in single or joint names. Accounts can also be opened on behalf of a minor (under 16 years old) in an adult's single name.
What types of 50 Day Notice Accounts are available?
- Single Accounts
- Joint Accounts where each account holder will have equal access to the account
- Child Accounts for a person under the age of 16. A Child Account must be opened in the single name of an adult who is the account holder. Once the child reaches 16, we can only transfer the Child Account into the name of the former child if the account holder tells us to
Are there any charges for this account?
There is no limit to the number of withdrawals that you can request, however you will be charged a penalty of 50 days' gross interest on the amount withdrawn if you do not give us 50 clear days' notice of withdrawal. This penalty will be deducted from the remaining balance in your account.
Interim statements can be requested at any time free of charge.
We do charge for failed direct debits. Please see our
tariff of charges for further details.
How do I make deposits & withdrawals with my Standard Life Bank savings account?
When you open your 50 Day Notice Account you will be asked to provide details of your existing bank or building society account. This account will be used for all transactions to and from your Standard Life Bank account and is referred to as your designated external account.
It's simple to withdraw or deposit money. You have two options:
Online servicing
To make withdrawals or deposits over the Internet, you need to
register for our online servicing facility. Once you have registered online we will send you your User ID and internet password by post.
Alternatively, call us on 0845 609 0256 to register. You can use your User ID and internet password to carry out transactions on your accounts during our online servicing hours.
Online servicing hours are:
- Monday to Sunday 5am-2am.
Telephone banking
Just ring us Monday-Friday 8am-6pm.
You will be asked for a random number from your PIN and a character from your telephone 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 50 Day Notice Account by Direct Debit.
When you're withdrawing money from your 50 Day Notice Account, it will be paid into your designated external 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.
How secure is my money?
Your account is easy to access and yet incredibly secure. When you open an account we will ask you to choose a Personal Identification Number (PIN) and password for access to your accounts on the telephone. It's important to remember that you should not divulge your PIN and password to anyone.
When you ring us to transact on your account you will be asked for a random number from your PIN and a character from your telephone password.
If you wish to transact on your accounts via the internet, you can register and we will send you a User ID and temporary internet password in the post.
If you transact online, you have the reassurance that we use the latest security technology - you will be asked for your User ID and internet password when you logon. The first time you logon, you can change your temporary internet password to a permanent one of your choice.
Remember, it is important not to divulge your User ID or internet password to anyone, not even our staff. And 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 10 minutes.
Please note, for security purposes it is important to log off when you are not using the system.
As with all Standard Life Bank products, our security functions have been stringently tested. Data is scrambled to ensure privacy and we use 128 bit SSL encryption to securely encode and decode the data flowing between your PC and our server.
How & when is interest paid?
Interest can be paid monthly or yearly by either:
- adding it to your account
- transferring it to another account in your Plan
- transferring it to your designated external account.
For personal savings, all the interest will be paid net for UK tax-payers except for ISA accounts where interest is paid gross. If you are exempt from tax we will send you the necessary documentation to complete and all your interest will be paid gross.
If you choose to register for our Online Servicing facility, then you can browse through your account and see how much interest you have from Monday to Sunday, 5am-2am.
Read more about Online Servicing.
When will I receive statements?
We will send a statement to you once a year. However you can request an interim statement at any time by calling us on 08457 555657 Monday to Friday 8am-6pm.
If you choose to register for our Online Servicing facility, then you can view recent transactions on your account from Monday to Sunday, 5am-2am.
Read more about Online Servicing.
How do I open an account?
- Online
All you have to do is go to our Apply online section and follow the instructions. This facility is only available if this is your first account.
- Telephone
Just ring us on 08457 55 56 57 Monday to Friday 8am-6pm.
For both Internet and telephone applications, please have the following details to hand:
- The account number and sort code of your current UK bank account or building society account. This will be your designated external account. (Please note - If you wish to open a joint account with us, your designated account should also be in joint names).
- Name, address, date of birth and bank details of all people who are to be added to the Savings Plan and whether they are a tax payer or not.
- Details of how much you want to deposit with Standard Life Bank - you can open the account with only £1.
- Where and how often interest should be paid.
- Frequency of statements required - monthly, half-yearly or yearly.
Once we have taken your details we will send you out a Welcome Pack which contains Terms & Conditions and a Direct Debit Mandate. If you have added other people to your Savings Plan, they will each receive their own Welcome Pack.
We will ask to see two forms of identification. For security reasons we ask you to choose a PIN number and a password. Everytime you make a transaction over the telephone, we will ask for a random number from your PIN and a character from this password.
In addition, you can also make transactions using our online service. So even when our phone lines are closed you can continue to manage your finances online.
Read more about Online Servicing.
What is a Savings Plan?
A Savings Plan can hold up to 99 different accounts owned by up to six different people. Each individual's account details will remain private and secure at all times with each person having their own telephone PIN and password. A Savings Plan can include Direct Access Savings Accounts, 50 Day Notice Accounts and Individual Savings Accounts (ISAs). There can be up to 5 Child Accounts per Savings Plan.
What is pooling?
Pooling allows you to link together multiple accounts within a Savings Plan to take advantage of our interest rates. Interest is paid on each individual account at the rate which applies to the total balance of all the accounts in the Savings Plan combined. As many as 99 accounts belonging to up to 6 individuals can be pooled within a Plan.
For example, 6 people agree that they will pool together in the same Plan. Each deposits £2,000 into a 50 Day Notice Account. Despite the fact that individually they only have £2,000 in their accounts, they will all get paid interest at the rate which applies to the £12,000 tier.
Read more about Pooling.
What is Online Servicing?
Our online servicing facility gives you the flexibility to manage your accounts online at a time that suits you.
Wherever you have access to the internet - on your home computer or at the office - our online service will enable you to:
- View your balance
- Browse transactions
- Make deposits and withdrawals
- Set up or amend regular deposits
- Transfer money between accounts in your plan
- View any pending transactions
- Print copies of your statements.
Our online hours are Monday to Sunday - 5am to 2am.
Follow this link to register for Online Servicing now.
What happens in the event of a relationship breakdown between joint account holders?
In the event of a dispute or relationship breakdown between joint account holders, one of the account holders should contact us. When we become aware of a dispute or relationship breakdown we may freeze the account so that no further transactions can be made. We will do so until we receive further written instructions from both account holders.
Is there a cancellation period?
Apart from a Fixed Rate/Income Bond/Maturity Bonds/Escalator Bonds, an account can be changed or closed, without penalty, up to 14 days after you receive your Terms and Conditions. Funds must be cleared before this can be arranged. This is called the cancellation period.
How do I get more information?
If you still have a query, just phone us on 08457 55 56 57, where one of our telephone banking operators will be happy to help you. We are open Mon-Fri: 8am-6pm.
The Facts
- Accounts available to UK residents only over the age of 16.
- For 50 Day Notice Accounts for personal savers, we will charge a penalty equal to 50 days' gross interest on the amount withdrawn if you do not give us 50 clear days' notice of withdrawal.
- Withdrawals sent by electronic transfer via your external account will normally take 3 working days.
