Other fixed term deposit accounts are available with any UK bank which meets our allowable investment criteria - please email allowableinvestments@suffolklife.co.uk to find out more information. The current Suffolk Life fee for opening or rolling over a term deposit is £75.

Examples and interest rates

Below are examples of UK based fixed term deposit accounts that are allowable for Suffolk Life plans. This is not designed to be an exhaustive list but examples of the type of account we can access. Because we are execution-only we are only able to confirm allowability of accounts that we have previously assessed.

Name of fixed term deposit account	Terms allowable	Minimum investment	Further information
Allied Irish Fixed Term Deposit Bonds	Up to 12 months	£25,000	Contact Maggie Wares at Allied Irish on 01273 574157, reference 'Suffolk Life' Click on the following link on their website:
Barclays Treasury Deposit Account	Up to 12 months	£50,000	Contact Andy Roberts or Lisa Gregory at Barclays on 01908 454 195, reference 'Suffolk Life'
Bath Building Society Qualifying Time Deposit	Up to 12 months	£50,000	Contact Mark Wiltshaw on 01225 475712 or Noel Broomfield on 01225 475 704, reference 'Suffolk Life'
Close Brothers Treasury Deposit	Up to 12 months	£10,000	Contact Close Brothers Treasury on 0207 655 3407, reference 'Suffolk Life'
Clydesdale Bank Fixed Term Deposit Account	Up to 5 years	£50,000	Contact Inga Hurren or Melanie Francis at Clydesdale Bank on 01284 747713, reference 'Suffolk Life'
Investec Bank Fixed Term Deposit Account	Up to 12 months	£50,000 (reduced from £100,000 for Suffolk Life plans only)	Contact Investec Bank on 0207 597 4016, reference 'Suffolk Life'
Royal Bank of Scotland Corporate Bond	Up to 12 months	£10,000	Click on the following link to their website:
Santander Time Deposits & Fixed Rate Bonds	Up to 12 months	£50,000	Contact Gary Willis at Santander on 07740 096265, reference 'Suffolk Life'
Scottish Widows Bank Fixed Term Pension Fund Deposit Accounts	5 years	£10,000	Click on the following link to their website:

Interest rates provided by the banks are for indication purposes only and under no circumstances can be guaranteed. The majority of rates provided are gross p.a. rates. Please contact the banks directly for further clarification.

Rates may change between you providing your instruction and the account being established.

*not the Anglo Irish Fixed Rate Bond which is not available to pension funds.

Other allowable term deposits

There are undoubtedly other fixed term, fixed rate deposit accounts that would meet our criteria. If you obtain details of other deposit accounts you believe satisfy our criteria please send the relevant information to allowableinvestments@suffolklife.co.uk.

Our assessment does not involve looking at the performance or suitability of the account for an investor or financial rating of the credit institution; it is purely to confirm if the account meets our criteria.

Establishment procedures

In order to establish an allowable fixed term deposit account, please contact the Investment Services Technical Team on 01473 296951.  On receipt of a request to establish an account, it may take up to 3 working days for Suffolk Life to process the request.  This is in addition to, where applicable, the time taken for the relevant bank to receive postal application forms and the bank's own turn around time.

Please note, once an instruction has been provided to us, it may not be possible to cancel the instruction. In addition, most term deposit providers do not allow access to funds held in a term deposit until maturity.

Maturity procedures

It is your responsibility to provide maturity instructions to us and these should be provided to the Investment Services Technical Team by telephone, fax or post at lease 1 working day prior to the bank’s deadline for receipt of maturity instructions.

In the absence of instructions from you, the bank’s default process will apply, which may result in the account rolling over for a further term. If an account rolls over automatically, our standard rollover fees will apply.


Suffolk Life are not able to give financial advice and the above examples should not be construed as advice.