What is a nominated bank account?
A nominated bank account is a way of providing Cofunds with your bank information. This can then be used to make payments and withdrawals into your Cofunds Cash Account, or to receive income from your investments. Cofunds need to ensure that you are the account holder to comply with anti-money laundering regulation.
Setting up a nominated bank account
To set up a nominated bank account, simply enter your bank details into the ‘My bank account’ section of the rplan website. Please note that we are required by UK law to verify that you are the owner of the bank account. In most cases, we will be able to do so by running electronic checks, and we’ll be able to set up your nominated bank account immediately; in some cases though, these may not be conclusive, in which case we'll need to verify your account manually. We will email you to confirm when your nominated bank account has been set up or if we require further documentation to manually verify your account. You can find out more about bank account verification here.