The information below applies to Platinum SIPP customers only.
The information below applies to Platinum SIPP customers only.
All our Platinum SIPP customers have individual Designated Bank Accounts.
From July 2026, all Platinum SIPP customer funds will be moved to a new Designated Bank Account with Lloyds Bank plc. This account will be used for all payments into and out of your SIPP.
Platinum SIPP customers have their own Designated SIPP Bank Account, currently with Metro Bank plc. This account will be used for all payments into and out of their SIPP. Customers who opened a Platinum SIPP before this date will have a Designated SIPP Bank Account with both Bank of Scotland plc (to receive payments) and Metro Bank plc (to hold funds and make payments). From July 2026 our main banking partner for customer funds change from Metro Bank to Lloyds Bank
Change of banking partner for SIPP customer funds FAQs
1. Why is the banking partner changing?
We are partnering with Lloyds Bank to provide greater financial strength, resilience and long-term support for our customers.
2. What should my new Lloyds account be used for?
All Platinum SIPP customers require a Designated Bank Account for transactional payments to and from their SIPP. This account is operated by InvestAcc on your behalf. It is not intended as a long-term savings vehicle.
3. Does my new Lloyds Bank account benefit from Financial Services Compensation Scheme (FSCS) protection?
Yes. The FSCS is a UK government-backed scheme that protects customers if a financial services firm or bank fails. We only deposit customer cash with high-quality banks that are covered by the FSCS. InvestAcc customers are eligible for a maximum of £120,000 in FSCS protection. For more information, visit www.fscs.org.uk.
4. Do I receive interest on cash balances in my new Lloyds account?
The move from Metro and Bank of Scotland to Lloyds will not change the interest customers receive on their cash deposits. Details of the current interest rate along with more information can be found on this web page.
5. Is my pension safe?
Yes. This change does not affect the security of your pension. Your SIPP remains safe and will continue to be administered as normal.
6. Can I hold other bank accounts within my SIPP?
Yes, if you have a financial adviser, please speak to them about what may be right for your circumstances. If you do not currently have a financial adviser, you may wish to consider seeking independent financial advice.
7. Do I need to take any action?
Not yet. There is nothing you need to do right now.
If you make regular or one-off contributions into your SIPP, once we have written to you with your new Lloyds Bank account details you will need to use those new details for future payments.
8. Will my tenants, employer, or investment manager be informed?
Yes, where relevant. We will notify all relevant parties, including tenants, employers and investment managers, of your new Lloyds Bank account details.
9. What happens to my Metro Bank account?
Once your balance and all payment instructions have been successfully transferred, your Metro Bank account will be closed.
10. Will Direct Debits and Standing Orders continue?
We will work to make the transition as smooth as possible. Here is what this means for each type of payment:
Standing order payments out of your SIPP to a third party
Where payments are made from your SIPP bank account to a third party, no action is required from you.
Direct debit payments out of your SIPP to a third party
These are collected by the third party from your Metro Bank account. We will contact each third party and ask them to move the collection across to your new Lloyds Bank account. No action is required from you initially. However, because the third party controls the collection instruction, there is a small risk that they may not update their records promptly. If this happens, we will investigate and may need your help to resolve the issue.
Direct debit receipts into your SIPP account
Where InvestAcc collects payments under a Direct Debit arrangement, we will transfer the collection process from Metro Bank to Lloyds Bank. No action is required from you.
Standing order payments into your SIPP account
Where money is sent into your SIPP by standing order – whether set up by you or by a third party such as an employer – the person or organisation making the payment will need to update their payment details once your new Lloyds Bank account details have been issued.
11. Who can I contact if I have questions?
Please contact us on 0345 25 05 609 or [email protected]
Platinum SIPP Banking Information
What is the current interest rate received by customers?
From 1 July 2026, a single variable interest rate of will apply to all cash held in your SIPP Designated Bank Account, regardless of the balance amount.
Interest is calculated daily on your cleared cash balance and credited to your Designated Bank Account monthly, within 10 business days of the end of each calendar month.
There are no routine bank transaction charges and interest is paid without any deduction of tax. The current rate of interest is shown below.
| Interest rate | Applies to | Paid |
| 2.10% gross p.a. (variable) | All cash balances | Monthly in arrears |
Interest rates are variable and subject to change without notice. We will keep this page updated when rates change.
The Annual Equivalent Rate (AER) represents the annual rate effectively received by your account if the interest rate remained unchanged and interest itself earned interest throughout the year.
| Important: Your Designated Bank Account is intended to be a transactional account for money moving into and out of your SIPP. It is not intended to act as a savings account. You do not need to hold all of your SIPP cash in the Designated Bank Account. |
Is there a minimum amount I am required to hold in the designated bank accounts?
There is currently no requirement for you to hold a minimum amount of your SIPP fund in cash, although you, and your adviser, must always ensure that there is sufficient cash held to cover our charges, adviser charges and any benefits, or other payments, when they are due for payment.
Subject to certain conditions, you may be able to nominate an alternative bank account in which to hold deposit funds. However, all SIPP transactions must be routed through your Designated Bank Account maintained by InvestAcc.
Depending on your circumstances, you may be able to achieve a higher rate of return by holding cash balances elsewhere. If you have a financial adviser, they can help you decide how much cash to hold in your SIPP based on your individual circumstances. If you do not currently have a financial adviser, you may wish to seek independent financial advice.
What will InvestAcc receive on deposits?
We will receive interest payments from our Designated Banks based on aggregate cash balances held with them. The interest payments we receive will vary, depending on the total cash balances held and the applicable interest rates.
We currently expect to receive between 1.15% above and 1% below the prevailing Bank of England Base rate, less the amount paid to customers (see above for the current rate). The amount we retain helps us keep our fees competitive and provide a high-quality service to our customers.
Please note, in some instances, your money may be temporarily held in a non-interest-bearing, pooled trustee clearing account. We do not receive any payments on external deposit accounts set up for your SIPP or cash held by any investment manager or stockbroker.
Which banks will we use?
In accordance with your Terms and Conditions, once funds have been deposited, we may pool them and spread across more than one bank which has been approved by us (a Designated Bank). This spreads the risk should any one bank face difficulties and increases the available amount of protection under the Financial Services Compensation Scheme (FSCS).
We only deposit pooled customer cash with high-quality Designated Banks with a strong credit rating which are authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and are covered by the FSCS. We may place deposits with any of the following banks, all of which have been approved by us:
- Metro Bank Plc
- Lloyds Banking Group Plc
- Barclays Bank Plc
- HSBC Bank plc
- NatWest Group Plc
- Qatar National Bank (Q.P.S.C.) (London Branch)
- Santander UK plc
From time to time, we may make changes to the range of banks we use. Any change will take place without notice and we will keep this page updated.
How are bank deposits protected?
The Financial Services Compensation Scheme (FSCS) is a UK government-backed scheme that protects eligible customers if a financial services firm or authorised bank fails. We only deposit customer cash with banks that are covered by the FSCS.
By spreading customer cash across more than one approved bank, we are able to maximise the FSCS protection available. InvestAcc customers are currently eligible for a maximum of £120,000 in FSCS protection across their accounts.
Where funds are placed on a fixed-term deposit or in a notice account with a Designated Bank, there is, in exceptional circumstances, a risk that you may not be able to access your entire fund until the end of the relevant term. However, we maintain a robust liquidity policy and monitor liquidity closely, so that it is highly unlikely you would experience such a delay.
For more information about the FSCS and the protection available to you, visit www.fscs.org.uk. Note that this link will take you to an external website.
What if I do not want to receive interest payments?
If you do not want to receive interest payments on your cash balances, for example for reasons of faith, please email us at [email protected].
Platinum SIPP
Flexible pension planning tailored to your needs.
