The information below applies to Platinum SIPP customers only.
All our Platinum SIPP customers have individual Designated SIPP Bank Accounts.
From 3rd November 2025, all new Platinum SIPP customers will have their own Designated SIPP Bank Account 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).
What is the current interest rate received by customers?
When comparing charges between different SIPP providers, you should also compare the interest rates payable on your cash, particularly if you intend to hold significant sums of money in cash. The amount of interest paid will depend on the amount you choose to hold in cash and market interest rates. The table below shows the current interest rate that will be paid on cash held in each of your Designated SIPP Bank Account(s). Please note that all cash and interest payments will be held in your Designated SIPP Bank Account until invested in accordance with your instructions.
| Cash balance tier | Interest rate for this tier only | Example – cash balance £5,000 | Example – interest per calendar quarter | Example – cash balance £25,000 | Example – interest per calendar quarter | |
|---|---|---|---|---|---|---|
| Gross | AER | |||||
| £0 to £10,000 | 1.44% | 1.45% | The full balance of £5,000 receives 1.44% interest | £17.95 | The first £10,000 receives 1.44% interest | £35.90 |
| £10,000 to £50,000 | 1.59% | 1.60% | There is no interest payable at this rate | £0.00 | The remaining £15,000 receives 1.59% interest | £59.46 |
| Above £50,000 | 2.38% | 2.40% | There is no interest payable at this rate | £0.00 | There is no interest payable at this rate | £0.00 |
| Illustrative total per quarter | £17.95 | £95.36 | ||||
| Illustrative total per annum (gross) | £71.80 | £381.44 | ||||
| Illustrative total per annum (AER) | £72.50 | £385.00 | ||||
- The interest rates shown above apply from 1 September 2025 and may change in future.
- The interest amounts payable in the examples shown above are calculated for each bank account separately, using the cash balance falling within the tier, multiplied by the rate payable for the tier, divided by 365 days in a year then multiplied by 91 days in a quarter.
- The interest rate for each tier only applies to money held in that tier and not to the full account balance. Total interest paid will be a blended rate depending on the money held in each tier.
- Interest rates are subject to variation without notice and we will keep this page updated. Interest is paid to your Designated SIPP Bank Account within 10 business days of the end of each quarter.
- There are no routine bank transaction charges and interest is paid to your account without any deduction of tax.
- The Annual Equivalent Rate (AER) represents the annual rate effectively received by your account if the interest at gross rate applied during a year remained in the account and itself earned interest.
- 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].
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) whilst also offering the potential for higher interest rates.
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.
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?
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?
Deposits are all placed with PRA regulated banks, eligible for up to £85,000 protection under the FSCS. Note that the Bank of England has announced the maximum protected amount will rise to £120,000 from 1st December 2025.
In the event of the failure of a Designated Bank, you will be able to claim for any cash deposits in your Designated Bank Account, and your share of any cash deposits held in pooled accounts with a Designated Bank.
The eligible amount will depend on the total amount of deposits a customer holds with a particular bank (or banking group). Cash held in your pension scheme will count towards your individual protected amount with that bank or banking group. That means any money held in your personal accounts will also be subject to the same total FSCS limit per bank, rather than a separate limit.
You can read more about the FSCS at www.fscs.org.uk. Note that this link will take you to an external website.
Platinum SIPP
Flexible pension planning tailored to your needs.
