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Banking information

Last updated: 14 February 2024

The banking arrangements for our range of products are described below. The rates shown are the current rates earned on cash deposits, and base rate fluctuations may result in different interest rates being applied.

Please also note the terms of our agreement with Metro Bank involve us undertaking aspects of bank account management, for which we may receive a payment. We do not receive any payments from Lloyds Bank, Barclays, Cater Allen, Bank of Scotland or Royal Bank of Scotland plc.

Open products

Metro bank is our chosen banking partner for the above products, although some clients have accounts with Royal Bank of Scotland plc. Where interest is received from Metro Bank, we currently retain a share to cover any transaction charges and to help meet the running costs of your plan. This share is calculated as follows:

  • Where the bank interest paid is less than 0.3%, we retain the full amount.
  • Where the bank interest paid is more than 0.3%, we retain the first 0.3% and split the rest equally with you.

The maximum amount of interest that we will retain from any of the banks we partner with is the equivalent of 2% per year.

Product Bank Tier Total received Paid to you Retained by us
Options SIPP/Full SIPP Metro Bank All 2.70% 1.20% 1.50%
Options SIPP/Full SIPP Royal Bank of Scotland All 1.90% 1.90% 0.00%

For example, if your account is earning 1.20%, this means that for every £100 you hold in cash you will receive £1.20 in interest over a year.

Closed products

The banking arrangements for our closed product range are shown below along with the current rate of interest paid on cash deposits:

Product Bank Tier Total received Paid to you Retained by us
EBS SIPP/SAPPP Bank of Scotland All 1.90% 1.90% 0.00%
Liberty SIPP Royal Bank of Scotland All 1.90% 1.90% 0.00%
Hornbuckle Mitchell Bank of Scotland All 1.90% 1.90% 0.00%
Hornbuckle Mitchell Barclays Bank All 0.00% 0.00% 0.00%
Hornbuckle Mitchell Cater Allen <£500k 1.44% 1.44% 0.00%
Hornbuckle Mitchell Cater Allen >£500k 1.54% 1.54% 0.00%
Freedom SIPP Lloyds Bank All 0.00% 0.00% 0.00%

Historic Interest

Product Bank Total received Paid to you Retained by us
01/11/23 – to date Metro Bank 2.70% 1.20% 1.50%
01/09/23 – 31/10/23 Metro Bank 2.35% 1.025% 1.325%
01/08/23 – 31/08/23 Metro Bank 2.30% 1.00% 1.30%
01/06/23 – 31/07/23 Metro Bank 2.10% 0.90% 1.20%
01/05/23 – 31/05/23 Metro Bank 2.00% 0.85% 1.15%
01/03/23 – 30/04/23 Metro Bank 1.90% 0.80% 1.10%
01/02/23 – 28/02/23 Metro Bank 1.70% 0.70% 1.00%
01/01/23 – 31/01/23 Metro Bank 1.50% 0.60% 0.90%
15/08/23 – to date Royal Bank of Scotland 1.90% 1.90% 0.00%
05/07/23 – 14/08/23 Royal Bank of Scotland 1.80% 1.80% 0.00%
22/05/23 – 04/07/23 Royal Bank of Scotland 1.60% 1.60% 0.00%
18/04/23 – 21/05/23 Royal Bank of Scotland 1.40% 1.40% 0.00%
13/02/23 – 17/04/23 Royal Bank of Scotland 1.25% 1.25% 0.00%
01/01/23 – 12/02/23 Royal Bank of Scotland 0.85% 0.85% 0.00%
26/09/23 – to date Bank of Scotland 1.90% 1.90% 0.00%
21/08/23 – 25/09/23 Bank of Scotland 1.80% 1.80% 0.00%
10/07/23 – 20/08/23 Bank of Scotland 1.70% 1.70% 0.00%
12/06/23 – 09/07/23 Bank of Scotland 1.40% 1.40% 0.00%
17/04/23 – 11/06/23 Bank of Scotland 1.30% 1.30% 0.00%
06/03/23 – 16/04/23 Bank of Scotland 1.20% 1.20% 0.00%
09/01/23 – 05/03/23 Bank of Scotland 1.00% 1.00% 0.00%
01/01/23 – 08/01/23 Bank of Scotland 0.80% 0.80% 0.00%
01/01/23 – to date loyds 0.00% 0.00% 0.00%
01/01/23 – to date Barclays 0.00% 0.00% 0.00%
04/09/23 – to date Cater Allen 1.44%*/ 1.54%** 1.44%*/ 1.54%** 0.00%
03/07/23 – 03/09/23 Cater Allen 1.29%/1.39%** 1.29%/1.39%** 0.00%
02/06/23 – 02/07/23 Cater Allen 1.09%*/1.19%** 1.09%*/1.19%** 0.00%
03/04/23 – 01/06/23 Cater Allen 1.00%*/1.09%** 1.00%*/1.09%** 0.00%
02/03/23 – 02/04/23 Cater Allen 0.85%*/0.95%** 0.85%*/0.95%** 0.00%
04/01/23 – 01/03/23 Cater Allen 0.75%*/0.85%** 0.75%*/0.85%** 0.00%

* For balances less than £500k. ** For balances more than £500k