Scheme bank accounts are opened with Bank of Scotland. We also offer an alternative interest rate option with Metro bank.
Banking and interest rates
Following the change in the Bank of England base rate, Bank of Scotland plc confirmed that the overall interest rate applicable to all scheme accounts was reduced by 0.25% with effect from 4 August 2016. Where this would equate to a negative rate, Bank of Scotland plc took the decision that the interest rate applied to scheme accounts would not be negative. Accordingly, the interest rate applying to all scheme accounts with the Bank of Scotland plc is 0% until further notice.
Money held in these accounts attracts a rate of interest of 0.00% (¹) AER (²).
(¹) Interest rates cannot be guaranteed and we reserve the right to adjust as appropriate.
(²) Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and compounded each year.
Our interest rates offer
We also provide an alternative interest rate through Metro Bank. In order for our pension members to benefit from this rate we will provide access to an interest-bearing account. Any cash paid into the Bank of Scotland account, which isn’t to be immediately invested, will be placed in the Metro Bank account on a daily basis. Metro Bank’s rate of interest is 0.20% (AER), regardless of the amount of cash held in the pension plan (scheme) bank account.
The Metro Bank interest rate is not available for any members in a Hornbuckle FIPP or Group SIPP. If your client is a member of one of these schemes and you want to find out more about the rates we offer, or if you have any questions based on the information given above, you can contact our Client Servicing team on 0844 728 9090 or email us at email@example.com.
Here you will find all documents related to the ongoing operation of your client’s SIPP bank account. Simply click below buttons to view the documents you need in PDF format.