You may decide to retain your client’s SIPP funds in whole or in part in cash, in which case the funds will remain in their SIPP's Bank of Scotland account earning interest. Bank of Scotland is part of Lloyds Banking Group.

Interest is calculated gross, on a daily basis and is credited to the account monthly. The rates of interest are based on the Bank of Scotland base rate, which in turn are linked to/mirror the Bank of England base rate and are paid on the whole balance, not just the part above the threshold.

Where the rate of interest earned by the SIPP's bank account is less than the rate Bank of Scotland pay us across all the accounts we have with them, we will keep the difference.

Please note that provided Bank of Scotland base rate does not fall below zero, the SIPP bank accounts will receive the higher of:

• the above rates; or
• zero

Due to recent market activity and sentiment, we have published a reminder of the relationship between the FSCS and Bank of Scotland accounts within SIPPs at Suffolk Life.

If you wish to place cash with an alternative deposit taker, please see details and our requirements here. You may also wish to consider a fixed term deposit.