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

Interest is calculated gross, on a daily basis and is credited to your account quarterly. The rates of interest are based on the Bank of Scotland base rate, which in turn generally 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 your 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.

Alternatively, where a deposit taker permits corporate or trustee accounts, depending on the type of benefits, you may wish to open a fixed term, fixed rate deposit account to earn a guaranteed rate of interest over a longer term. For the account to be acceptable, it must be possible to break the term.