Cash on bank deposit
You may decide to retain your SIPP fund in whole or in part in cash, in which case the funds will remain in your SIPP's Bank of Scotland account. Bank of Scotland is part of the Lloyds Banking Group.
Interest rates until 31st December 2014
Interest is calculated gross, on a daily basis and is credited to the SIPP bank 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.
|Account balance||Interest rate until 31st December 2014|
|£0 to £49,999.99||1% below the bank's base rate*|
|£50,000 to £249,999.99||0.5% below the bank's base rate*|
|£250,000 and over||0.25% below the bank's base rate*|
*Subject to a minimum of 0.15% provided Bank of Scotland's base rate does not fall below 0.5%.
If Bank of Scotland's base rate does fall below 0.5%, but remains above zero, the SIPP bank account will receive the higher of:
Interest rates from 1st January 2015
The interest is paid on the whole balance, not just the amount above the threshold.
|Account balance||Interest rate|
|£0 to £99,999.99||0.10%|
|£100,000 to £249,999.99||0.15%|
|£250,000 and over||0.20%|
Interest is not linked to the Bank of Scotland base rate.
Interest will be paid gross and credited to the SIPP bank account monthly.