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 earning interest. Bank of Scotland is part of the Lloyds Banking Group.
Interest is calculated gross, on a daily basis and is credited to your 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 paid|
|£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:
We have published a reminder of the relationship between the FSCS and Bank of Scotland accounts within SIPPs at Suffolk Life.