Interest on your cash
We currently pay 1.6% interest on onshore and offshore cash balances held within client accounts for all services.
This is subject to a de minimis limit of £10 each quarter.
Interest is paid quarterly, in arrears, and is applied within 10 business days of each quarter end (31 March, 30 June, 30 September, 31 December).
Where is my cash held?
Client money is held in a client bank account which is segregated from our own funds in accordance with the FCA’s client money rules and guidance.
We take great care in choosing which banks to hold the cash balances in your portfolio. We only place client cash with financial institutions that have been approved by our Financial Risk Committee and the primary consideration is always security; we consider an institution’s credit rating, financial strength and business activities.
The Financial Services Compensation Scheme (FSCS) protects eligible deposits when a bank or building society regulated by the Financial Conduct Authority (FCA) is unable to repay its depositors. The FSCS protection is available only to clients of our UK business. Further information about the FSCS and compensation limits is available on their website: www.fscs.org.uk