Bank Interest Rates - Premier SIPP
Our standard practice provides for rates of interest to be allocated at a rate fixed
below the Bank of England base rate as varied from time to time and are tiered as
follows:
- £1 - £9,999 - 2.5% under base rate
- £10,000 - £19,999 - 1.95% under base rate
- £20,000 - £29,999 - 1.75% under base rate
- £30,000 - £49,999 - 1.5% under base rate
- £50,000 plus - 1.25% under base rate
Special Notice:
Following the announcement of the base rate of 0.5% PPS have arranged for all accounts
to receive a minimum rate of interest of 0.025%. We will continue to monitor any
future movement in interest rates and update these pages accordingly.
In respect of any monies controlled by Premier Pension Services (PPS) on behalf
of the Member pursuant to the Service Agreement, PPS will use its best endeavours
to make available banking arrangements with Bank of Scotland (“BoS”) on special
terms. Designated bank accounts will be maintained for the Member with appropriate
authorisations in place for the movement of funds.
Facilities are available to enable PPS, on behalf of the Member, to manage effectively
the day-to-day cash needs of the policy. In consideration for placing aggregated
client funds with BoS (and for performing administrative services BoS would otherwise
have to carry out itself), PPS receives a fee from BoS, which PPS will explain further
and disclose if the Member so requests.
All rates above are per annum with interest paid monthly.
Date page updated ...... 12th May 2009