Within each Account we offer a cash facility. We do this by providing access to a bank account operated by our banking partner. This bank account is not unique to your account. It holds money for Scottish Widows Platform investors centrally. There are two separate accounts. One for the Scottish Widows Personal Pension and the other for the Scottish Widows ISA, the Scottish Widows Junior ISA, the Scottish Widows General Investment Account and the Scottish Widows Third Party Investment Account (TPIA).
Any Cash held in an Account may be eligible for interest payments.
We will retain the difference between our published interest rate and the fluctuating rates paid by banking partner(s) and therefore the rate of interest which is applied to your Account will be determined by us. This treatment of interest by us is detailed in the Key Features and in the Charges Information Document. We reserve the right to change the rate of interest we pay at any time.
Our expected interest earned on the cash deposits is expected to be in the region of 3.75%-4% for Q4 2023. The customer rate will be set at 2.16% from 6 October 2023, with the platform retaining the balance.
Where interest is being earned, it is accrued daily by the platform based on the rate that we define and then calculated against your cash holdings that day. On the first of each month, the total of these accruals for all days in the prior month is applied to your account on platform, increasing your cash balance. The corresponding cash balance is paid into the client bank account on the same day.
If you transfer out of your scheme mid-month, the total of interest accrued up to that day is applied to your account on platform, increasing your cash balance. The corresponding cash balance is paid into your bank account on the same day.
If you have any questions regarding our banking partners or interest paid on Scottish Widows Platform Accounts, please do not hesitate to contact us on 0330 024 2345 or service@scottishwidowsplatform.co.uk.
