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From 19 December 2025, Scottish Widows Platform will pay interest on cash deposits at a rate equivalent to 1.70% each year, this means that for every £100 held in cash we’ll pay £1.70 in interest over a year.
This is based on the expectation that we will earn interest at a rate in the region of 3.35% – 3.60%. The customer rate will be set at 1.70%, with the Platform retaining the balance.
| Start date | Customer rate | Based on £100 held in cash |
Interest retained by Scottish Widows Platform |
Based on £100 held in cash |
| 19/12/2025 | 1.70% | £1.70 | 1.65% – 1.90% | £1.65 – £1.90 |
Each account includes a cash facility to support everyday activity, such as paying charges and making payments in and out of your clients’ accounts.
Cash held may be eligible for interest, but the cash facility is not designed for holding large balances over the longer term. If cash forms part of your investment strategy, our range of cash and money market funds may be more appropriate, offering diversified exposure and competitive returns.
When cash is held within an account, it is pooled with other clients’ money and placed with a range of trusted banking partners, whose interest rates may vary. We manage these deposits to maintain liquidity and optimise returns, balancing rates available with the financial strength of our banking partners and diversifying holdings to help manage risk.
We retain the difference between the interest rate we pay and the rates received from our banking partners. Any interest retained by us helps keep Platform charges as low as possible. The interest rate applied to clients’ accounts is set by us and may change at any time.
Where interest is paid, it is accrued daily based on the client’s cash balance and applied to the client’s account on the first business day of each month. If an account is transferred out during the month, any interest accrued up to that date is applied at the point of transfer.
The table below shows the yearly equivalent rates of interest we expect to pay based on a range of possible yearly interest rates. The maximum amount of interest that Scottish Widows will retain is the equivalent of 2% per year.
| Interest we expect to earn |
Customer rate | Interest Retained by Scottish Widows Platform |
| 0-1% | 0 – 0.46% | 0 – 0.54% |
| 1-2% | 0.46% – 0.94% | 0.54% – 1.06% |
| 2-3% | 0.94% – 1.46% | 1.06% – 1.54% |
| 3-4% | 1.46% – 2.02% | 1.54% – 1.98% |
| 4%+ | 2.02%+ | 1.98% – 2.00% |
| Date | Customer rate | Based on £100 held in cash |
Interest retained by Scottish Widows Platform |
Based on £100 held in cash |
| 18/08/2025 – 18/12/2025 | 1.85% | £1.85 | 1.76% | £1.76 |
| 19/05/2025 – 17/08/2025 | 2.00% | £2.00 | 1.80% | £1.80 |
| 25/11/2024 – 18/05/2025 | 2.30% | £2.30 | 1.77% | £1.77 |
| 12/06/2024 – 24/11/2024 | 2.60% | £2.60 | 1.86% | £1.86 |
| 25/03/2024 – 11/06/2024 | 2.46% | £2.46 | 1.97% | £1.97 |
| 06/10/2023 – 24/03/2024 | 2.16% | £2.16 | 1.70% | £1.70 |
| 17/07/2023 – 5/10/2023 | 2.00% | £2.00 | 2.05%* | £2.05 |
* Prior to introduction of 2.00% maximum charge
Please note customer rates are reviewed monthly. As part of this review cycle, we look at the actual rates generated and our best estimate of the yield we expect to earn and adjust the customer rate accordingly. As such the historical table shows the actual rates retained as opposed to that anticipated when set.
The Platform Account(s) charge is a percentage charge based on the value of the assets under administration in the client’s Platform Account(s). This charge is not applied to any cash within your client’s account(s) held outside a model portfolio.
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 678 2545.
Metro Bank is our banking partner for the payment of money in and out of client accounts. We operate two separate bank accounts with Metro, one for Scottish Widows Personal Pension and the other for Scottish Widows ISA, Scottish Widows Junior ISA, Scottish Widows General Investment Account and Scottish Widows Third Party Investment Account (TPIA).
On 29 June 2026 our banking partner for the payment of money in and out of clients’ accounts will change to Lloyds Bank. There will be limited action required by your clients as this only affects ad-hoc / single electronic payments (bank transfers) into the platform.
Direct Debit is the most effective way for your client to move money into an account on Platform. You can set up, amend or cancel direct debit instructions on the Client Dashboard within the user interface.
Prior to 29 June 2026 client’s should use our bank account with Metro Bank
Bank: Metro Bank
Account Name: EISL Client Collections Account
Sort Code: 23-05-80
Account Number: 21862465
From 29 June 2026 use new bank details with Lloyds Bank
Bank: Lloyds Bank plc
Account Name: Embark Investments Services Limited
Sort Code: 30-40-67
Account Number: 01362320
Please make cheques payable to ‘SCOTTISH WIDOWS PLATFORM’, with the client’s account reference specified on the back of the cheque. For example: EM1234567-001.
Cheques should be sent to the following address:
Scottish Widows Platform
PO Box 24065
1 Tanfield
Edinburgh
EH3 1EY
Funds can take up to five working days to clear using this payment method. For more details on the cheque clearing process, please contact your client’s bank directly.