Interest paid
Any cash held in your client’s account may be eligible for interest payments.
We 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 client’s account will be determined by us. We reserve the right to change the rate of interest we pay at any time.
Where interest is being earned, it is accrued daily by the Platform based on the rate that we define and calculated against the client’s cash holdings that day. On the first business day of each month, the total of these accruals for all days in the prior month is applied to the client’s account on the Platform, increasing the cash balance.
If a client transfers out of the scheme mid-month, the total of interest accrued up to that day is applied to the client’s account on the Platform, increasing the cash balance.
Current interest paid
From 19 May 2025, Scottish Widows Platform is currently paying interest on cash deposits at a rate equivalent to 2.00% each year, this means that for every £100 held in cash we’ll pay £2.00 in interest over a year.
This is based on the expectation that we will earn interest at a rate in the region of 3.70% – 3.95%. The customer rate will be set at 2.00%, with the Platform retaining the balance.
* Prior to introduction of 2.00% maximum charge
About interest paid
Where interest is paid to us, each month we’ll add part of it to your client’s account(s) if they had a positive balance in that month. 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.
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.
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 email service@scottishwidowsplatform.co.uk.