Interest rate on cash

The interest rate we currently earn from our banking partners is 4.75%, and using the table above, this means the interest rate we pay to customers monthly is 3.45%. That’s an annual equivalent rate of 3.51%.

To put this another way, if £1,000 was held in our cash facility for one year, we would earn £48.50 from our banking partners. We would then pay customers £35.10 and we would retain £13.40.

When you hold cash within your ISA, JISA, CIA or pension, it’s pooled together with other clients’ money and placed in instant access saving accounts* with a range of trusted banking partners whose rates can vary (see below for list of banks).

We work hard to earn the best available rates, balancing the financial strength of the banks and the rates available, whilst keeping the money well diversified to help manage risk. We share the interest earned, with customers, using a tiered approach shown below.

Interest is calculated daily and paid on the first working day of the month. Interest rates can be zero or negative.

*Instant access means accounts with less than 31 days’ notice. Quilter Life and Pensions may use longer dated term deposits, where it does, this will have no impact on the interest rate paid or the availability of your cash.

Please note:

• cash could not be held in the CRA prior to 23 February 2020.
• whilst transitioning to our shared interest approach, between 5 June to 5 September 2023, we retained the difference between our published interest rate and the fluctuating rates paid by banking partners. This ranged between 0.25% and 1.25%.