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Cash deposit

Interest rate information

If you hold money in the cash deposit facility within your ISA or Collective Investment Account, interest will be calculated and paid daily on the cash balance within your account at a rate set by us. The rate will remain in force until the next update. We seek to earn the best achievable rate, and do not seek to profit from client money held in cash deposit. The interest rate is set based upon expected interest which means we may earn marginally more or less than the interest we pay.

The rate of interest from 6 July 2020 is 0.00% a year before tax.

Potential for negative interest rates

When you hold money in your product cash account we place your money with a range of banking partners. We seek to earn the best available rates whilst keeping the money diversified and pass on the interest that we earn. With the current economic situation there is a possibility that the banks could reduce interest rates to zero or introduce negative interest rates. If this were to happen you may see a reduction from your cash held. As always we maintain our website setting out which banks we are placing money with and what the current interest rate is.

Please refer to the product literature on our literature library for an explanation of how tax deductions apply to the cash deposit facility.

Historical rates of interest

Old Mutual Wealth's platform cash deposit facility as at 1st of the month

Bank/Building society % holdings of facility
National Westminster Bank PLC 20%
Barclays Bank PLC 16%
Lloyds Bank PLC 16%
HSBC 16%
Bank of New York Mellon 16%
Standard Chartered Bank 16%