Interest
The interest rate paid on the SIPP bank account is variable and calculated as follows:
|
On Balances wef 09/03/2009
|
Interest Rate
|
|
1st 0-£49,999.99
|
0.1%
|
|
Next £50,000- £499,999.99)
|
0.12%
|
|
Over £500,000
|
0.15%
|
Interest is calculated on the daily cleared balance and paid to the SIPP bank account on the last business day of each month. It will be paid after deduction of tax at the rate ruling on the date of application unless the necessary HMRC documentation has been completed by the customer and accepted by the Bank.