Bank interest
The interest we pay on the cash you hold in your products
We actively manage the cash you hold in product bank accounts to ensure you benefit from competitive interest rates. We credit some interest to your accounts whilst retaining a portion to continually invest in improving the products we offer and our service.
Our aim is to deliver excellent financial outcomes, to help make your retirement more rewarding.
The table below shows a breakdown of the interest earned over time, along with what we have applied to your accounts.
The amount of interest we share with you is determined by the annualised rate of interest we earn as a group. We update this table each month.
Interest shared from January 2026 onwards
| Month | Interest rate earned | Interest rate shared |
|---|---|---|
| January 2026 | 4.21% | 1.66% |
| Quarter beginning | Interest rate earned | Interest rate shared |
|---|---|---|
| 2025 Q4 | 4.78% | 2.39% |
| 2025 Q3 | 5.01% | 2.59% |
| 2025 Q2 | 5.05% | 2.69% |
| 2025 Q1 | 5.55% | 3.04% |
| 2024 Q4 | 5.78% | 3.24% |
| 2024 Q3 | 5.79% | 3.33% |
| 2024 Q2 | 5.59% | 3.22% |
| 2024 Q1 | 5.44% | 3.13% |
| 2023 Q4 | 5.06% | 2.92% |
| 2023 Q3 | 4.20% | 2.35% |
| 2023 Q2 | 3.33% | 1.72% |
| 2023 Q1 | 2.19% | 1.03% |
| 2022 Q4 | 1.51% | 0.57% |
| 2022 Q3 | 1.07% | 0.28% |
| 2022 Q2 | 0.82% | 0.11% |
| 2022 Q1 | 0.79% | 0.00% |
Cash alternative investment
Our Self-Invested Personal Pensions (SIPPs) and Small Self-Administered Schemes (SSASs) offer a wide range of investment choices for savers looking for better returns than may be available through the SIPP bank account.
We provide access to a range of cash investment options including fixed term, fixed rate and notice accounts with the ability for clients to open accounts directly with us, or through an investment firm from our panel of approved providers.
We also offer access to cash platforms which can provide an easier way to compare rates and manage multiple cash accounts, without having to complete a new application each time.
About the banks we use
We only use banks that are authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority and Prudential Regulation Authority, and are covered by the Financial Services Compensation Scheme (FSCS). More details on financial protection can be found at fscs.org.uk.
Each bank must:
- Have a UK banking licence
- Be authorised by the Prudential Regulation Authority
- Be regulated by the Financial Conduct Authority and the Prudential Regulation Authority
- Be rated by leading ratings agencies in the 'BBB' category or higher
We regularly review all our banking partners to ensure we only work with those with excellent credentials. Alongside credit ratings, we look at a wide range of information, from financial performance to feedback gathered through media monitoring and service reviews. We also take into account each bank’s approach to environmental, social and governance (ESG) to ensure they align with our own values.
Below are some commonly asked questions and answers in relation to product bank accounts
The information on this page is applicable to most Curtis Banks products. A small number of exceptions are detailed below. Clients can also refer to their illustrations for specific information on their plan.
Exceptions include:
Clerical Medical Self Invested Fund & Prudential Self Invested Fund
For these products we pay the base rate less 0.4%. If the base rate is less than 0.4% then no interest is paid.
Zurich Personal Pension Plan (No 3Z) Scheme
For this product we pay the base rate less1%. If the base rate is less than 1% then no interest is paid.
ESIPP and CSIPP
These products do not share bank interest as they have twice-weekly sweeps of any cash balance in SIPP bank accounts to requested investments, unless there is an upcoming benefit payment due.
SSAS
Our SSAS products typically share the same amount of interest as our SIPP products, as detailed on this page. The amount of interest retained can vary as each SSAS has its own individual bank account which may earn a different rate interest.
In the extraordinary event that the Bank Rate drops below zero, no interest will be paid to customers’ plans. Curtis Banks reserves the right to recoup any costs associated with operating the SIPP bank account under our product specific Terms and Conditions for customers’ plans. We will inform our customers of any charges, giving them as much notice as reasonably possible, which will generally be at least 30 days in line with the product specific Terms and Conditions of their plan.
The product bank account represents your cash holding for your Curtis Banks products. This money is held in a pooled bank account in the name of the trustees for SIPP products.
Each pooled bank account also holds money for other customers, however your holdings are recorded separately in our records.
The product bank accounts are designed to facilitate the movement of money within Curtis Banks products.
Any charges incurred are also normally paid from the product bank account, including Curtis Banks charges as well as those due to investment managers, fund providers, financial advisers and other third parties as required.
The Financial Services Compensation Scheme (FSCS) protection limit (up to £120,000 per eligible person) applies separately to each bank we use and was set up to help protect your money in the unlikely event of the failure of the bank.
If we’re using more than one bank, we may spread the cash held in your products across multiple banks in order to maximise the interest return and increase the potential level of FSCS protection.
We’ll only select banks rated by leading ratings agencies in the ‘BBB’ category or higher for this purpose. Please note that we may change this minimum rating from time to time depending on the economic circumstances.
If a bank is unable to pay us back all of the money we hold with them on your behalf (i.e. there is a shortfall) we share that shortfall across all of the customers for whom we are holding money.
For example, if 10% of our pooled cash was held with a bank which failed, and they could only repay half of this amount, then you might have a potential shortfall of 5% of your cash balance.
If the shortfall is less than £120,000 per customer, the FSCS may be able to cover the shortfall amount for eligible persons. Further details on eligibility can be found at fscs.org.uk.
The product bank account is designed for holding cash for short periods of time, while investments are being made or withdrawals are being paid, and so it’s not considered to be a long-term investment option.
There’s no minimum balance to be held within the product bank accounts, however you should regularly review this to ensure that there are sufficient funds available for investments, charges and withdrawals as required.
If insufficient cash is available to pay fees and charges, automated proportional disinvestment will take place where possible to help cover them. For income or withdrawals, you’ll be asked to specify which assets you’d like to use (this can be cash).