Our platform
Bank accounts
Our charges
Nucleus is completely open - with no hidden charges on accounts or dealing. Our charging structure is simple and transparent and starts from 0.33%, with tiering for large cases to 0.05%. We don't apply a platform charge on cash balances held in your accounts. And, unlike other wrap platforms, we won’t charge you for transferring money, moving into drawdown, or for day-to-day trading of funds.
Members of the UK Platform Group have developed a factsheet to help consumers compare platform charges – the factsheet outlines the types of charges imposed by platforms and the different labels that are used across the industry to describe such charges.
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 quarter.
Interest shared from Q1 2026 onwards
| Quarter beginning | Interest rate earned | Interest rate shared |
|---|---|---|
| 2026 Q1 | TBC | TBC |
Cash alternative investment
If you’re looking for investment-style returns on your spare cash, several alternatives are available, in some instances by locking into longer-term options.
These include Bondsmith, an FCA approved third party provider that offers a range of fixed term deposit accounts across several banks, NS&I assets, money market funds, lower risk rated model portfolios and/or gilts and bonds purchased through an investment manager or stockbroker. You can visit the permitted investment page to view available options for your product.
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 product bank account represents your cash holding for your Nucleus products. This money is held in a pooled bank account in the name of the trustees for SIPP products, in the name of the provider for ISA and GIA, and in the name of RL360 for the Offshore Bond.
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 Nucleus products, including contributions and subscriptions, transfers in and out, investment purchases and sales, as well as for the payment of any withdrawals.
Any charges incurred are also normally paid from the product bank account, including Nucleus’ 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. Please note that the money you hold in fixed term deposit or notice accounts from our SIPP and GIA Cash Panel are covered separately by the FSCS, but this limit also includes the money you have in any personal or joint accounts held with banks outside of Nucleus.
Please note that cash held in the Offshore Bond product bank account is held in the name of RL360. As RL360 are a corporate client, they are unlikely to be eligible for compensation in any jurisdiction.
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. This applies for cash across our SIPP, ISA and GIA products, however SIPP funds are kept separate from those that sit within a GIA or ISA. SIPP funds are kept separate from those that sit within a GIA or ISA.
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.co.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).