Bank Interest for SIPPs and SSASs
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% |
Note: The calculation used to determine the amount of cash interest we share changed in January 2026. The figures in the above table use the calculation in place at the time. Please note, the rate of interest shared from January 2026 onwards is based on the rate of interest earned two months prior.
You can view historical interest rates below.
Historic rates
| Month | 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 (from 8 March) | 5.44% | 3.13% |
For customers that have a SIPP or SSAS with Metro Bank accounts
Some of our SIPP customers, including those who have an Elite Retirement Account, will have a Metro Bank account. Any SIPP that has joint trustees will typically have a Metro Bank account. Metro Bank accounts are also the default option for our SSAS products, although the trustees of the SSAS are free to choose other providers that may offer different rates.
We may receive variable interest from our principal banking partner – an annual estimate is shown on your latest personal illustration. The amount of interest we share with you will be determined by the current rate of interest received from our principal banking partner. When the rate we receive from our principal banking partner is 1.50% or above, we will share 1/3rd of the whole amount with you, rounded to the nearest 0.05%. and nothing if the rate is below this. We will update and disclose this figure each time our principal banking partner updates the interest rate they give us.
Gross interest rate from 1 June 2025 is 2.10%
The effective interest rate we will share with you from 1 June 2025 will be 0.70%
The following table shows the total interest rate earned by us and the interest shared with you:
Current interest rate – Metro Bank Account
| Month | Interest rate earned | Interest rate shared |
| June 2025 | 2.10% | 0.70% |
Note: The figures in the above table use the calculation in place at the time. You can view historical interest rates below.
Historical interest rates – Metro Bank Account
| Month | Interest rate earned | Interest rate shared |
| March 2025 | 2.30% | 0.75% |
| December 2024 | 2.40% | 0.80% |
| September 2024 | 2.65% | 0.90% |
| November 2023 | 3.20% | 1.10% |
| September 2023 | 2.90% | 1.00% |
| August 2023 | 2.80% | 0.95% |
| June 2023 | 2.55% | 0.85% |
| May 2023 | 2.40% | 0.80% |
| March 2023 | 2.25% | 0.75% |
| February 2023 | 2.00% | 0.65% |
| January 2023 | 1.80% | 0.60% |
| November 2022 | 1.45% | 0.00% |
| October 2022 | 1.20% | 0.00% |
| August 2022 | 0.85% | 0.00% |
| June 2022 | 0.65% | 0.00% |
| May 2022 | 0.45% | 0.00% |
| April 2022 | 0.35% | 0.00% |
| January 2022 | 0.25% | 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.
Our SIPP and SSAS also have access to other cash management products available in the market.
About the banks we use
We only use banks which 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
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.
Which products is this information relevant for?
The information on this page is applicable to most Talbot and Muir products, with more details for specific products detailed below. Clients can also refer to their illustrations for specific information on their plan.
Most of our Talbot and Muir SIPP customers, including Simple Retirement Account customers will have a Barclays Pooled Bank Account.
Some of our SIPP customers, including those who have an Elite Retirement Account, will have a Metro Bank account. Any SIPP that has joint trustees will typically have a Metro Bank account.
Metro Bank accounts are also the default option for our SSAS products, although the trustees of the SSAS are free to choose other providers that may offer different rates.
What is the product bank account?
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.
Each pooled bank account also holds money for other customers, however your holdings are recorded separately in our records.
What does this account do?
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.
How is the money in the product bank account protected?
The Financial Services Compensation Scheme (FSCS) protection limit (currently £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.
How will cash be spread across different bank accounts (where applicable)?
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.
How will the pro rating of any shortfall in funding be applied in the unlikely event of one of the banks’ failure?
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 here.
Can the product bank account be used as an investment?
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.
Should a minimum balance be maintained in the product bank account?
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).