Bank interest

How we share bank interest

Our active management of customer cash means we can credit our customers with a competitive rate of interest.

We retain some of what’s earned so we can keep our charges low, as well as investing in our technology and propositions and in providing higher service levels. Our aim is to deliver excellent financial outcomes for our customers, and ultimately help make their retirement more rewarding. Details on our sharing policy are displayed online below along with the actual rates applied to customer accounts, and the level of cash interest rates retained is shown on client illustrations.

The amount of interest we share with customers will be determined by the Bank of England Bank Rate and the annualised rate of interest achieved by Curtis Banks. We update and disclose this figure at the start of each calendar quarter.

The Bank of England Bank Rate as at 1 April 2025 was 4.50%

The annualised gross interest rate we earned in the quarter 1 December 2024 to 28 February 2025 was 5.05%

The effective rate of interest that we will share with you from 1 April 2025 will be 2.69%

How much interest we share

A change in Bank Rate directly affects the amount of interest available which we may apply to any cash that customers hold in their SIPP bank account. This means that the interest customers receive is not guaranteed to stay the same, and is likely to change if the Bank Rate changes. It can go up or down.

The interest rates payable to customers’ plans operate on a tiered basis, which means that the higher the Bank Rate, the greater the proportion of interest we pay to their plan.

The rate of interest earned by Curtis Banks will be updated each quarter.

The following table shows the Bank of England Bank Rate, interest rate earned by Curtis Banks and interest shared with customers:

 

Quarter beginningBank of England rate% interest earned% interest shared
2022 Q10.25%0.79%0.00%
2022 Q20.75%0.82%0.11%
2022 Q31.25%1.07%0.28%
2022 Q42.25%1.51%0.57%
2023 Q13.50%2.19%1.03%
2023 Q24.25%3.33%1.72%
2023 Q35.00%4.20%2.35%
2023 Q45.25%5.06%2.92%
2024 Q15.25%5.44%3.13%
2024 Q25.25%5.59%3.22%
2024 Q3 5.25%5.79%3.33%
2024 Q45.00%5.78%3.24%
2025 Q14.75%5.55%3.04%
2025 Q24.50%5.05%2.69%

 

More information on bank interest

The interest rates payable to our customers’ plans, explained in the table above, operate on a tiered basis. The tiered system we apply means that the higher the Bank Rate, the greater the proportion of interest we pay to customers’ plans.

The rate of interest earned by Curtis Banks will be updated each quarter. The tier levels are set by Curtis Banks and are subject to change without notice.