Bank accounts

Any payments made into your clients' James Hay products are received into a pooled bank account, held in the name of the trustee (for SIPP products), or in the name of the provider (for ISA, GIA and Wrap products, excluding the Wrap SIPP). Please see the relevant product's terms and conditions for confirmation of the trustee/provider.

These accounts hold money for other clients, and each client's cash holdings will be recorded separately in our records but not in the banks’ records. Your individual clients' cash within the pooled bank account is known as their product bank account, and their balance is visible at any time via your James Hay Online account.

We will 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 your clients financial protection can be found here.

Our approach to cash interest

Your clients can hold cash balances on the platform to help pay your service fees and charges, or to act as a temporary haven when the markets are volatile. This facility isn’t designed to hold large balances of cash for long periods of time.

Our active management of customer cash means we can credit our customers with a competitive rate of interest on cash in their product banks accounts. We retain some of what’s earned so we can keep our charges low, as well as investing in our technology, propositions and in providing higher service levels. Our aim is to deliver excellent financial outcomes for your clients, and ultimately help make their retirement more rewarding.

The tables below show how we share the interest generated on cash with your clients:


Earned interest rate (per tier)% of earned interest rate paid to customers (per tier)
0.00% - 1.00%No interest paid
Above 1.00%50% of interest paid above the 1% retained


Month% interest earned% interest paid
October 20245.52%2.26%
November 20245.39%2.20%
December 20245.33%2.16%
January 20255.31%2.16%
February 20255.29%2.15%
March 20255.18%2.09%


Should there be changes to interest rates the Treasury team will use its market knowledge to negotiate the best rates offered at the time, which may allow your clients to earn more.

If you’d like to know more about interest earned/previously retained over the last year, feel free to contact us.

Several alternatives are available for clients seeking investment-style returns on their spare cash, in some instances by locking into longer-term cash products. These include Bondsmith (our Cash Panel provider, offering a range of term deposits and notice accounts across many banks), NS&I assets, money market funds, lower risk rate model portfolios and/or gilts and bonds purchased through a stockbroker.

Below are some commonly asked questions and answers in relation to the product bank accounts.

The product bank account represents each client's cash holding for their James Hay products. This money is held in a pooled bank account in the name of the trustees for SIPP products, or in the name of the provider for ISA, GIA, and Wrap products (excluding Wrap SIPP).

This pooled bank account also holds money for other clients, and each client's holdings are recorded separately in our records but not in the banks’ records.