James Hay products are linked to a bank account, held with either Santander or Barclays depending on the product you open (as set out in the tabs below). The bank account is opened when the product is set up.

The product bank accounts are set up when each product is opened and exist as a facility account to hold uninvested cash. They are not designed for investment growth or to be a substitute for investment.

Applicable to the Modular iPlan and Wrap

The Santander bank account currently earns an interest rate of 0.00001% gross p.a. (a variable rate that James Hay will amend from time to time, but subject to a minimum earned interest of 0.00001%).

Applicable to SSAS

The Barclays bank account currently earns an interest rate of:

  • 0.1% gross p.a. on balances of £50,000 and over (calculated as 0.4% below the Bank of England base rate, but subject to a minimum earned interest of 0.1%)
  • 0.1% gross p.a. on balances under £50,000 (calculated as 0.6% below Bank of England Base rate, but subject to a minimum earned interest of 0.1%).

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


What is the product bank account?

The product bank account is a cash account linked to your James Hay Partnership product. The account is set up in the name of the trustees for SIPP and SSAS products or in the underlying investor’s name and operated under power of attorney for ISA, GIA, and Wrap (excluding Wrap SIPP).

What does this account do?

The product bank account is used to accept all cash transfers, and any money paid into the product as well as receive proceeds of any sales, dividends or rebates which may subsequently be made. It is also used by James Hay to deduct product and adviser charges and facilitate payments out of the product (including income payments, where applicable).

Can the product bank account be used to invest in?

The product bank account acts like a current account and is not designed to held long term cash balances. We offer a competitive range of fixed rate deposit accounts from leading banks should a bank account be required for investment purposes. Please see our Cash Panel for further details.

Should a minimum balance be maintained in the product bank account?

There is no minimum requirement but we suggest a minimum balance of around £1,000 is maintained at all times to facilitate money movements in and out of the product.