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.
The Santander bank account is the primary bank account for the listed products.
Modular iPlan and Wrap
The product bank account currently earns an interest rate of 0.00001%. (a variable rate that James Hay will amend from time to time, but subject to a minimum earned interest of 0.00001%).
Additional banking arrangements
We may use additional bank providers to hold some of the cash that would normally be held in the product bank account. Each additional banking provider will only ever hold up to the current Financial Services Compensation Scheme (FSCS) limit excluding cash held in fixed term deposits via the cash panel, which is currently £85,000.
If your product(s) is affected by the use of additional banking arrangements, you will have the opportunity to opt out as part of the application process. If alternative banking applies to your product, you can opt out or in at any time on James Hay Online.
The additional banking providers we use are listed below.
Applicable to SSAS
The Barclays bank account currently earns an interest rate of:
|Amount deposited||Margin below Bank of England base rate*|
|up to £99,999||1.50%|
|£100,000 to £249,999||1.40%|
|£250,000 to £999,999||1.15%|
|£1,000,000 and over||0.95%|
*Subject to a minimum of 0.10% interest being payable; unless the monthly interest is less than £1 when no interest will be payable.