CASH MANAGEMENT

Private investors who use the UK Service through a financial adviser can benefit from our Cash Management Service.

Cash Management Rates effective from: 1st March 2017

For our UK and UK Plus services, our custodians place the cash held in client portfolio accounts across a number of regulated deposit takers, chosen for their financial strength, in order to help safeguard your cash.

Your deposits are covered by the Financial Services Compensation Scheme (FSCS), providing clients with retail deposits protection of up to £75,000 per person per institution in the unlikely event of a bank failure.

Our custodians for the UK and UK Plus services are Investment Funds Direct Limited (“IFDL”) and Hubwise Securities Limited (“Hubwise”) respectively.

The interest rates that apply for accounts on our UK and UK Plus services are shown in the table on the right. These interest rates are dependent on a number of factors, particularly the Bank of England Base rate, the rates offered by the major UK banks and LIBOR. The relationship between Platform One interest rates and these factors is variable and not guaranteed.

How the interest due is calculated:

  • Our custodians add the cleared cash balances in the client Deposit and, where applicable, the Reserve and Income accounts together within each tax wrapper of a client portfolio.
  • This sum is then used to determine which interest rate applies using the tiers shown in the table on the right.
  • For the UK Service, interest is calculated on the daily balances and paid to a client account within 6 working days of the month end with a value date of the first day after the month end.
  • For the UK Plus Service, interest is calculated on the daily balances and paid to clients account 6 monthly in June and December.

Please note, the £75,000 protection covers a client’s total holding with a single authorised institution and also includes holdings off the platform. For more information about the protection provided by the Financial Services Compensation Scheme (FSCS) please click here.

For other Platform One services (International, International Plus, Global, Hallmark, Alternative Investment and Portfolio Express) no interest is credited in the prevailing market conditions.

Note that the low market interest rates available at deposit banks has also affected the interest rates we can offer on our UK and UK Plus Services and no interest is currently paid on these accounts. However Platform One may, at its sole discretion, credit interest to sterling accounts on the UK Plus Service where there has been a reasonable amount of interest received from the underlying deposit banks. In this instance, a proportion of the interest received will be paid to client accounts. The interest will be allocated based on the daily balances and a rate of interest to distribute the total amount to be paid. This single rate of interest will be applied for all tiers of cash balances.

CURRENT RATES

Balance Rate
£0 – £49,999 0.000%
£50,000 – £149,999 0.000%
£150,000 – £249,999 0.000%
£250,000 and above 0.000%

Notes:

  • The above rates are only applicable to our UK and UK Plus services.
  • No interest is paid on non-sterling balances if those are held.
  • No interest is paid on cash in-transit held in the Platform One client money accounts.