On 2 August 2018, the Bank of England increased its base rate from 0.50% to 0.75%. As a result, financial institutions increased the interest rate which they paid on monies deposited with them.
For clients whose investments are held in safekeeping by SEI Investments (Europe) Limited (“SEI”), interest is earned on sterling cash balances on call deposit at a rate of 0.40% below the Bank of England base rate or zero, whichever is the greater. Consequently, this means that interest is paid at a rate of 0.35% on sterling cash balances.
For clients whose investments are held in safekeeping by WH Ireland Limited (“WH Ireland”), interest is earned on sterling cash balances on deposit at the rate generally available at banks for small deposits on 24 hours withdrawal notice.
For clients whose investments are held in safekeeping by Pershing Securities Limited (“PSL”), interest is earned on EUR, GBP and USD cash balances on call deposit at a rate of 0.50% below the Central Bank base rate or zero, whichever is the greater. All other currencies are at a rate of 0.50% below the applicable local agent credit rate.
Please note that neither WH Ireland nor SEI pay interest on non-sterling cash balances.
Information correct as at 1 April 2021