Quilter Cheviot Limited - Schedule of Interest Rates

We calculate interest on capital cash balances in certain currencies that are held in your account(s) with us. The interest rate applied will depend on the currency of the cash and the bank where it is held and it may be zero or negative (please see further below). The current interest rates are:

Please note:

• The rates on this page were last updated on 28th February 2023.
• We do not pay interest on income cash balances or in currencies not listed in the table above.
• Interest is calculated on daily cleared balances, is accrued monthly and is due and payable quarterly during March, June, September and December.
• Interest is paid gross without any tax deducted.
• Payment of any interest is subject to the amount earned exceeding £5/€5/$5 each quarter (as applicable).
• Any changes to the rates we use to calculate interest will be published on this page.
  
  

Negative interest rates on credit balances:

Banks may apply an interest charge for cash balances held in certain currencies. If we are subject to such a charge, we may pass the cost of holding that cash onto you as a negative interest rate by deducting the relevant amount of that currency from your portfolio on the first working day of each month. The currencies which are currently subject to negative interest rates are:

Interest on overdrawn balances:

In accordance with our terms and conditions, we calculate debit interest on any outstanding balances owed to us at a rate of 2% above the Bank of England base rate and may pass this onto you as a charge by deducting the corresponding amount from your portfolio.

Quilter Cheviot’s Diversification Policy:

We hold your money across a number of banks, in line with our diversification policy. The banks we select are authorised and regulated by their local regulatory authority; for banks in the UK this is the Prudential Regulation Authority, for banks in Jersey (for our offshore clients) the Jersey Financial Services Commission. All the selected banks are also subject to internal approval by our Client Money & Counterparty Forum (CMCF). The CMCF has responsibility for overseeing the banks used to hold your money and the overriding premise of any decision is the security of your money. In the unlikely event that any of these banks cannot pay what they owe you may be entitled to claim compensation from the UK’s Financial Services Compensation Scheme (FSCS). For more information please see www.fscs.org.uk/.