With effect from 1 January 2019, we will pay interest on capital cash balances held in your account(s) with us. The rate at which interest is paid will depend on the currency of the cash and the location of the bank where it is held. The current interest rates are:

Please note:

  • We do not pay interest on cash balances in currencies not listed in the above table.
  • Interest is due & payable annually during March (for UK-managed portfolios with cash located in the UK) and December (for all other portfolios including Irish and Jersey) to coincide with the end of each tax year. Interest is paid gross without any tax deducted.
  • Any interest paid is subject to the amount earned exceeding £10/€10/$10.
  • Cash held for clients of our Irish office is considered to be held in the U.K. for the purposes of interest calculations.

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. 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 Financial Conduct Authority (FCA), for banks in Ireland the Central Bank of Ireland (CBoI) and for banks in Jersey (for our offshore clients) the Jersey Financial Services Commission (JFSC). 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 and you live in the UK, you may be entitled to claim compensation from the UK’s Financial Services Compensation Scheme (FSCS). For more information please see