Any cash held within your Elevate cash accounts will earn interest at a variable rate set by our relevant banking partner(s).
We apply a cash management administration charge (CMAC) to interest earned in these accounts, then pay the rest of the remaining interest to you. This charge is taken directly from the interest we receive from our banking partners. This means the charge is taken from the interest before it’s paid into your Elevate account.
Interest is calculated daily and could be zero or negative.
|Cash account||Interest earned||CMAC||Interest paid|
|Elevate General Investment Account||0.12%||0.12%||0.00%|
|Elevate Pension Investment Account||0.12%||0.06%||0.06%|
|Cash account||Previous interest rate|
|Elevate General Investment Account||0.00%|
|Elevate Pension Investment Account||0.05%|
You can find more details about interest rates and the cash management administration charge in the Elevate charges guide (364KB).
Currently our external banking partners are: