Your SSAS bank account
Your SSAS bank account receives all payments into your SSAS and is used to pay out all benefits. All cash received is held in your SSAS bank account until it is invested in accordance with your instructions.
Our primary banking partner is Metro Bank, although we do have some clients who have plan bank accounts with Cater Allen Private Bank. Details of these accounts are given below.
For clients who have a Metro Bank plan bank account
The rate of interest that you will earn on money held within your SSAS bank account is variable. The current rate of interest payable is 1.70% pa. It is paid monthly.
DP Administration Ltd receives payments from Metro banks based on the aggregate cash balances held across all SSAS bank accounts. The amount that we receive is not fixed and will vary depending on the total cash held and on interest rates. We currently receive 1.40% per annum (as at 1st September 2024). We retain the additional amount shown to keep our administration charges competitive.
For clients who have a Cater Allen plan bank account
Some of our SSAS clients have a plan bank account with Cater Allen Private Bank and not Metro.
The rate of interest payable on those accounts is variable. It is set by the bank, and we do not retain any interest. It is paid monthly.
The current tiered rates of interest effective from 2 October 2023 are as follows:
| Balance | Interest paid to you |
| £0 – £500,000 | 1.45% |
| £500,001+ | 1.55% |