Cash Interest Rates
Cash Balances held within your Parmenion account will earn interest payable at a rate determined by us and stipulated below. For more information on how interest is calculated, please refer to our Terms and Conditions.
|Effective from||Gross interest rate|
|01 January 2019||0.00%|
|01 July 2018||0.00%|
|01 January 2018||0.00%|
Retained rates of interest
The interest we pay you is not based on the amount that we receive from our banking partners. In this quarter (01/01/2020 – 31/03/2020), the amount we expect to receive from money deposited by our customers is an average of 0.00% per annum. This compares to an average of 0.00% per annum we received in the previous quarter (01/10/2019 – 31/12/2019). Interest is calculated each day and could be zero or negative in the future.
Money held by Parmenion on behalf of our clients, is held in accordance with the FCA’s Client Money rules and guidance, and as set out in our Terms & Conditions. We currently use the following banking partners for holding Client Money and have processes in place for monitoring the ongoing appropriateness of the banks with whom we deposit Client Money.
National Westminster Bank PLC (NatWest)
HSBC Bank PLC