Quilter Cheviot Europe Limited – Schedule of Interest Rates

Quilter Cheviot Europe Limited (QCE, we or us) calculates 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 banks where it is held, and it may be zero or negative (please see further notes below). Our current interest rates are:

The rates on this page were last updated on 7th February 2025.

We place client money with a number of banks in order to ensure diversification across a number of financial institutions so as to minimise the risk of default. The interest rate we receive from these banks does vary institution by institution; for EUR balances the deviation from the European Central Bank Deposit Facility rate is -4.00% to -0.70%. Deviations from the base rate on GBP balances and USD balances may be better or worse. Quilter Cheviot currently retains 0.75% of the blend of interest received from the various banks it uses and pays the remaining balance to you as detailed in the currency table above.

Please note:

• Payment of any interest is subject to the amount earned exceeding £5/€5/$5 each quarter (as applicable).
• 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.
• If we are subject to a charge in the form of a negative interest rate, we may pass this onto you from the balance you have in that currency (see below).
• Interest is paid gross without any tax deducted. It is your responsibility to report and pay any tax due to the Revenue (Irish Tax and Customs)
• 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 may pass the interest owed to us on overdrawn balances onto you.

How do we hold your money?

We hold your money (client funds) across a number of third-party banks. The banks we select are authorised and regulated by their local regulatory authority. All the selected banks are also subject to internal approval and periodic review by our Risk Function, our Client Asset Oversight Forum, and our Head of Client Assets Oversight.

For more information on how QCE holds client assets and a list of third parties where we may hold client funds please visit https://www.quiltercheviot.com/car/.