Interest on Cash December

The annualised rate of interest earned on Transact pooled cash for October 2024 was 4.66% (paid monthly) and this has been credited to client portfolios. On average at the end of November clients held 8.11% of their portfolio values in cash.

We use seven UK-licensed banks: Barclays, Cater Allen, Clydesdale, HSBC, Lloyds, NatWest and Santander and our treasury function expertly manages the cash across different notice periods (up to 95 days – the maximum allowed under the FCA’s client money rules). To help you and your clients when considering your FSCS exposures, details of the banks we use and the percentages held with each bank are updated monthly and published here.

It’s possible for the interest earned on a client’s cash holding to cover Transact’s annual charges, for example:

Average Transact Portfolio Value	Cash held (8.11% of total portfolio)	Annual interest on cash (payable monthly but equivalent to 4.66% p.a. as at October 2024)	Transact charges on an average portfolio of up to £260k
£260,000	£21,086	£982.61 – equivalent to ~ 38bps on total portfolio	26bps

 

1. Introduction
2. TOL Recent Enhancements 
3. Removal of Adviser Purchase Related Fees
4. Platform Health Check
5. Adding Value to family Businesses 
6. LoA Discounted Service 
7. Transact – BlackRock MPS Two Years On!
8. Pensions Death Benefits and a Time For Reflection 
9. Pensions, IHT Headaches And The Potential For Gifting
10. Finance Act 2024 and Abolition of LTA
11. Interest on cash
12. Transact Events 2025