Frequently Asked Questions – Change of key banking partner 

1. Why is the banking partner changing?
   We are partnering with Lloyds Bank to provide greater financial strength, resilience and long-term support for our customers.
2. What should my new Lloyds account be used for?
   All Minerva SIPP, Platinum SIPP and SIPP Lite customers require a Designated Bank Account for transactional payments to and from their SIPP. This account is operated by InvestAcc on your behalf. It is not intended as a long-term savings vehicle.
3. Does my new Lloyds Bank account benefit from Financial Services Compensation Scheme (FSCS) protection?
   Yes. The FSCS is a UK government-backed scheme that protects customers if a financial services firm or bank fails. We only deposit customer cash with high-quality banks that are covered by the FSCS. InvestAcc customers are eligible for a maximum of £120,000 in FSCS protection. For more information, visit www.fscs.org.uk.
4. Do I receive interest on cash balances in my new Lloyds account?
   The move from Metro to Lloyds will not change the interest customers receive on their cash deposits. Details of the current interest rate along with more information can be found on this web page.
5. Is my pension safe?
   Yes. This change does not affect the security of your pension. Your SIPP remains safe and will continue to be administered as normal.
6. Can I hold other bank accounts within my SIPP?
   However, please note that SIPP Lite customers may need to upgrade to a Minerva SIPP depending on the number of investments held within their SIPP. If you have a financial adviser, please speak to them about what may be right for your circumstances. If you do not currently have a financial adviser, you may wish to consider seeking independent financial advice.
7. Do I need to take any action?
   Not yet. There is nothing you need to do right now. If you make regular or one-off contributions into your SIPP, once we have written to you with your new Lloyds Bank account details, you will need to use those new details for future payments.

   The dates for this will be
   – All new customers for Minerva SIPP, SIPP Lite and Platinum SIPP – 11 May 2026
   – Existing Minerva SIPP and SIPP Lite customers – 1 June 2026
   – Existing Platinum SIPP customers – 1 July 2026

8. Will my tenants, employer, or investment manager be informed?
   Yes, where relevant. We will notify all relevant parties, including tenants, employers and investment managers, of your new Lloyds Bank account details.
9. What happens to my Metro Bank account?
   Once your balance and all payment instructions have been successfully transferred, your Metro Bank account will be closed.
10. Will Direct Debits and Standing Orders continue?
    We will work to make the transition as smooth as possible. Here is what this means for each type of payment:

    Standing order payments out of your SIPP to a third party
    Where payments are made from your SIPP bank account to a third party, no action is required from you.

    Direct debit payments out of your SIPP to a third party
    These are collected by the third party from your Metro Bank account. We will contact each third party and ask them to move the collection across to your new Lloyds Bank account. No action is required from you initially. However, because the third party controls the collection instruction, there is a small risk that they may not update their records promptly. If this happens, we will investigate and may need your help to resolve the issue.

    Direct debit receipts into your SIPP account
    Where InvestAcc collects payments under a Direct Debit arrangement, we will transfer the collection process from Metro Bank to Lloyds Bank. No action is required from you.

    Standing order payments into your SIPP account
    Where money is sent into your SIPP by standing order – whether set up by you or by a third party such as an employer – the person or organisation making the payment will need to update their payment details once your new Lloyds Bank account details have been issued.

11. Who can I contact if I have questions?
    Please contact us on 01228 538 988 for any queries or assistance.

All our Minerva SIPP and SIPP Lite customers currently have an individual Designated SIPP Bank Account with Metro Bank plc (a Designated Bank Account), via which payments are made to and from their SIPP. From 11th May we are changing our main banking partner for SIPP customer funds from Metro Bank to Lloyds Bank.

For any information relating to Platinum SIPP, please visit investaccplatinum.co.uk

Once funds have been deposited, we may pool them and spread across more than one bank which has been approved by us (a Designated Bank). This spreads the risk should any one bank face difficulties and increases the available amount of protection under the Financial Services Compensation Scheme (FSCS) whilst also offering the potential for higher interest rates.

Which banks do we use?

We only deposit customer cash with high quality Designated Banks with a strong credit rating which are authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and are covered by the FSCS.

We place deposits with the following Banks, all of which have been approved by us:

• Metro Bank plc
• Lloyds Banking Group
• Barclays Bank Plc
• HSBC Bank plc
• National Westminster Bank Plc
• Qatar National Bank (Q.P.S.C.) (London Branch)
• Santander UK plc

From time to time, we may make changes to the range of banks we use. Any change will take place without notice and we will keep this page updated.

What is the current interest rate received by customers?

Customers currently receive 2.1%, as at 1^st February 2026.

This is the Annual Equivalent Rate which may change in future.

Interest is credited to your Designated Bank Account monthly.

From time to time, we may make changes to the rate of interest we pay to customers. Any change will take place without notice and we will keep this page updated.

What does InvestAcc receive on deposits?

We receive interest payments from our Designated Banks based on aggregate cash balances held with them. The interest payments we receive will vary, depending on the total cash balances held and the applicable interest rates.

We expect in future, as an indication, to receive between 1% above and 1% below the prevailing Bank of England Base rate, less the amount paid to customers (see above for the current rate).

The amount we retain helps us keep our fees competitive and contributes towards the cost of providing a high-quality service to our customers.

Please note, in some instances, in line with our terms and conditions, your money may be temporarily held in a non-interest-bearing, pooled trustee clearing account.

How are bank deposits protected?

Deposits are all placed with PRA regulated banks, eligible for up to £120,000 protection under the FSCS.

In the event of the failure of a Designated Bank, you will be able to claim for any cash deposits in your Designated Bank Account, and your share of any cash deposits held in pooled accounts with a Designated Bank.

The eligible amount will depend on the total amount of deposits a customer holds with a particular bank (or banking group). Cash held in your pension scheme will count towards your individual protected amount with that bank or banking group. That means any money held in your personal accounts will also be subject to the same total FSCS limit per bank, rather than a separate limit.

You can read more about the FSCS at www.fscs.org.uk. Note that this link will take you to an external website.

Is there a minimum amount I am required to hold in the designated bank accounts?

We do not currently require a minimum balance to be held.

Customers and their advisers are responsible for ensuring there is enough cash available when payments are required, for instance to purchase an investment, make a pension payment or to pay adviser fees or our fees when they are due.