Hubwise Client Money bank and Interest Rate details

Modified on Fri, 31 Jan at 9:40 AM

Our client money is held as follows:

Lloyds Bank Corporate Market,

Barclays,

Nat West,

Bank of Scotland &

Santander

We manage the bank accounts based on an allocation of balances to get the best level of protection for the investors from the Financial Services Compensation Scheme, and this can change daily.

We then consider which bank we place that allocation in to get the best interest rate available to us. We currently place money with: Lloyds Bank Corporate Market, NatWest, Bank of Scotland, Barclays & Santander.

Interest was applied to investors accounts as follows :

30 June 2021 - 0.023%

31 Dec 2021- 0.021%

01 July 2022 - 0.086%

31 Dec 2022 - 0.500%

01 July 2023 – 3.31%

31 Dec 2023 – 4.2737%

30 June 2024 – 4.24%

31 Dec 2024 – 4.14%

We update this article every six months- just after we apply the previous period's blended interest rate, so Jan and July each year.

Our Formal response to Client money / CASS questions:

Client Money is held in client bank accounts with FCA-authorised UK deposit taking institutions. Client bank accounts are designated as trust accounts and are segregated from Hubwise’s own monies, and are operated and administered in full accordance with FCA CASS (Client Money) Rules. If one of those Banks fails or becomes insolvent, investors may be entitled to claim compensation under the Financial Services Compensation Scheme (FSCS) up to £85,000 of any loss. Our Treasury Policy utilises a minimum of 3 banks to provide client money protection under FSCS.

So up to £85k per investor- as we can identify each individuals' balance on our systems, making up the aggregate client money balance.