The Bank of England pays its full base rate on all deposits made with it. We deposit your funds at the Bank of London who, in turn, deposit those at the Bank of England. The Bank of London receives the full base rate from the Bank of England, takes a small percentage to cover the cost of its expensive technology and human resources that enable these accounts to even exist, and then passes the rest to us. We take 10% of the interest that comes through, leaving you with 90%.