We propose that the position of the semiconductor band edges relative to the electrolyte redox potential at an illuminated semiconductor‐electrolyte interface is determined by the minority photocurrent at the interface and its interaction with the density of states distribution of the redox couple, rather than by a flatband potential or by Fermi level pinning. The model is demonstrated for a solar illuminated Au/n‐GaAs0.6P0.4photoanode in contact with electrolytes having redox potentials differing by 0.8 V.