The past couple of weeks have seen some significant movements in the interest rates payable for SIPP deposit accounts; unfortunately there have been more fallers than risers, but we do have some new entries to report.

We are also delighted to say that a number of new accounts have been added to the best buy table, taking the total number of accounts covered to 130.

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New entries

We are pleased to include RBS (Royal Bank of Scotland) SIPP deposit accounts for the first time.

RBS offer an instant access account, as well as fixed rates and stepped accounts. The RBS instant access account is currently available, and new tranches of their fixed and stepped rates will be out in early September, watch this space for more details!

We are also pleased to add the Hanley Economic Building Society to the list of instant access accounts. The Hanley are currently paying 1.45% for balances over £100,000, with slightly lower rates for smaller balances.

The Bath Building Society are now offering a 30 and 60 day notice account. The 30 day notice account pays 1.98% on all balances up to £250,000, whilst the 60 day account pays slightly more at 2.08%.

The State Bank of India have also released a range of new rates, including competitive fixed rates cover all periods of between one and five years, as well as a five year stepped account paying an average of 4.10% gross over the term of the account.

Finally, we have now included the Co-operative Bank’s nine and 15 month fixed rate accounts.

Climbers

The rate rises are few and far between this month although the big  increases come from United Trust bank who have increase their rates across their range of accounts. Their one year fixed rate has moved significantly from 2.75% to 3.46% and the two year fixed rate increases by 0.66% to 3.46%.

Julian Hodge Bank has also nudged up their short term fixed rates slightly as have the Co-operative Bank.

Fallers

Unfortunately more fallers than risers this month.

Britannia International are no longer offering a two month fixed rate and have reduced the interest rate by 0.10% on their three and six month fixed rate accounts.

Nationwide International have cut their six month fixed rate by 0.20% to 2.30%, but the big reductions are from the Clydesdale Bank International who have significantly cut rates across their entire fixed rate range. Their one year fixed rate has been reduced from 3.10% to 2.50%, with other rates cut by up to 0.45%.

Investec have cut their four and five year fixed rates significantly and Scottish Widows have removed their five year fixed rate.

And finally…

Look out for more new entrants and new accounts over the next few weeks.

We welcome your feedback, if there is another bank or building society you know who offers deposit accounts for SIPPs, which we don’t include, please email us to let us know. We can be reached by emailing info@investmentsense.co.uk or by calling 0115 933 8433 and asking for Phil Bray.

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