Posted on June 5th, 2014 | Categories - News
Ever since it was launched, our best buy table for SIPP (Self-Invested Personal Pension) deposit accounts has been the most popular page on our website.
To the best of our knowledge, and we check regularly, this is still the only place where investors, as well as Independent Financial Advisers (IFAs), can easily source information on deposit accounts for SIPPs.
Deposit accounts for SSAS
A Small Self-Administered Scheme, or SSAS for short, is the main alternative to a SIPP, for investors who need their pension to have wider investment powers.
We’ve now included information on the pension deposit account page, to show whether a bank or building society will allow their accounts to be opened by a SSAS, as well as a SIPP.
We’re keen to make this page as useful as possible to investors and advisers, so we’ve made a couple of changes.
New accounts added
We’ve also added accounts from the Bank of London and The Middle East (BLME) to the table, which we have had confirmed are available for SIPP and SSAS.
The accounts offered by the BLME differ from traditional deposit accounts, which of course pay interest. To be compliant with Sharia Law the BLME accounts pay ‘profit’ rather than ‘interest’.
Despite this the rates offered are extremely attractive and the BLME is a member of the UK Financial Services Compensation Scheme.
We need your help!
We’re hopeful that as banks and building societies start to move back to traditional funding methods, now that the Funding for Lending Scheme has closed, we’ll see more deposit accounts made available to pensions.
In the meantime though, finding information on which banks and building societies will allow their accounts to be opened by SIPPs and SSASs isn’t easy.
So we need your help!
If you find a new account, which we haven’t got listed, please let us know by emailing email@example.com you’ll be helping us, but more importantly, your fellow investors.