Our pension deposit account table: new and improved

Posted on June 5th, 2014 | Categories - News

Investment Sense NewsEver 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.

SIPP depsit accounts

Click here to see our exclusive SIPP deposit best buy tables.

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 info@investmentsense.co.uk you’ll be helping us, but more importantly, your fellow investors.

Do you need our help?

Our team of Independent Financial Advisers in Nottingham are experienced in advising SIPP investors on their cash options

If you would like advice on your options call one of our IFAs today on 0115 933 8433, alternatively enquire online or email info@investmentsense.co.uk

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