SIPPs: Our mission to find more deposit accounts for SIPPs

Posted on July 15th, 2014 | Categories - SIPPs, SSAS

Our mission to find more deposit accounts for SIPPs Updates: Check back here for regular updates on our progress

24th July 2013: Ecology Building Society instant access SIPP deposit account added, click here for the rates

22nd July 2014: Chelsea Building Society added to our best buy table, offering an 18 month and a 2 year fixed rate bond, click here for the rates

More updates to follow…

 

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.

The page is unique to us and is used by investors, advisers and SIPP providers, to help find the sbest rates of interest on deposit accounts open to SIPPs.

However, despite talk of interest rate rises, things are getting harder for SIPP savers.

Rates falling and less choice

Over the past few weeks we’ve seen a number of banks and building societies cut their interest rates.

Once one reduces the rate they pay, others follow suite, conscious that they no longer have to be as competitive. This creates a downward spiral cutting the returns for SIPP savers.

If that wasn’t bad enough, some banks and building societies have actually cut accounts from their range, further reducing the options for SIPP savers, who generally want to split their cash between a range of accounts.

There is also an unwillingness amongst banks and building societies to meet the needs of this market. In fact we’ve only been able to add one bank to the SIPP deposit account best buy table this year.

We know how frustrating this is for SIPP savers and we want to do something about it.

Do you know of a bank or building society who accepts deposit account applications from SIPPs?

If they are not on the list below we’d love to hear from you.

Call Phillip Bray on 0115 933 8433 or email phillip.bray@investmentsense.co.uk

For every new bank or building society we add, we’ll make a donation to a charity of your choice

Our mission

We can’t do much about interest rates, these are out of our control. But, we can try and find more banks and building societies willing to accept applications from SIPPs.

So we’ve set ourselves a mission.

Our best buy table is already comprehensive, but during the next month our aim is to contact every bank and building society in the UK to find out whether they will accept applications from SIPPs.

If they won’t we’ll explain to them the benefits of allowing SIPPs to have access to their range of savings accounts and try to change their policy.

We need your help

This is a massive job, however if we can persuade more banks and building societies to accept applications from SIPPs, it will be hugely beneficial to savers.

But, we need your help.

If you are an investor, adviser or SIPP provider and know of a bank or building society not currently on our best buy table, tell us, and as a thank-you we’ll make a donation to a charity of your choice.

By working together we can improve the options available to SIPP investors and at the same time help banks and building societies understand the benefits of this type of business.

Who is already on our list?

The following banks and building societies currently accept applications from SIPPs:

  • Allied Irish Bank
  • Bank of Baroda
  • Bank of Cyrpus
  • Bank of Ireland
  • Bank of London & Middle East
  • Bath Building Society
  • Buckinghamshire Building Society
  • Cater Allen
  • Close Brothers
  • Co-Operative Bank
  • Investec Private Bank
  • Julian Hodge Bank
  • Leeds Building Society
  • Mansfield Building Society
  • Melton Mowbray Building Society
  • Metro Bank
  • Nationwide International
  • Permanent Bank International
  • Punjab National Bank
  • Royal Bank of Scotland
  • Scottish Widows Bank
  • State Bank of India
  • United Trust Bank

If you know of others please get in touch with Phillip Bray, our Marketing Manager, on 0115 933 8433 or email phillip.bray@investmentsense.co.uk

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