SIPPs: RBS launch new SIPP deposit account rates

Posted on September 4th, 2012 | Categories - News

SIPPs: RBS launch new SIPP deposit account ratesRBS has today launched a range of new fixed rate SIPP deposit accounts.

The accounts will be available from today, with a closing date of 28th September 2012, although all applications need to be with RBS by 19th September.

The new rates include two accounts which allow early access and one which cannot be closed early. The rates are as follows:

Name of account Maturity date Interest rate (quoted gross pa) Early access
General Fixed Rate Deposit (6 month) 8th April 2013 1.50% Early termination is permitted with 95 days written notice and will incur an Early Closure Fee
General Fixed Rate Deposit (12 months) 4th October 2013 2.00% Early termination is permitted with 95 days written notice and will incur an Early Closure Fee
Unbreakable Fixed Rate Deposit (12 months) 4th October 2013 2.50% Not allowed

All three accounts will start on 5th October 2012 and the minimum deposit is just £5,000.

RBS SIPP deposit accounts

The General Fixed Rate deposit accounts will be particularly attractive for SIPP investors looking to improve on the interest rate given by their mandated SIPP account, whilst retaining flexibility to withdraw funds should they decide to follow a different investment strategy.

The Early Closure Fee of 60 days interest must of course be factored into any decision to close the accounts early.

The Unbreakable Time Deposit rate, whilst not the most competitive currently available, will be attractive to SIPP investors who have significant sums on deposit and wish to spread their capital, so the amount held with any single bank or building society, is below the £85,000 limit of the Financial Services Compensation Scheme (FSCS).

Account opening

SIPP investors who want more information about the new accounts from RBS, or who wish to submit an application for should contact the SIPP Unit at RBS on 020 7615 4162 or by emailing uksippunit@rbs.co.uk

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