The Investment Sense website publishes the only in-depth best buy table for SIPP deposit accounts, but what are your options if you have a Small-Self Administered Scheme or SSAS for short?
SSASs have had a resurgence over the past couple of years and with stock markets increasingly volatile we are getting more and more enquiries about the Cash options available.
You’d be forgiven for thinking that if a bank or building society offers deposit accounts for SIPPs, then they will accept applications from a SSAS. Unfortunately you’d be wrong.
Our research shows there are currently 26 banks and building societies who will accept deposit applications from SIPPs. But only 17 will allows SSASs to open the same accounts.
Jessica McGowan, Independent Financial Adviser with Investment Sense, said: “It’s unfortunate that an already short list of banks and building societies, who are prepared to accept applications from SIPPs, is reduced even further when it comes to SSASs.”
“The main culprit is the Funding for Lending Scheme, which has provided banks and building societies with a cheap alternative source of funding, allowing them to cut rates on accounts and even withdraw from the market completely.”
“The small number of deposit takers, coupled with rising inflation, makes it even more important for SSAS members, who want to hold deposit accounts, to shop around to get the best possible rate. This is where our unique best buy table, coupled with our independent advice can help.”
SSAS deposit accounts
So, if you have a SSAS and want to open deposit accounts, which banks and building societies can you use?
- Allied Irish Bank
- Bank of Ireland*
- Bath Building Society
- Cater Allen
- Close Brothers
- Co-Operative Bank
- Investec Bank
- Julian Hodge Bank
- Melton Mowbray Building Society
- Nationwide International*
- Permanent Bank International*
- Scottish Widows Bank
- United Trust Bank
*Not members of the UK Financial Services Compensation Scheme
What rates are on offer?
We’ve spoken to all the institutions listed above, who tell us they offer the same rates to SSASs as they do SIPPs.
For the most up to date rates visit our accounts for SIPPs and pensions page.