SIPP investors have a new deposit account option, after Metro Bank recently launched a range of accounts for self-invested pensions.
A new name in banking when they launched in 2010, Metro Bank promised a revolution, aiming to deliver “unparalleled levels of service and convenience” through their telephone, online and branch services. Indeed Metro Bank is the first new high street bank in over 100 years.
Metro Bank will offer a range of SIPP deposit accounts, including an instant access account, plus fixed rate bonds with terms of three, six, 12, 18 and 36 months.
The interest rates on the Metro Bank SIPP deposit accounts are as follows:
- Instant access 1.00%
- Three month fixed rate 1.00%
- Six month fixed rate 1.10%
- 12 month fixed rate 1.85%
- 18 month fixed rate 2.00%
- 36 month fixed rate 2.25%
The Metro Bank accounts are easily accessible for most SIPP investors, with a minimum opening balance of just £10,000. Furthermore, savers will be reassured by Metro Bank’s membership of the UK Financial Services Compensation Scheme (FSCS), which provides protection up to £85,000 per individual, per institution.
More details can be found on our best buy table for SIPP deposit accounts.
Commenting on the launch of the SIPP deposit accounts, Richard Dunn, Partnership Banking Director, said: “Metro bank recognises the importance and benefit to pension providers, introducers and members alike of providing bank accounts that are easily accessible, highly functional and assist with investment strategies. Above all else we recognise the need to provide amazing customer service and to make this possible we have ensured all of the team have plenty of experience is the opening and ongoing administration of pension bank accounts.”
Whilst Phillip Bray, Marketing Manager for Investment, added: “After recent interest rate cuts and a number of product withdrawals, SIPP deposit account investors will be pleased to have a new option. Metro Bank brings a refreshing attitude to banking, whilst the low minimum deposit coupled with the protection offered by the FSCS will make these accounts popular with SIPP investors.”
Opening a SIPP deposit account with Metro Bank
SIPP investors interested in opening an account with Metro Bank should contact Richard Dunn on 0203 402 8435 or Andy Pace on 0203 402 8095.