Interest rates on deposit accounts have been in the doldrums since the financial crisis and show no signs of increasing if the latest guidance from the Bank of England is to be believed.
We are therefore delighted to report that at least one bank is pushing up interest rates on their SIPP deposit accounts.
Metro Bank has recently risen to the top of our best buy tables for SIPP deposit accounts for their one year, 18 month and three year fixed rate products.
Fixed rate SIPP deposit accounts
Metro Bank’s one year fixed rate deposit account now pays 2.10% gross per annum, slightly above its next closest competitor, Bank of Baroda, which pays 2.00%.
The 18 month fixed rate pays 2.40% gross per annum, some 0.40% per annum higher than the next best account, also from the Bank of Baroda.
If you are happy to tie up your savings for three years Metro Bank will pay 2.70% gross per annum, 0.20% above the most competitive account, from, you guessed it, Bank of Baroda.
The minimum amount required to open one of these accounts from Metro Bank is £10,000 and whilst the interest rate is fixed for the chosen term, savers will have no access to their capital until the end of the term.
We’re here to help
You can view more deposit accounts for SIPPs by clicking here.
If you would like to know more about the accounts from Metro Bank or indeed SIPP deposit accounts in general we are here to help.
Call Sarah or Bev today on 0115 933 8433, alternatively email info@investmentsense.co.uk
