We have been working with a number of banks and building societies over the past few months, to encourage them to offer SIPP (Self Invested Personal Pension) deposit accounts.
As a result of these efforts, we are delighted to announce, that the Mansfield Building Society has now launched an account specifically for SIPPs.
A mutual heritage
Based in Nottinghamshire the Mansfield Building Society was founded in 1869 and now has total assets in excess of £250 million. They have retained their mutual status and won a number of prestigious industry awards.
Commenting on the launch, The Mansfield’s Chief Executive Gev Lynott said: “I’m delighted by the addition of a SIPP Deposit account into our portfolio and we would like to thank Investment Sense for their valuable help developing this product. For eligible savers there are, of course, tremendous advantages to taking out a SIPP, the most obvious being the tax benefits and the fact that the investor keeps control of their pension planning. All investments in a SIPP are tax free, which for higher rate taxpayers, means a discount of 40%.”
Lynott continued: “The fact that our SIPP Deposit account offers a safe haven coupled with a competitive interest rate means I’m confident that both SIPP Providers and Advisors will be attracted by our proposition.
“We have a well earned reputation for excellent customer service with glowing testimonials from many satisfied customers and I’m excited and optimistic about our entry into the market”.
Phil Bray, Marketing Manager at Investment Sense said: “We are delighted to have helped a local building society launch a new SIPP deposit account. It’s great to see a mutual society embracing a new market and giving SIPP savers more options.”
SIPP deposit accounts from the Mansfield Building Society
The Mansfield Building Society has chosen a 30 day notice account for its entry into this market and will allow the account to be opened by any SIPP investor resident in the UK.
The SIPP Trust Cash Deposit Account – Pension 30 will pay an interest rate of 2.00% for balances of £50,000 and above and 1.85% for accounts with between £25,000 and £50,000.
The account pays a competitive rate of interest and will be attractive to those SIPP investors wanting relatively easy access to their capital, perhaps sheltering funds in cash before they re-enter the investment markets, retire, or make a capital purchase such as a property.
Investors will also find the relatively low minimum deposit attractive, as well as the fact that the Mansfield Building Society is a member of the UK Financial Services Compensation Scheme (FSCS).
Opening an account
SIPP investors wanting more information about the Pension 30 account from the Mansfield Building Society can call their dedicated team on 01623 676350 and speak to Karen Porter, Claire Yates or Steph Worthington.
More information on the account, including application forms, can also be found on the Investment Sense website by clicking here.
Investors should send application forms via their SIPP provider.