Our popular SIPP deposit account best buy table has been extended to include even more banks, with over accounts 100 now shown, all available for SIPPs.
The latest update has seen SIPP deposit accounts from the Co-operative Bank, Punjab National Bank, and Bank of Baroda added to the list, extending the choice for SIPP investors.
All four newly added banks are members of the UK Financial Services Compensation Scheme (FSCS) providing protection for investors, up to £85,000, in the event of a default.
SIPP deposit account best buy table
We still believe that our best buy table for SIPP deposit accounts is still the most in-depth of its kind available, indeed one of our users recently commented: “This is the best, best buy table in the history of SIPP Marketing!”
Of course we were delighted to receive such an endorsement. We realise what a valuable service this is to SIPP investors, and will continue to update the table on a regular basis, adding in new accounts as and when they become available.
In the meantime we thought we’d offer you a few quick hints and tips on how to get the best out of your SIPP deposit accounts.
SIPP deposit accounts: Hints & tips
Shop around for the best rates. You shop around for the best savings interest rates for your personal savings, why should it be any different for your SIPP? Of course our best buy table will help you with this task!
Longer tie in periods equal higher interest rates. As with personal savings accounts the longer you tie up your money the better the interest rate you will receive. Just make sure you are not tying up capital when you need access to it. For example if you plan to take benefits, including income and a tax free lump sum, in say three years, tying up all your capital in a five year fixed rate would make little sense. Match the length of any fixed rates to your plans for accessing the pension.
Check the compensation scheme. Not all the accounts are covered by the FSCS. Before opening an account make sure that you are comfortable with the applicable compensation scheme and the protection you will get if the worst happens.
Not all SIPP providers allow all ‘sippable’ deposit accounts. Many SIPPs allow unrestricted access to SIPP deposit accounts. However, some only offer restricted access, whilst others don’t allow you to open additional bank accounts. If deposit accounts are going to form part of your investment strategy make sure your chosen SIPP provider allows unrestricted access. You can find a list of SIPP providers who allow unrestricted access to SIPP deposit accounts by clicking he.
Watch the SIPP charges. Each SIPP provider has a unique charging structure, some charge a flat annual fee, others charge for each transaction. Take time to make sure you use the most economical charging structure possible. As a general rule of thumb if you plan to open up a number of SIPP deposit accounts, especially if they have relatively short terms, you will be better off using a SIPP provider who has a flat annual fee, however if you plan to have a limited number of accounts, and you won’t be making regular changes, a flat fee might work out to be more expensive.
Our team of Independent Financial Advisers in Nottingham are experienced in advising SIPP investors, throughout the UK, on their cash options, if you would like advice on your options call one of our IFAs today on 0115 933 8433, alternatively enquire online or email info@investmentsense.co.uk
