If you are one of those people who hold deposit accounts in your SIPP (Self-Invested Personal Pension) you have our sympathy, the past few years have been frustrating.
Not only have you had to contend with low interest rates, but the number of banks and building societies willing to accept deposit account applications from SIPPs has slowly dwindled. Finally, the FCA’s (Financial Conduct Authority) decision to review how fixed term deposits are categorised has caused number of SIPP providers to restrict or ban the holding of deposit accounts in their SIPPs.
If you’re a SIPP cash saver you have our sympathy!
We can though bring you a silver lining to this rather large cloud as we have it on good authority that a new entrant to the market will soon launch a SIPP deposit account. Unfortunately, we can’t tell you any more than that at the moment and we don’t know the type of account they will launch or the interest rate.
Whilst we wouldn’t want SIPP cash savers to bank on a raft of new accounts being launched, it is nice to be able to give you some good news for once.
Watch this space for more information, as soon as we know more we’ll let you know.