Cash options for SIPPs and SSASs

With interest rates for savers at an all-time low, the base bank account for a client's SIPP or SSAS will be paying little or no interest. We have therefore researched which banks and building societies offer better rates and details of some of these are given here. The list is not exhaustive and does not constitute a recommendation. Advisers should conduct their own due diligence to check the suitability of any financial institution.

The following banks and building societies offer accounts which may of interest to SIPP or SSAS members. The list is alphabetical.

Anglo Irish Bank Corporation plc

This Irish-registered bank is wholly oened by the Irish government.
It does not offer protection under the UK investors compensation scheme.
Accounts offered:-

Instant access
Fixed term deposit

Butterfield Private Bank

Butterfield Bank is the oldest bank in Bermuda, dating back to 1858. It has offices in 9 jurisdictions worldwide
Deposit holders are covered by the UK investors compensation scheme.
Accounts offered:-

40-day notice account
100-day notice account

Investec Private Bank

Investec Bank plc is listed on both the London and Johannesburg stock exchanges.
Deposit holders are covered by the UK investors compensation scheme.
Accounts offered:-

30-day notice account (minimum £25,000)

Newcastle Building Society

One of the leading building societies still enjoying mutual status.
Deposit holders are covered by the UK investors compensation scheme.
Accounts offered:-

30-day notice account
6-month fixed account

Scottish Widows Bank

Part of the Lloyds HBOS Group, part-owned by the UK government.
Deposit holders are covered by the UK investors compensation scheme
Accounts offered:-

Instant access account
1-year fixed deposit

Organon do not charge for setting up a secondary deposit account, but some of the providers listed do pay us a small trail commission on balances held.

See rates sheet for the last advised rates.