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.

Allied Irish Bank Bank (GB)

Allied Irish Bank (GB) is guaranteed by the Irish Government, currently until 31 December 2011. This includes any term deposits of up to 5 years made before that date.
Deposit holders are also covered by the UK depositors compensation scheme.
Accounts offered:-

Instant access account

Fixed term deposit

Cater Allen Private Bank

Cater Allen is wholly owned by the Santander group.
Deposit holders are covered by the UK depositors compensation scheme.
Accounts offered:-

Fixed term deposit

Britannia International

An offshore subsidiary of The Co-Operative Bank plc, which guarantees deposits made.
The UK depositors compensation scheme does not apply.
Accounts offered:-

Fixed term deposit

Close Treasury
A division of Close Brothers Group plc, a listed UK financial services group with a history going back to 1878.
Deposit holders are covered by the UK depositors compensation scheme.
Accounts offered:-

Fixed term deposit

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)

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
5-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.