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holding cash in SIPP
petewin
Posts: 2 Newbie
Can fixed term cash accounts / bonds be held in a SIPP ?
If so which are a good option.
If so which are a good option.
0
Comments
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Can fixed term cash accounts / bonds be held in a SIPP ?
Some can. It also depends on the SIPP provider if they allow them.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi
Only deposit accounts specifically designed for the purpose can be held in a SIPP. You'll find over 80 on this best buy table for SIPP deposit accounts (hit the link).
Couple of words of warning:
1. Watch the compensation scheme, not all are covered by the FSCS
2. When considering an account covered by the FSCS remember that you need to aggregate the money held inside the SIPP with personal money so as not to breach the £85,000 limit
3. Has Dunstonh rightly says not all SIPPs allow all 'sippable' deposit accounts, for example HL won't allow any on the list
Hope this helps.
The Canny SaverAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
CannySaver wrote: »Hi
3. Has Dunstonh rightly says not all SIPPs allow all 'sippable' deposit accounts, for example HL won't allow any on the list
The Canny Saver
HL Such a faux SIPP!0 -
DavidLaGuardia wrote: »HL Such a faux SIPP!
Hmmm maybe, although it is more than a personal pension because it allows shares etc.
Probably best term is a 'restricted SIPP'.
Great marketing machine though!
The Canny SaverAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
Hmmm maybe, although it is more than a personal pension because it allows shares etc.
Although there are personal pensions that allow shares and are more of a SIPP than HL is.Great marketing machine though!
HL are certainly very good at that. We just have to look at how many people are paying more in charges than they were because they thought they were buying a low cost SIPP.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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