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SIPPs which offer access to cash deposit accounts

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SIPPs which offer access to cash deposit accounts

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peterg1965peterg1965 Forumite
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Are there any SIPPs which offer access to cash savings accounts which are accessible without going through an IFA?


Having read a few old articles on this it would appear that you need a 'Full SIPP'. I want to move my HL SIPP into cash for two years and the rates available from HL are not competitive in comparison to what is available outside of a SIPP.
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  • peterg1965peterg1965 Forumite
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    A bit of searching and I have found some full SIPPs which offer this. Lots of names I have never heard of, but Standard Life is one of them.


    SL SIPP appears to offer 3 levels within their SIPP, the Level 3 offers access to external fixed rate savings accounts, but at a cost. I need to do a bit more research on charges associated with this.


    Has anyone any experience with the Standard Life SIPP?
  • dunstonhdunstonh Forumite
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    Which Standard Life SIPP are you referring to? They have three.

    One via the Standard Life Wrap platform. One via the Standard Life Elevate platform and an older one via the old Life & Pensions book that is about to be sold off.
    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.
  • peterg1965peterg1965 Forumite
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    dunstonh wrote: »
    Which Standard Life SIPP are you referring to? They have three.

    One via the Standard Life Wrap platform. One via the Standard Life Elevate platform and an older one via the old Life & Pensions book that is about to be sold off.





    Its the 'SIPP' I selected from the Standard Life web page on the Pension drop down. I think its called the "Active Money Self Invested Personal Pension" which has the three Levels of Investment. Level 1, basic limited options (300 funds), Level 2, more advanced (2000 funds) and the level 3, Full SIPP (with external offerings).
  • peterg1965peterg1965 Forumite
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    Just to add, I've spoken to SL and a not so knowledgeable person, SL don't offer external 'sippable deposit accounts' , so either the website is misleading or the person was not familiar with the SIPP investment options.


    It appears that there are quite a number of available 'sippable deposit accounts' with fixed rate offerings:


    https://!!!!!!!!!!!!!!!!!!!!!!!!!!!!/accounts-for-pensions/


    The 2 year 1.85% fixed Investec/Close Brothers is what would suit my purposes precisely, but it accessing them through a SIPP with reasonable low (or ideally zero) additional charges to make it worthwhile.


    I have c£212,000 that I would transfer from my HL SIPP which I am still contributing to and want to access in just over 2 years time.
  • dunstonhdunstonh Forumite
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    I think its called the "Active Money Self Invested Personal Pension" which has the three Levels of Investment.

    That is the one that will end with the sale of their old book. I dont know if they plan to move it to move existing to Elevate or let it be sold on.
    Just to add, I've spoken to SL and a not so knowledgeable person, SL don't offer external 'sippable deposit accounts' , so either the website is misleading or the person was not familiar with the SIPP investment options.

    Virtually all SIPPs have a cash account. So, maybe they were mixing that up with what you want. What you are after is very niche and not popular. So, availability is limited. However, some of the traditional SIPP providers should do the job. Less likely on mainstream multi-wrapper platforms though.
    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.
  • peterg1965peterg1965 Forumite
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    dunstonh wrote: »



    Virtually all SIPPs have a cash account. So, maybe they were mixing that up with what you want. What you are after is very niche and not popular. So, availability is limited. However, some of the traditional SIPP providers should do the job. Less likely on mainstream multi-wrapper platforms though.



    Thanks. I am surprised that they aren't very popular, but there you go! I will get interest in the HL SIPP if it is all sat there in cash, but not very much, and it would amount to about £1100 over the two years.


    The list of available on the Investment Sense Website contains a lot of unfamiliar names/brands, and the ones I do recognise are IFA only products.


    Who would you regard as the 'Traditional SIPP providers'?
  • dunstonhdunstonh Forumite
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    I am surprised that they aren't very popular, but there you go!

    Pensions are generally wrappers for long-term holdings. So, that means investments. Cash is very short term and the cash account is usually suitable for that. Not many use them for deposits. So, its a bit of supply and demand issue.
    Who would you regard as the 'Traditional SIPP providers'?

    Probably the ones you haven't heard of as they are not usually the big insurance companies. James Hay, Suffolk Life etc. If you were to name some of the ones you have found that do offer deposits, we can say if they are known brands in that area.
    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.
  • ThrugelmirThrugelmir Forumite
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    peterg1965 wrote: »
    Thanks. I am surprised that they aren't very popular, but there you go!

    Commercial overnight deposit rates are very low. Banks don't require the money currently.
    “Markets have been so good for so long, that many investors are trivialising the advanatages of actively managing portfolio risk" - Gervais Williams
  • peterg1965peterg1965 Forumite
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    I think its the Close Brothers SIPP which may hit the mark. They deal with HNWI so not sure if I fit the bill there!


    They are offering a fixed rate deposit account of 1.85% which would give me about £8000 over the two years which is perfect. No admin fee, and I need to check the costs of a transfer in and any charge for cash holdings.


    James Hay/My SIPP/LV where a couple of other names on the list.
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