SIPPs which offer access to cash deposit accounts

mcc100

peterg1965 wrote: »

Basically the SIPP cash is held in a Metro Bank account and attracts 0.55% interest if it just sits there. I selected the external SIPP deposits I wanted, got the application forms, filled in my bits and send to InvestAcc and then they deal directly with the banks as the adminsitrator on my behalf. The basic online portal shows where you money is.

My intention is to take part, or possibly all, of my TFLS on my 55th birthday in a couple of months time and then transfer my pension to the Minerva SIPP.

I assume that once the transfer has taken place there will be a short period of time that my money will be sat in the Metro Bank account until the transfer to my selected bank accounts takes place.

As I'll be transferring approximately £300k I'm concerned that only £85k will be covered by the FSCS, and wondered if there is any way to protect my money during this time.

goRt

mcc100 wrote: »

As I'll be transferring approximately £300k I'm concerned that only £85k will be covered by the FSCS, and wondered if there is any way to protect my money during this time.

There's a special provision in the FSCS compensation scheme to cover events like this, the limit's lifted to £1m for 6 months.

https://www.fscs.org.uk/your-claim/temporary-high-balances/

mcc100

goRt wrote: »

There's a special provision in the FSCS compensation scheme to cover events like this, the limit's lifted to £1m for 6 months.

https://www.fscs.org.uk/your-claim/temporary-high-balances/

Thanks goRt, this is exactly what I was looking for.