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Banks with high interest and sipp friendly
harryb54
Posts: 3 Newbie
Hi
Ive got a sipp which is currently using Metro bank to hold interest accrued, however their interest rates are poor
Can you suggest a high interest paying bank which is sipp friendly
My sipp provider won’t give me bank names they use, so it’s very frustrating
Ive got a sipp which is currently using Metro bank to hold interest accrued, however their interest rates are poor
Can you suggest a high interest paying bank which is sipp friendly
My sipp provider won’t give me bank names they use, so it’s very frustrating
0
Comments
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There are plenty of investments that return interest. Why do you want a bank account in yur SIPP? I guess there is the downside that you would not be able to take advantage of the Personal Savings Allowance.
If you really want to put your own chosen savings account in a SIPP you need a specialist provider. A quick google found me https://www.ipm-pensions.co.uk/the-role-of-cash-in-sipps-as-interest-rates-rise-read-an-expert-opinion/ at a cost of £580/year before starting drawdown and £730/year afterwards.
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It's not clear if you simply want a SIPP provider that pays a decent interest rate on funds held as cash - if you do, I googled sipp provider that pays interest on cash and got https://www.forbes.com/uk/advisor/investing/investment-platforms-paying-interest-on-cash/ from which:
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You could put cash in a short term money market fund - they pay over 5% with very low risk.
https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/r/royal-london-short-term-money-market-class-y-accumulation
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