At the heart of each Flexible SIPP is a Bank of Scotland current account for managing day to day transactions. Flexible SIPP also allows you to hold cash in separate deposit accounts if you wish (additional charges apply). There are many reasons why you might choose to do this including to seek a higher interest rate, to spread deposits across different banking institutions or as part of an overall investment strategy.
We publish a list of pre-approved accounts and their rates of interest, which you can download, below. These and the institutions providing them have already passed our due diligence checks. Flexible SIPP members also benefit from not having to pay the deposit account set up fee or deposit account annual fee for accounts on the pre-approved list.
There is no obligation to choose from the pre-approved list and we are happy to look at other UK deposit accounts on request.