Published by Andy Leggett on
The accounts are provided by Close Brothers, a new addition to our list, and offer very competitive current rates.
Known as Sapphire SIPP fixed term deposit accounts, their terms range from 12 months to 5 years with a minimum deposit of £50,000 and no early withdrawals. Further details, including the other pre-approved banking arrangements and their rates, are contained in the lists for the Flexible SIPP and the Barnett Waddingham SIPP.
Close Brothers are the fifth institution to join our list of pre-approved accounts and this is significant following recent changes to the Financial Services Compensation Scheme (FSCS). To ensure the best cover available under the FSCS, it is important that members consider the amount of cash they hold with any one institution, taking account of funds they may hold in other tax wrappers or personally. You can read more about the changes here.
1 The Barnett Waddingham SIPP was the forerunner to the Flexible SIPP. It closed to new business on 30/6/14 although we continue to serve clients in this SIPP.