Your SIPP Bank Account
Your plan bank account is used to manage the day to day transactions within your SIPP. It receives all payments into your SIPP and is used to pay out all benefits.
You will receive a monthly bank statement so you can keep track of all transactions within the plan bank account including the interest earned, as well as the ongoing balance.
The plan bank account is a current account and is not intended to hold large balances, although it does have a competitive rate of interest (outlined below). You can also hold cash in other suitable accounts if you wish, including notice accounts and fixed term deposits. You may wish to do this to obtain a higher rate of interest or to spread your cash around multiple institutions. However, not all accounts can be used by SIPPs and we will check whether any account you would like to use is suitable. We can also supply details of some available accounts and interest rates if required. Please note that a fee may apply for opening deposit accounts, so please refer to your fee sheet for details.
Our primary banking partner is Metro Bank, although we do have some clients who have plan bank accounts with Cater Allen Private Bank. Details of these accounts are given below.
For clients who have a Metro Bank plan bank account
The rate of interest that you will earn on money held within your Metro plan bank account is variable. It is paid monthly.
We receive payments from Metro Bank based on the aggregate of all cash balances held across all SIPP bank accounts. The amount that we receive is not fixed and will vary depending on the total cash held, market factors and interest rates. We put the majority of this payment towards the interest that we pay to you and we retain the balance to keep our administration charges competitive.
Our approach to deciding how much interest to pass on is as follows:
- We aim for the rate of interest paid to you to be at least as good as the rate you could have received if you had opened a comparable SIPP bank account on your own.
- We aim for the interest rate that you earn to be higher than the amount that we retain.
- We compare our rates to other SIPP operators to ensure we are competitive.
The current tiered rates of interest payable from 1 December 2024 are as follows:
| Balance | Total received | Interest rate paid to you | Interest retained by us |
| £0 – £50,000 | 2.90% | 1.55% | 1.35% |
| £50,001 – £500,000 | 2.90% | 1.60% | 1.30% |
| £500,001 + | 2.90% | 1.65% | 1.25% |
For example, if you had a balance of £1,000 in your Metro plan bank account then you would earn approximately £15.50 per annum in interest, and we would earn £13.50 per annum.
If you would like details of previous interest rates, then please contact your account manager.
For clients who have a Cater Allen plan bank account
Some of our SIPP clients have a plan bank account with Cater Allen Private Bank and not Metro.
The rate of interest payable on those accounts is variable. It is set by the bank, and we do not retain any interest. It is paid monthly.
The current tiered rates of interest effective from 2 October 2023 are as follows:
| Balance | Interest paid to you |
| £0 – £500,000 | 1.45% |
| £500,001+ | 1.55% |
For example, if you had a balance of £1,000 in your Cater Allen plan bank account then you would earn approximately £14.50 per annum in interest. We do not retain any interest
If you would like details of previous interest rates, then please contact your account manager.
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