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SIPPs that hold external bank deposits
Pratul Chatterjee
Posted: 26 January 2013 19:42:22(UTC)
#1

Joined: 02/08/2010(UTC)
Posts: 10

I am planning to open one SIPP account to hold “sippable” deposit accounts only. I already have one SIPP with Hargreaves Lansdown for investing in funds and shares.

The new SIPP I am planning to open should have the following features:

(1) Minimum maintenance fees
(2) Simple by nature since I am NOT looking for other SIPP functionalities
(3) Hassle free access to external bank accounts

So far I have managed to find only a few providers (e.g. EPM, Taylor Patterson, etc.) with low charges but I am sure there are others.

Please could you advise me if you know other SIPP providers meeting my criteria?
Roydo
Posted: 26 January 2013 19:54:07(UTC)
#2

Joined: 10/02/2012(UTC)
Posts: 100

Thanks: 2 times
Was thanked: 61 time(s) in 39 post(s)
Hi

ALL Sipps should have access to deposit accounts; if they cannot, then they are not a Sipp, despite what their marketing departments might tell you. (Yes, that means you HL).

Standard Life do, and their charges are reasonable. Sure there are others, though some are not that keen on taking business direct from the public. They would prefer the compliance burden to be with someone else!
Pratul Chatterjee
Posted: 26 January 2013 20:39:27(UTC)
#3

Joined: 02/08/2010(UTC)
Posts: 10

As far as I understand, sippdeal and HL do not allow external deposit accounts. All FULL SIPPs allow external deposits but their annual charges are minimum £400.

Hence, my question ..
Lyndon Edwards
Posted: 03 February 2013 17:17:08(UTC)
#4

Joined: 04/11/2012(UTC)
Posts: 10

Was thanked: 12 time(s) in 6 post(s)
If HL will not allow an external bank a/c the contract is probably a deferred SIPP. Get an answer from them in writing, don't rely on their printed info without written confirmation.
1 user thanked Lyndon Edwards for this post.
sgjhaghsdg on 04/02/2013(UTC)
Zippy
Posted: 05 February 2013 10:54:40(UTC)
#5

Joined: 02/10/2012(UTC)
Posts: 12

Thanks: 22 times
Was thanked: 3 time(s) in 2 post(s)
In the interest of educating me, why would you want access to external bank accounts.

I have recently moved my investments to HL becauase they are one of the only investment houses that hold cash in 8 plus banks as opposed to just one that others have now opted for.

HL pay interest on the cash held.

or is it that you will be able to acheive a better interest rate if you go along this route.
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