Ascentric launches new Sipp saving option
Tuesday, 24 November 2009 12:00
Ascentric is offering a new account through its investment platform which provides a new cash-based savings option for customers' pensions.
The 30-day notice account, which will initially be available to Sipp and SSAS investors, offers interest rates of between 1.98 per cent and 2.96 per cent depending on the balance.
Investors with a minimum of £25,000 can take advantage of the account, which is provided by Investec Private Bank.
Lionel Ross, pension specialist at Investec, said: "Over the last two years or so many investors have increased the cash allocation of their pension fund to reduce their exposure to volatile equity markets.
"However, our research shows that most Sipps are offering poor returns on the cash element of the funds and even those with larger cash balances cannot guarantee a competitive rate of interest.
"The Investec Pension and Trust Reserve Account provides some of the most attractive cash rates for Sipp and SSAS bank accounts."
A charge of £20 per investment or withdrawal applies. The minimum withdrawal allowed is £5,000.
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