SIPP and SSAS customers benefit from our banking arrangements, with competitive interest rates and terms.
The following range of Fixed Term Deposits from Metro Bank plc is available to all our pension scheme customers.
Note that the following rates are valid as at 7th March 2024 and may be withdrawn or changed in future:
| Term | Annually (AER* / Gross) | At Maturity (AER* / Gross) |
| 1 year | 3.70% / 3.70% | 3.70% / 3.70% |
| 18 months | 3.30% / 3.30% | 3.27% / 3.30% |
| 3 years | 2.80% / 2.80% | 2.72% / 2.80% |
Interest is calculated daily and paid annually or at maturity to the designated pension scheme Metro Bank account.
These accounts are available to our SIPP and SSAS customers who already have a Metro Bank account for their pension scheme.
Account features
• A choice of terms: 1 year, 18 months, 3 years
• Fixed rates of interest
• Interest paid annually or at maturity
• One lump sum deposit
You can read more about them here: https://www.investaccpensions.co.uk/wp-content/uploads/2024/03/Fixed-Term-Deposits-for-Pensions-1397-IIS-March-2024.pdf
Note that InvestAcc may receive payments from Metro Bank plc in respect of these Fixed Term Deposits (currently up to 0.2% per year). These payments do not reduce the amount received by your pension scheme.
How do I request an investment in a Metro Bank plc Fixed Term Deposit Account?
Please email [email protected] (for Minerva SIPP and SIPP Lite customers) or [email protected] (for SSAS customers who already hold a Metro Bank trustee account).
You must confirm the amount to be deposited, the term in months and whether interest should be credited annually or on maturity. Note that an existing Metro Bank plc pension scheme bank account must be used to make the deposit, to receive interest payments and maturity proceeds. We may need to seek further information from you in some circumstances.
Can I open accounts with other Banks?
Yes. We also allow deposit accounts from other UK authorised Banks and National Savings & Investments (NS&I). In these cases, the application process will be different, as you will need to send us the completed account opening forms.
Can SIPP Lite customers hold Fixed Term Deposits?
Note that SIPP Lite customers can have one investment, in addition to the designated Bank account. If additional accounts are required then the plan can be upgraded to the full Minerva SIPP.
E. & O.E.
March 6th, 2024
The Minerva SIPP can invest in a wider range of assets including commercial property and land, on an individual or group basis. Any combination of permitted investments may be made within a Minerva SIPP including deposit accounts, DFM, open market platform/wrap accounts, stockbroker accounts and trustee investment plans, all held together within the same SIPP.
SIPP Lite is a lower cost option, for those that do not require multiple investment accounts, or access to commercial property and land at outset. SIPP Lite members are restricted to a maximum of one investment account, to run alongside the default SIPP bank account. This investment account could be another bank account or ONE of the following: stockbroker account, DFM, open market platform/wrap account or a trustee investment plan. For individuals that require additional investments at a later date, including commercial property and land, they can upgrade their SIPP Lite plan to a Minerva SIPP.
A Small Self-Administered Scheme (SSAS) is a type of UK registered pension scheme. Each SSAS is governed by its own trust deed and rules and is a separate legal entity to the sponsoring employer. The sponsoring employer establishes the SSAS and invites members to join. Any individual employed by the sponsoring employer (or a participating employer) may join the scheme and all members are appointed as trustees alongside the professional trustee. SSAS trustees have a very wide range of investment options, including the ability to make secured loans to the sponsoring employer of up to 50% of the net asset value of the scheme, subject to certain conditions.
We have been operating in these markets for over 20 years. The SSAS business was formed in 1997, and in 2003 we launched our flagship product, the Minerva SIPP. The range is completed by SIPP Lite, which has been available since July 2012.
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