Newcastle Intermediary Services has launched a deposit account specifically designed for SIPPs.
The Six Month Fixed Rate SIPP Deposit Account is available to all advisers in the eMoneyfacts Savings Club, with a fixed rate of 3.1% gross with a minimum balance of £1,000.
Newcastle says it is pushing forward with an increased product offering via eMoneyfacts Savings Club, after launching structured products last month.
The deposit account has been designed for SIPP investors who wish to keep some of their assets in cash, and pays 0.1% trail commission to the adviser.
Steven Marks, intermediary services executive at Newcastle, says: “The Newcastle IS Fixed Rate SIPP Deposit Account offers savers the chance to invest in a pension account with an attractive cash deposit facility and unlike other pensions opens the door for the investor to decide how much they want to invest on a tax free basis.”
The majority of financial advisers (85%) believe the number of self-invested personal pension (SIPP) providers will continue to fall in the coming year, according to Dentons Pension Management research.
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