SIPP providers in spat over poor value cash accounts

The attack comes after Defaqto revealed the average interest rate on SIPP cash accounts is only 0.21% on £5,000 and warned rates can vary wildly between providers. Last month, James Hay, owned by IFG Group, announced the launch of a new cash panel service available to its SIPP and wrap customers, providing cash accounts from Allied Irish Bank and Cater Allen Private bank. Richard Mattison, business development director at James Hay, said at launch: "The aim of the panel is to give access to the best rates available at the current time." The Cater Allen account, when accessed via a ...