InvestAcc Pension Administration

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Updated range of Fixed Term Deposit accounts for pensions

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 Minerva SIPP and SIPP Lite customers, and some SSAS customers.

Note that the following rates are valid as at 11th January 2024 and may be withdrawn or changed in future:

TermAnnually (AER* / Gross)At Maturity (AER* / Gross)
1 year4.41% / 4.41%4.41% / 4.41%
18 months3.91% / 3.91%3.87% / 3.91%
3 years3.71% / 3.71%3.58% / 3.71%

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/2024/01/Fixed-Term-Deposits-for-Pensions-1397-IIS-PR001107-01.24.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 investments@investacc.co.uk (for Minerva SIPP and SIPP Lite customers) or ssas@investacc.co.uk (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.

January 11th, 2024