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SIPP External Cash deposit

air04
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SIPP External Cash deposit

#207417

Postby air04 » March 13th, 2019, 1:23 pm

Hello,

I was wondering if anyone has looked into cash deposits in SIPP. I have >200K in cash which was getting low interest at HL. After the post of viewtopic.php?f=52&t=15219 , I invested it all in ERNS. That gives about 0.6%/year.

I now plan to keep about 200K of my SIPP in cash-like investments. Then I saw https://www.investmentsense.co.uk/accou ... -pensions/ After more research, I came across MINERVA SIPP https://www.investaccpensions.co.uk/. They seem to be good value for money, and extremely simple charges. I was impressed when I talked to them, and found good reviews online.

I will be moving money from AJBell youinvest and HL into them. And them open a AJBell dealing (trust) account though them. I used to invest into Structured products(https://www.comparestructuredproducts.com/Products) through YouInvest paying £100 for transaction and 0.25%/year. With such charges, MinervaSIPP @£400/year(+£30 at YouInvest) looks cheap. Also, I will save £100YouInvest + £200HL charges anyway. And if I put 200K into SIPP, that will give me around £4000/year interest!!

I was wondering in anyone has done something similar, any suggestions about SIPP with cash deposit options will be welcome.

Thanks a lot,
ap

air04
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Re: SIPP External Cash deposit

#207422

Postby air04 » March 13th, 2019, 1:43 pm


Alaric
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Re: SIPP External Cash deposit

#207423

Postby Alaric » March 13th, 2019, 1:44 pm

air04 wrote: any suggestions about SIPP with cash deposit options will be welcome.


Don't you have to worry about FSCS compensation limits on deposits with a single borrower?

air04
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Re: SIPP External Cash deposit

#207432

Postby air04 » March 13th, 2019, 2:46 pm

Alaric wrote:
air04 wrote: any suggestions about SIPP with cash deposit options will be welcome.


Don't you have to worry about FSCS compensation limits on deposits with a single borrower?

Yes, one should. So, I plan to put 85K ish max into each provider. I confirmed with Minerva Sipp that is the case.

Also, the charges are not £400, they are £480(inc vat).


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