Independent wrap Ascentric launches a 30 day Notice Account on its platform. The deposit account is provided exclusively for Ascentric users by Investec Private Bank.
The new account will initially be available to SIPP and SSAS investors only and will sit alongside the cash and Fixed Term deposits already on the Ascentric platform.
Features of the 30 Day Notice Account include:
Minimum balance 25,000, no maximum;
Minimum withdrawal 5,000;
Indicative rates range from 1.98% to 2.96% currently depending on balance (gross monthly);
Charge per investment / withdrawal 20.
Over the last two years or so many investors have increased the cash allocation of their pension fund to reduce their exposure to volatile equity markets, says Lionel Ross, pension and trust specialist at Investec Private Bank. However, our research shows that most SIPPs are offering poor returns on the cash element of the funds and even those with larger cash balances cannot guarantee a competitive rate of interest. The Investec Pension and Trust Reserve Account provides some of the most attractive cash rates for SIPP and SSAS bank accounts. We are delighted to make this product available through the Ascentric platform so that they can offer this to their clients.
D.C.