Your SIPP Bank Account
Your SIPP bank account receives all payments into your SIPP and is used to pay out all benefits. All cash received is held in your SIPP bank account until it is invested in accordance with your instructions.
The rate of interest that you will earn on money held within your SIPP bank account is variable. The current tiered rates of interest payable are as follows:
| £0 – £50,000 | 1.75% |
| £50,001 – £500,000 | 1.80% |
| £500,001 + | 1.85% |
DP Pensions Ltd receives payments from banks based on the aggregate cash balances held across all SIPP bank accounts. The amount that we receive is not fixed and will vary depending on the total cash held and on interest rates. We currently receive between 1.35% – 1.45% per annum based on the tiered rates above (as at 01/11/2023). We retain the additional amount shown to keep our administration charges competitive.
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