When a self-invested pension is established with Rowanmoor, we will open a bank account to facilitate cash payments in and out of the scheme.
The Metro Bank PLC account we set up for each SIPP, SSAS or Family Pension Trust is for the purpose of managing all cash payments related to the scheme. As trustee, Rowanmoor Trustees Limited is the sole signatory and responsible for all day-to-day management of the account.
The main features of the Metro Bank account are instant access, monthly bank statements and no charges for sterling transactions.
We require a minimum of £3,000 in cash (£2,000 for SIPP) or other easily realisable assets at all times. This is to ensure there is enough cash to meet investment needs, associated fees, pension benefits and any other outgoing payments.
Interest on scheme bank accounts held with Metro Bank is payable at 0.30% p.a, which is compounded and credited monthly (gross). Note that base rate fluctuations may result in interest rate variation.
The terms of our agreement with Metro Bank involve us undertaking aspects of bank account management, for which we receive a payment of 0.65% p.a on deposits held.
We do not restrict the number of other bank accounts that can be opened for investment purposes.
Existing SSAS arrangements may have an account with Royal Bank of Scotland plc. The interest on these accounts is currently payable at bank base rate minus 0.875% (subject to a minimum of 0.01% p.a.). It is compounded and credited monthly (gross). The current interest rate on SSAS bank accounts is 0.01% p.a.