The Metro Bank PLC account we set up for each SIPP 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 for an FPT and £2,000 for SIPP to be held in cash 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 compounded and credited monthly (gross). In the current climate the amount of interest paid to your account is 0.0%. 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 may receive a payment.
We do not restrict the number of other bank accounts that can be opened for investment purposes.