SIPP 60 Day Notice Account

Account name

SIPP 60 Day Notice Account

What is the interest rate?

Balances of £1,000 – £49,999 earn a rate of 2.35% Gross*/AER**
Balances of £50,000 – £99,999 earn a rate of 2.45% Gross/AER
Balances of £100,000 – £249,999 earn a rate of 2.55% Gross/AER
Balances of £250,000 – £1,000,000 earn a rate of 2.65% Gross/AER

Interest is paid annually on 5 April and can be added to the account or paid directly into the nominated SIPP bank account. When your balance moves into a different tier, you will receive the interest rate shown above on the whole account balance for that tier.

Can the Society change the interest rate?

The interest rate on this account is variable and the Society may make changes to this rate at any time. We will notify you of any changes in accordance with the Terms & Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

If you were to open this account with £1,000 and no further deposits or withdrawals were made, after 12 months you would earn £23.50 in interest. If you chose to have interest added, this would result in a total balance of £1,023.50. Please note this is an illustration only and does not reflect your specific circumstances.

How do I open and manage my account?

To be eligible for this account:
• The account must be held within a valid HMRC registered SIPP pension scheme.
• You must be an FCA regulated SIPP administrator.
• Provide an opening investment between £1,000 and £1,000,000 by bank transfer or cheque drawn on the scheme member’s SIPP bank account

You can open an account by:
• Completing and returning a SIPP application form.
• Providing the required supporting documentation.

If you change your mind:
If the scheme member is unhappy with their chosen account within 14 days of opening it, we will return the deposit with interest.

How do I manage my account:
• You need to keep a minimum balance of £1,000 in the account.
• The maximum that can be held in this account is £1,000,000.
• You may invest up to the maximum balance by bank transfer from the scheme member’s SIPP bank account.
• Statements will be issued within 30 days of the annual interest being paid and sent to the scheme administrator.

Can I withdraw money?

• Withdrawals are subject to 60 days’ notice or 60 days’ interest penalty. This means that you can access your funds where you accept the penalty.
• A minimum of 2 signatories will be required from the scheme administrator’s authorised signatories list for all transactions and changes.
• Withdrawals will be sent by next day payment to a previously nominated SIPP bank account.

Additional
Information

Gross*
The rate paid with no income tax deducted.

AER (Annual Equivalent Rate)**
A rate which illustrates what the gross rate would be if the interest was paid and added once each year.

Changes to these terms
Are detailed in Section 19 of our General Investment Terms and Conditions.

Customer complaints
Although we do all we can to provide a first-class customer service, sadly sometimes things do go wrong. Your concerns are important to us to improve quality of service and identify possible training needs.
We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint, please let us know and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure, which you can request at any time.

Financial Services Compensation Scheme
Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff.