SIPP Cash Deposit Accounts.
If you, or your clients (beneficiaries), have a Self-Invested Personal Pension (SIPP) and are looking to spread cash holdings for added protection, our deposit account could be the right solution.
Find out more below including our interest rates, Frequently Asked Questions (FAQs), and how to get started.
Account Name
Rate
Apply by
Withdrawals
Balance Restrictions
Type
Full Details
SIPP 60 Day Notice Account
A variable rate notice account specifically for SIPP administrators
Variable
A variable rate notice account specifically for SIPP administrators
Rate
2.35, 2.45, 2.55, 2.65%
Gross*/AER**
Access Type
Branch, post
Withdrawals
60 Days Notice or Interest Penalty
Minimum Balance
£1,000 – £1,000,000
Variable
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.
SIPP Cash Deposit account
How to open a SIPP account.
Keen to get started? Our savings accounts are currently available to open in branch or by post. If you’re looking for more information on how to open your account we’ve put together a helpful guide.
If you’re a beneficiary
This account can only be opened by a SIPP Scheme Administrator. Please contact your administrator who can manage the account opening with us using the information below.
If you’re a SIPP Scheme Administrator
This account is only available to open by post. If you’re looking for more information on how to open an account, we’ve put together a helpful guide below.
- Download, read and accept the terms and conditions, using our savings account finder.
- Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
If your client is a new customer, we will require proof of their identity to open a new account. If they’re an existing member, we may request identification if records with us are incomplete.
Completed application forms should be posted to Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.
FAQs
Frequently asked question about SIPPs and cash.
A SIPP, or Self Invested Personal Pension, is a type of personal pension plan.
It works much like other pensions when it comes to contributions, tax relief, and eligibility. The key difference is that SIPPs give more flexibility, with greater control over how savings are invested.
This can include stocks and shares, cash, property, and alternative assets such as gold, art, or classic cars. Investment selection within the SIPP may be made by the beneficiary and/or their financial adviser; however, the overall management and administration of the scheme is carried out by the SIPP administrator.
Most SIPPs hold some cash as a lower-risk component, typically increasing as retirement approaches. The Society offers a SIPP cash deposit account which provides a home for that cash element of the SIPP. These deposit accounts are only administered through SIPP administrators, not the pension beneficiaries.
Only SIPP Scheme Administrators can open a SIPP Cash Deposit Account on behalf of clients.
Your client is generally eligible if:
- They are a UK resident.
- They are under the age of 75.
- They have a National Insurance number.
No, however if your client is a new customer, we will need proof of their identity to open a new account.
Only a SIPP Scheme Administrator can open and then manage this account.
No. Please contact your SIPP Scheme Administrator who can open the account on your behalf.
Find the right savings account for you.
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