In a volatile market, or as you approach a life stage where you want to focus on protecting your capital, cash deposit accounts can be a great low risk investment to achieve a level of growth to protect against the impact of inflation.
We have used our financial strength to negotiate competitive rates specifically for our investors in order to offer highly competitive accounts from leading banks.
Term deposit protection by the
Financial Services Compensation Scheme (FSCS)
All cash deposit accounts are covered by the Financial Services Compensation Scheme’s (FSCS) deposit protection, which is currently up to a maximum of £85,000. The level of protection can be subject to change and you can read more about the FSCS deposit protection here. The protection is by deposit taker (bank) rather than deposit, so for example, if you had two fixed rate deposit accounts with Bank A for £50,000 (£100,000 in total), your cover is still £85,000 maximum.
The protection is based on you as an individual even though the trustee is the legal owner of the assets in your SIPP. So if you hold money personally with a bank then that will be included in the £85,000 limit. For example, if you hold £10,000 personally with Bank A and £80,000 with Bank A through us, your total FSCS protection in the event of the failure of Bank A would be restricted to £85,000 overall.
1. The cash deposit accounts are currently only available on SIPPs**.
2. The interest rate applied will be the prevailing rate on the day that the money is deposited into the account. This is likely to be 2 to 5 business days after receipt of the application form by James Hay Partnership.
Indicative rates available to James Hay Partnership clients as at 7 December 2017