Ascentric 30 day Notice Account from Investec Private Bank

Independent wrap Ascentric has announced the launch of a 30 day Notice Account on its platform. The deposit account is provided exclusively for Ascentric users by Investec Private Bank.

The new account will initially be available to SIPP and SSAS investors only and will sit alongside the cash and Fixed Term deposits already on the Ascentric platform.

Features of the 30 Day Notice Account include:

Minimum balance £25,000, no maximum;
Minimum withdrawal £5,000;
Indicative rates range from 1.98% to 2.96% currently depending on balance (gross monthly);
Charge per investment / withdrawal £20.

Lionel Ross, Pension and Trust Specialist at Investec Private Bank said, "Over the last two years or so many investors have increased the cash allocation of their pension fund to reduce their exposure to volatile equity markets. However, our research shows that most SIPPs are offering poor returns on the cash element of the funds and even those with larger cash balances cannot guarantee a competitive rate of interest."

He went on to add that, "The Investec Pension and Trust Reserve Account provides some of the most attractive cash rates for SIPP and SSAS bank accounts. We are delighted to make this product available through the Ascentric platform so that they can offer this to their clients".

Richard Goodall, Sales Director at Ascentric commented, "We have had increasing calls from our users for an accessible deposit account paying competitive rates of interest. The launch of this Investec Notice Account adds greater diversification to our proposition and will mean advisers can offer more cash-based options to their clients. With cash continuing to play an important part within a portfolio solution, we will be launching further cash solutions over the coming months".