Change to Banking Arrangements and Interest Rate payable
At Yorsipp, we regularly review our suppliers to ensure best value for our clients. As a result of a review of our banking supplier, we are delighted to announce a change in our banking from Bank of Scotland to Royal Bank of Scotland (RBS).
The change benefits our clients in two main ways i.e. :-
• Despite a backdrop of historically low interest rates and many SIPP providers reducing their interest rates payable on client monies, we are pleased to confirm that RBS will pay interest to client’s at a rate of 0.3% pa on all trustee and property accounts holding a credit balance.
• It ensures all trustee bank accounts held via Yorsipp are managed with the most recent SIPP banking technology.
We have written to clients to inform them of this change and will also liaise directly where any action is required to redirect incoming payments. Please note that RBS will automatically re-direct any outgoing payments as part of their account switching service.