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James Hays launches deposit account

James Hay has unveiled its plans to launch a special deposit account for cash in its online Sipp.

The SIPP provider is setting the bar by paying 6.9 per cent gross, fixed for one year in eSIPP accounts with a minimum balance of £10,000.

The offer was drawn up after James Hay research revealed a rise in importance in cash – with a 10 per cent increase in cash holdings in SIPP portfolios over the past three months alone.

James Hay managing director Andy Pennie says: “James Hay is the first SIPP provider to launch cash rates akin to the top rates on the high street.

“This market-leading rate gives SIPP investors access to an excellent rate for those prepared to lock their money away for a year, at a time when they are more likely to be investing in cash.”

The deal is available to investors holding money in the investment centre of James Hay’s eSIPP.

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