The Metro Bank PLC account we set up for each SSAS is for the purpose of managing all cash payments related to the scheme. As independent trustee, Rowanmoor Trustees Limited is the sole signatory and responsible for all day-to-day management of the account.
The main features of the Metro Bank account are instant access, monthly bank statements and no charges for sterling transactions.
Interest on scheme bank accounts held with Metro Bank is compounded and credited monthly (gross). In the current climate the amount of interest paid to your account is 0.0%. Note that base rate fluctuations may result in interest rate variation.
The terms of our agreement with Metro Bank involve us undertaking aspects of bank account management, for which we may receive a payment.
Some trustees have deposit accounts with other banks. In order to obtain current interest rates payable on these accounts the trustees will need to contact their bank directly. Rowanmoor do not receive any payments from these banks.
We do not restrict the number of other bank accounts that can be opened for investment purposes.
We require a minimum of £3,000 in cash or other easily realisable assets at all times. This is to ensure there is enough cash to meet investment needs, associated fees, pension benefits and any other outgoing payments.
For clarity, please note the following definitions: where we refer to Member Trustees, this means all those who are members of the SSAS who have been appointed as a Trustee.