The Mansfield Building Society

SIPP Trust Cash Deposit Account - Easy Access (1st issue)

Summary Box
Account name

SIPP Trust Cash Deposit Account - Easy Access (1st issue)

What is the
interest rate?
Account Levels Interest Rate (AER1/Gross2)
£25,000 + 0.50%

Interest is calculated on the daily balance of the account.

Interest payable annually on 31 December

Can The Mansfield Building Society change the interest rate?

This is a variable rate savings account and we have the right to vary the interest rate at any time.

If we change interest rates to your disadvantage on a variable rate account we will notify you in writing at least 14 days prior to the rate change.

For more information on changing interest rates, please see Section 7 of our General Account Terms and Conditions.

What would the estimated balance be after 12 months based on a £25,000 deposit?
Interest Rate
£25,000 0.50% £25,125.00

This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This assumes that the account is opened on 1 January with a £25,000 cash deposit and that no further deposits or withdrawals are made during the first 12 months. The projected balance is based on the annual rate.

How do I open and manage my account?

Our savings accounts are exclusively available to United Kingdom residents. Accounts are only available to non-United Kingdom residents if they are already an existing member.

SIPP stands for Self Invested Personal Pension and is a type of personal pension plan. It works in the same way for contributions, tax relief and eligibility. However, the main difference is that the SIPP has a more flexible approach to investments.

The SIPP Trust Cash Deposit Account – Easy Access (1st issue) is available exclusively to members of a SIPP solely for the “Deposit account” element of allowable SIPP investments.

To open an account your Scheme Administrator will need to complete and return a SIPP Trust Cash Deposit Account application form together with the documentation listed below.

A minimum opening and operating balance of £25,000 is required.

The account can be added to at any time up to a maximum investment of £250,000.

Any additional deposits will be accepted by cheque or electronic transfer from the designated SIPP bank account only. Cash deposits will not be accepted.

The product is not available from our branches. Please contact your SIPP Administrator to manage the account.

Can I withdraw money?

Withdrawals or closure can be made without notice by post only and will be by cheque or electronic transfer to the designated SIPP bank account only.

Additional information

A variable rate account for SIPP Trust Cash deposits only.

The SIPP Trust Cash Deposit Account is a non-passbook account which means that annual statements will be issued. No counter transactions will be permitted other than the processing of cheques from the designated SIPP bank account received by post.

The SIPP Trust Cash Deposit account is a Deposit account. You will not become a Member by virtue of this account but you will be bound by the Society's Rules, a copy of which is available on request.

All monies invested in the SIPP Trust Cash Deposit Account - Easy Access (1st issue) will be invested by a SIPP Scheme Administrator in accordance with the requirements of a Trust Deed. The account holder will be the trustees of the SIPP Scheme incorporating the name of the individual to which the fund relates.

The trustee owns the assets in the SIPP, purchases and sales are made in the trustee’s name so that these transactions enjoy the tax protection of the SIPP.

Interest on a sum deposited by cheque is calculated from and including the day after we receive it. We calculate interest on a sum withdrawn up to and including the day before withdrawal.

Interest is paid gross without tax deducted.

You can choose to have interest added to the SIPP Cash Deposit Account or paid to the designated SIPP bank account.


We require the following documentation and mandates:

  • A Certified Copy of the Establishing/Master Trust Deed
  • A Certified Copy of the Supplemental Deed (if appropriate)
  • A Certified Copy of the Scheme Rules
  • A Certified Copy of HMRC registration quoting the name and number of the Scheme
  • Certified Copies of the Scheme Member's Identification or Anti-Money Laundering Certificate
  • A Certified List of all Authorised Signatories
  • Certified Copies of the Authorised Signatories Identification
  • A cheque made payable to The Mansfield Building Society re: 'The Scheme Member' drawn on the designated SIPP bank account

If another Mansfield Building Society SIPP Trust Cash Deposit Account has already been opened by the Trustees in respect of another Scheme Member under the SIPP arrangement, we will not require the Establishing/Master Trust Deed provided there have been no material changes in the meantime.

About our Savings Products

Before applying for one of our savings products, please read this in conjunction with our General Account Terms and Conditions, which provides full details of the terms and conditions applied to this and other accounts offered by us.

Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.

The General Account Terms and Conditions are provided to all new account holders and are also available on request.

General Account t&cs

How to Apply

You can send your application form through the post or visit one of our branches to speak to a member of staff who will be able to talk you through the application process.

In common with other financial organisations we will need evidence of identification and proof of residency. Please see the application form for details.

Find a Branch Contact Us Identification Requirements

Cancellation Rights

If you are not happy about your choice of account, you may cancel it within 14 days of:

The day you enter into the contract; or

The day on which you receive the contract terms and conditions and other information on paper or electronically; whichever is later

We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any extra charges.


Charitable Assignment

All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.



1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.

2. The gross rate is the contractual rate of interest payable without tax taken off.

If separate AER/Gross rates are not quoted, both rates are identical.

^Tax free means exempt from UK income and capital gains tax in the hands of the investor.

These account details apply to personal investors only unless stated in the detailed information.

Contact us

Mansfield Branch

Regent House
Regent Street
NG18 1SS

Tel: 01623 676300

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm

Kirkby Branch

48 Station Street
NG17 7AS

Tel: 01623 756601

Opening Hours:
Mon to Fri: 10.00am - 2.00pm
Sat: 8:45am - 12:15pm

Sutton Branch

53 Portland Square
NG17 1AZ

Tel: 01623 554265

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm

Chesterfield Branch

91 New Square
S40 1AH

Tel: 01246 202055

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm

Date printed: 15 December, 2018 10:29
Page last updated: 02 January, 2018 12:53

The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.