Self-invested personal pensions provider James Hay has announced the launch of a special deposit account for cash in its eSIPP, offering investors 6.9 per cent gross, fixed for one year.

Market volatility continues to drive SIPP investors to move segments of their portfolios into cash.

Research from James Hay reveals a rise in importance for cash within SIPPs, with a ten per cent increase in cash holdings in SIPP portfolios over the past three months alone.

With the average SIPP balance estimated at £46,500, up to 300,000 investors could be missing out on as much as £1,930 per year based on the difference between the lowest rate and the James Hay eSIPP special deposit rate of 6.9 per cent.

Andi Pennie, marketing director at James Hay, says, ‘This market-leading rate gives SIPP investors access to an excellent return 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 account has a minimum balance of £10,000 and is available to investors holding money in a James Hay eSIPP. For more information, visit www.jameshay.co.uk.