FAQs


Who are Close Brothers?

Close Brothers is a specialist financial services group which makes loans, trades securities and provides advice and investment management solutions to a wide range of clients. Close Brothers was established in 1878 and today employs over 2,500 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250. 

Are you regulated?

Close Brothers Savings is a trading style of Close Brothers Limited ('CBL'), a subsidiary of Close Brothers Group plc.

Close Brothers Limited is authorised and regulated by the Financial Services Authority, firm reference number 124750.

Are you profitable?

At our last preliminary year-end, 31 July 2012, we recorded £134.2million adjusted operating profit before tax.

We have maintained a prudent funding position and continue to have access to a diverse range of funding sources. 

What is your attitude to risk?

We have taken a prudent approach to risk in all our activities for many years.

Our businesses generate a mix of types of income and do not rely on one profit centre or sector. The vast majority of our lending is on a secured basis.

Additionally, our loan book is relatively short term in duration with an average maturity of 13 months.

The group is soundly funded and well capitalised and the individual businesses within it are well positioned to take advantage of future growth opportunities.


Does Close Brothers Limited have good credit ratings?

Yes, we have a short-term rating of F1 and a long-term rating of A from Fitch Ratings Ltd.

Short-term ratings answer the question "How safe is my money placed with this bank for periods up to one year?".

F1 is defined by Fitch as "Highest credit quality. Indicates the strongest capacity for timely repayment of financial commitments".

We are also rated A3/P2 by Moody's.

How do you fund your loan book?

Funding comes from diversified sources including committed facilities from other banks and a range of short and long dated corporate and retail deposits.

The group does not hold sovereign debt issued by Greece, Ireland, Italy, Portugal or Spain.

Do you have exposures to emerging markets?

We do not have exposure to emerging markets. 

Derivatives are only used as hedging instruments to minimise the impact of interest rate, foreign currency or equity movements connected to funding of the customer loan book.

Will my money be covered by the Financial Services Compensation Scheme?

Close Brothers Limited ('CBL'), is a member of the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

CBL is a member of the Financial Services Compensation Scheme ('FSCS') which protects up to £85,000 of an eligibile depositor's funds held with CBL. The FSCS limit relates to the total funds held by a depositor with CBL, including their share of any joint account and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100

How do I pay money in?

You can send money to Close Brothers Savings either by cheque or by electronic bank transfer.

For full details click here>>.

Am I able to withdraw money early?

In line with our Terms and Conditions, Close Brothers Savings do not allow early withdrawals from a fixed term deposit or notice account. Funds can only be paid at the maturity of a fixed term deposit or after the relevant notice has been served on a notice account.

To view our Terms and Conditions click here>>.

Can I amend the ownership of my account?

Generally, we are unable to amend the ownership of an account, however please see your product's Terms and Conditions for details or contact our Client Services team on 020 7655 3416.

What happens in the event of death?

Please see the information in the Bereavement advice document below or, if required, for an Indemnity form or Executors Instruction form click here>>.

pdfBereavement advice

Will I automatically receive a tax certificate?

Individuals (and/or where appropriate joint account holders) will automatically receive a tax certificate at the end of any financial year in which you have received interest from us.

These will be sent out towards the end of April.

Are telephone calls with Close Brothers Savings recorded?

Yes, telephone conversations with Close Brothers Savings are recorded for monitoring and training purposes and for your protection.

How do I authorise my financial advisor to receive information on my account?

If you wish to give your Independent Financial Advisor (IFA) authority to discuss your account, please complete and return the document below.

pdfAuthorisation to provide information to a financial advisor

Client Services

Want to ask us a question about our latest product(s)?

Call us on 020 7655 3416


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