Eligibility
To apply for this account, you must be:
- A UK registered company, UK Institution or a UK registered charity
- Depositing between £250,000 and £10 million per account
Key account information
What is the interest rate?
| Balance of £250,000 or more | Balances falling below £250,000 |
|---|---|
4.50%Gross PA / AER* | 1.00%Gross PA / AER* |
The minimum opening deposit for this account is £250,000.
Note, accrued interest is calculated daily and is paid into the Corporate Notice Account semi-annually on 01 January and 01 July. The interest rates shown are managed rates**.
* AER stands for Annual Equivalent Rate. It illustrates what the interest rate would be if interest were paid and added each year. Please note, interest is compounded. Gross PA means Gross Per Annum, i.e. before tax is deducted (at the legal rate).
**Managed rates refer to a variable rate that we can change at any time, however, we must give you at least one month’s notice of any reduction in rate.
Can Close Brothers Savings change the interest rate?
Yes, the managed interest rate on this account is variable, this means we may increase or decrease the rate of interest at any time.
For example, we might review the interest rate on this account if the Bank of England base rate changes.
If the change is favourable to you, such changes may be made without notice. For interest rate reductions, we must give you at least one month’s notice.
For more information please see clause 8 of the Product Terms and Conditions.
What would the estimated balance be after 12 months based on a £250,000 deposit?
| Initial deposit | Interest rate | Interest earned after 12 months | Estimated balance after 12 months |
|---|---|---|---|
| £250,000.00 | 4.50% | £11,376.56 | £261,376.56 |
Balances falling below £250,000
| Initial deposit | Interest rate | Interest earned after 12 months | Estimated balance after 12 months |
|---|---|---|---|
| £1,000.00 | 1.00% | £10.00 | £1,010.00 |
Interest is accrued daily and is payable into your Corporate Notice Account twice yearly on 01 January and 01 July.
Illustration based on the initial deposit shown being deposited at the time the account is opened, no further deposits or withdrawals are made and there is no change to the applicable interest rate during the 12 month period. This projection is provided for illustrative purposes only and does not take into account individual circumstances.
How do I open and manage my account?
This account can be applied for by post via our Business Development team.
The minimum opening deposit is £250,000 and the maximum is £10 million.
You can send us your funds by electronic transfer from your nominated bank account.
Single or multiple electronic bank transfers can be used to send us your deposit.
You may also place additional funds, ensuring they do not exceed the maximum balance.
To manage your account, please call or write to us.
A monthly statement will be sent out on the first working day of each month.
Can I withdraw money?
Yes, you may place a notice instruction to withdraw funds at any time in writing or over the telephone.
The minimum amount you may place on notice is £10,000.
Your funds will then be repaid following completion of the applicable notice period.
Once placed, notice cannot be cancelled.
If your balance falls below £250,000, interest will be set at 1.00% Gross P.A. (variable) until the balance meets or exceeds £250,000.
If your account is closed before a scheduled interest payment, any accrued interest will be added to the account and the total balance will then be paid into your nominated bank account.
Additional information
Tax information
We do not currently deduct tax from any interest paid to you. Tax benefits depend on individual circumstances and could change in the future.
Key documents
We recommend reading the information in the documents below before you apply. You may like to save or print them so you can refer to them in the future.