What is the interest rate?
1.55% Gross / AER*. Note, accrued interest is calculated daily and is paid into the Notice Account annually on 30th June. This is a tiered managed rate**. If your balance falls below £10,000, interest will be set at 0.50% Gross P.A. (variable) until the balance meets or exceeds £10,000.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and added each year. Interest is compounded. Gross P.A. means Gross Per Annum, i.e. before tax is deducted (at the legal rate).
Can Close Brothers Savings change the interest rate?
Yes. The Notice Account rate **(Managed rate) refers to a rate that can be changed at any time. Such changes may be made without notice if the change is favourable to you. However, you will be given at least one month’s notice of any reduction rate. See clause 7 of the Product Terms and Conditions.
after 12 months
Kindly note, the minimum opening deposit for this account is £10,000. If your balance falls below £10,000, interest will be set at 0.50% gross p.a. (variable) until the balance meets or exceeds £10,000.