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?
Balances of £250,000 or more
4.50% | 4.55% |
| Gross PA* | AER** |
Balances falling below £250,000
1.00% |
| Gross PA / AER |
The minimum opening deposit for this account is £250,000.
Please note, interest is calculated daily, compounded and is paid into the Corporate Notice Account twice-yearly on 01 January and 01 July. The interest rates shown are managed rates***.
*Gross PA means Gross Per Annum, i.e. before tax is deducted (at the legal rate).
**AER stands for Annual Equivalent Rate and illustrates the interest rate you would earn from a savings account over the course of a year, and it takes any compounding of interest into account.
***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 earned after 12 months | Estimated balance after 12 months |
|---|---|---|
| £250,000.00 | £11,376.56 | £261,376.56 |
Balances falling below £250,000
| Initial deposit | Interest earned after 12 months | Estimated balance after 12 months |
|---|---|---|
| £1,000.00 | £10.03 | £1,010.03 |
This example is based on the initial deposit at the time of account opening or the account balance if it falls below the minimum balance. It assumes no further deposits or withdrawals have been made, no changes to the variable interest rate over the 12-month period and that interest is paid twice-yearly.
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 PA/AER (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.