Account in Focus: Close Brothers Savings – Select Gold 180 Day Notice

Close Brothers Savings Select Gold 180 Day Notice accountHow is interest calculated?

The current interest rate is 3.15% gross AER.

Is interest accumulated to my savings?

Interest is paid quarterly (30th March/30th June/30th September/30th December)

How long do I have to tie my savings up for?

The account is a 180 day notice account.

Can I get access to my savings?

A 180 days notice is required with no earlier access

How do I manage my account?

The account can be opened and managed by post, with deposits made by cheque or bank transfer.

Application forms can be downloaded online by clicking here

Questions regarding the account should be directed to Close Brothers Savings on 0207 392 1772 or by visiting the Close Brothers Savings website.

How much can I save?

The minimum which can be saved is £10,000, the maximum is £10,000,000

How is the interest taxed?

Interest will be paid less the deduction of basic rate tax.

High rate tax payers will have further tax tp pay, non tax payers can complete the relevant R85 form to request interest is paid without the deduction of tax.

What are the advantages of this account?

What are the disadvantages?

  • Balances that fall below £10,000 will earn interest at 0.5% gross p.a
  • There are three or four month notice accounts available with better or equal rates of interest with lower initial deposits
  • The minimum deposit of £10,000 is high

The Investment Sense VerdictThe Investment Sense Verdict

Although an attractive rate of interest there are other three and four months accounts available with better or equal rates of interest and a lower initial deposit.

There is also a 6 Month Fixed Rate Bond from FirstSave with a Gross Rate of 3.23% for an initial deposit of £1,000 and a maximum deposit of £2,000,000.

If your balance is likely to fall below £10,000 then a rate of only 0.5% gross p.a. will be earned and there are better accounts on the market for balances of under £10,000.

Should you wish to discuss this account, or ways of getting a real, above inflation, return on your savings, speak to one of our team of advisers today. They can be contacted on 0115 933 8433, 0845 078 7774 or by sending an email to info@investmentsense.co.uk.