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Close Treasury 12mth 7% ftd

LongTermLurker
LongTermLurker Posts: 1,998 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Savings & investments
Haven't followed this up but is on Telegraph's website
Encounter a 7pc account with Close group

Close Treasury, part of Close Brothers Group, has introduced a fixed term deposit account paying 7pc gross a year on a minimum investment of £10,000.
Applications received with funds before November 10 will be guaranteed the rate of 7pc for 12 months, but, for applications received after this date, the rate will be reviewed after the base rate decision.
Gail Johnson, senior marketing manager at Close Treasury, said: "While there continues to be demand among savers for higher rates of interest, they also want to be assured that their deposits are held by a financially secure organisation. We believe that this account will appeal to individuals and couples looking to benefit from higher rates of interest over the longer term."
To find out more about the account, visit www.closetreasury.co.uk
You've never seen me, but I've been here all along - watching and learning...:cool:
«134567

Comments

  • LongTermLurker
    LongTermLurker Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Looking at it, this looks a tempting alternative to something like, say, ICICI (but what wouldn't?!)
    • Highest credit rating
    • No reliance on short term deposits
    • withdrawals FOC by CHAPS, subject to minimum withdrawal.
    Potential downsides are that they don't seem to accept BACS deposits (meaning you either have to pay to deposit by CHAPS or send a cheque) and there may not be a web-based front end for managing your account. Also, unfortunately, full details of the account don't appear to be published online and you have to contact them for further details.

    This is clearly a more specialised alternative, but could interest some people.
    You've never seen me, but I've been here all along - watching and learning...:cool:
  • Old_Slaphead
    Old_Slaphead Posts: 2,749 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What makes you think that they don't accept BACS - details of account to transfer to are on application form
  • LongTermLurker
    LongTermLurker Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ah, on the FAQ page there's a question "how do I send money to Close Brothers?" - when you hover over the link it only mentions CHAPS, but looking again, if you click the link it tells you much more, including BACS. My mistake.
    You've never seen me, but I've been here all along - watching and learning...:cool:
  • Dagobert
    Dagobert Posts: 1,625 Forumite
    LongTermLurker wrote: »
    Potential downsides are that they don't seem to accept BACS deposits
    payments can be made by BACS: How do I send money to Close Brothers?
    Dagobert
  • ebyard
    ebyard Posts: 104 Forumite
    It might not be much help, but the Federation of Small Businesses (FSB) have recommended Close Brothers for years now. Many thousands of FSB members have credit cards and savings accounts with them, they seem very stable and give good customer service.
  • GlasWolf
    GlasWolf Posts: 143 Forumite
    Part of the Furniture Combo Breaker
    On the Close Treasury site it says that "Fixed deposit rates are normally available for sums of £100,000 and above" - wonder if the Telegraph have missed out a zero...
  • LongTermLurker
    LongTermLurker Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Dagobert wrote: »
    payments can be made by BACS: How do I send money to Close Brothers?
    Yup, I covered that one in the post above yours :p
    On the Close Treasury site it says that "Fixed deposit rates are normally available for sums of £100,000 and above" - wonder if the Telegraph have missed out a zero...
    Ah, true - good point!
    You've never seen me, but I've been here all along - watching and learning...:cool:
  • noh
    noh Posts: 5,817 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    GlasWolf wrote: »
    On the Close Treasury site it says that "Fixed deposit rates are normally available for sums of £100,000 and above" - wonder if the Telegraph have missed out a zero...

    The application form ftp://server2.net-coms.co.uk/close/PG-Personal-Joint.pdf says minimum £10,000 and maximum £10,000,000

    Nigel
  • Wolf_Man
    Wolf_Man Posts: 99 Forumite
    Just gone for this one myself.

    Thanks for the heads up
  • Maidenover
    Maidenover Posts: 89 Forumite
    Might seem like a daft question but any idea why Close Brothers are not have recommended on Martins list?
    I'm still looking for a decent fixed rate and need a company I can transfer funds to from my Nat West or Lloyds account. Everything I have tried today is by postal application which means I will probably not get anything back at all from them after todays drop in rates.
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