Close Savings 2yr Fixed 4.25%

david236

Just launched I think, a bit irritating really as I've just opened one with Yorkshire Bank at 4% grrrrr....

SallySunshine

Sounds good, just looked at their site.
I wonder how long this offer will last though.
Got a 2 year bond maturing soon, and this is a better offer than the paltry new one I'm being offered.
Sorry Santander, you'll have to do better than 3.75%

atypical

Minimum £10,000 deposit. Interest is paid to a nominated account.

Direct link:
https://www.closesavings.co.uk/accounts/premium-gold-1

Ifts

On balances above £50K you will receive interest gross -

Paying tax on your account

For deposits of £50,000 and above we will pay interest gross i.e. without the deduction of tax. This is a requirement of HMRC. For deposits of less than £50,000, we will pay interest after deduction of tax unless you enclose a completed HM Revenue & Customs Form R85 confirming that you are entitled to receive interest without the deduction of tax.

Although Qualifying Time Deposits paying interest gross on balances above 50K is going to stop from April 2012:

http://citywire.co.uk/new-model-adviser/budget-2011-time-deposit-accounts-lose-tax-loophole/a481222

edit: New rules only apply for QTD accounts opened from 6 April 2012

http://www.hmrc.gov.uk/tdsi/mailshot38.htm

Ifts

SallySunshine wrote: »

I wonder how long this offer will last though.

Probably wont be around for long with this rate, might be a good idea to print off the application form now while you still can.
They usually stop you printing off the application form once they pull the offer but still give you an extended time to get it to them with your opening deposit.

Last time the Premium Gold 18 month paying 4.00% and Premium Gold 3 Year paying 5.00% were launched 02-03-11 & withdrawn 14-03-11.

Sorry Santander, you'll have to do better than 3.75%

You can get better than that with Yorkshire Bank.

Old_Slaphead

SallySunshine wrote: »

Sounds good, just looked at their site.
I wonder how long this offer will last though.
Got a 2 year bond maturing soon, and this is a better offer than the paltry new one I'm being offered.
Sorry Santander, you'll have to do better than 3.75%

If past history is anything to go by they're usually open for about 1 to 2 weeks. Close, in past, have given a few days notice of closing date.

claire07

Just out of interest is it best to send a cheque or bacs transfer for this as it says "cheque will not be banked by us until our account opening procedures are completed, which may take up to 10 working days. Interest will be paid from the date your cheque clears".

So if I'm reading that right it could mean 2 weeks with no interest if sending a cheque or am I misinterpreting the T&Cs?

Ifts

Last time I paid by cheque, there was not much of a delay before it got cashed. Probably would be quicker though if you did BACS over the funds, remembering to reference your payment with your surname and postcode.

If it helps this thread has got experiences of others that paid into the last Close brothers premium gold offering earlier on this year via the Bacs and cheque option

https://forums.moneysavingexpert.com/discussion/3085330

claire07

That's great - thanks for that link. Think I probably will bacs over when I've moved the money into my bank account and post the application first class today. Seems a good offer.

alanq

Ifts wrote: »

Probably would be quicker though if you did BACS over the funds, remembering to reference your payment with your surname and postcode.

This seems a strange way that Close Brothers works. What if two people with the same surname living in the same Post Code (perhaps members of the same family) send funds via BACS?

Old_Slaphead

alanq wrote: »

This seems a strange way that Close Brothers works. What if two people with the same surname living in the same Post Code (perhaps members of the same family) send funds via BACS?

Wouldn't be too difficult to match them up from bank details and amounts on application.

I've d/w Close for several years and have had absolutely no problems - their BACS transfer in 'process' ensures that money gets credited on day of receipt thereby minimising lost interest while money in transit.