Close Bros: 7% for high-end savers
Wednesday, 05 Nov 2008 10:46
UK bank, Close Brothers, has launched a fixed-term deposit account offering savers a seven per cent interest rate.
Investors depositing funds in the Premium Gold account up to and including Monday, November 10th will be guaranteed the interest rate for 12 months.
A minimum investment of £10,000 is required to open the account, which has been designed for savers who want to make longer-term deposits for a high rate.
It is being hailed by the bank as a safe place to deposit the cash element of investors' Self-Invested Personal Pensions (Sipps).
The account has been created by Close Brothers Limited Treasury Services, which is part of the Close Brothers Group plc bank.
Its senior marketing manager, Gail Johnson, said while there was a demand for higher interest rates, savers we also seeking assurance their deposits would be held by a financially-secure bank.
She added: "We believe this account will appeal to individuals and couples, as well as to companies and other organisations, looking to benefit from higher rates of interest over the medium term and who want to enjoy better levels of service."
Sean Gardner of comparison website MoneyExpert, com, said the account offered an unbeatable rate for savers with £10,000 or more to invest. The average fixed-term account was 5.25 per cent.
He added: "With predications of a plummeting base rate, and with such a capricious banking sector at the moment, if you are happy to wave goodbye to your cash for a year then you will at least be guaranteed a decent return with a trusted institution."