Close Brothers Savings

Who they are

Close Brothers Savings is part of Close Brothers Group plc, a UK merchant banking group founded in 1878. That makes it one of the older names in British banking, even if the retail savings side is more recent. The savings arm has been providing dedicated personal savings accounts to UK residents and businesses since 2008.

A long-established bank in the City of London, they provide personal customers with direct access to a named member of their London-based customer services team over the phone - which is a genuine point of difference from the purely app-based challengers. On Trustpilot, Close Brothers Savings carries a rating of 4.4 , and reviews frequently point to responsive telephone support as a highlight. It is not a bank that tries to do everything - Close Brothers typically offers only a selection of savings products at any one time, so choice is often limited to two or three accounts. For some savers that simplicity is a feature rather than a flaw.

Savings accounts

Right now the DepositScout data shows two products from Close Brothers Savings: a 2 Year Fixed Rate Bond and a 2 Year Fixed Rate Cash ISA. Both carry a minimum opening balance of £10,000, so this provider is squarely aimed at savers who have a meaningful lump sum to put to work.

The Fixed Rate Bond pays 4.76% AER fixed over two years. The Fixed Rate Cash ISA pays 4.60% AER fixed over the same term, with the tax-free wrapper that comes with any ISA. Both rates are fixed for the full two years, so what you see is what you get - no bonus to watch out for and no rate cliff to set reminders for.

That £10,000 minimum is worth flagging upfront. If your pot is smaller, these accounts simply are not available to you and you would need to look elsewhere. If you do meet the threshold, both accounts fall squarely in a competitive part of the fixed-rate market.

One practical note: interest is paid away annually rather than compounded within the account, which is worth factoring in when you compare the real-terms return against alternatives. That also means the interest lands across two separate tax years, which can help if you are mindful of your Personal Savings Allowance.

FSCS protection

Eligible deposits held by a UK establishment of Close Brothers Limited are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. That is higher than the standard £85,000 limit that applies to most high street banks, and it reflects the fact that Close Brothers holds its own separate banking licence. Close Brothers Savings operates as a trading style of Close Brothers Limited, a wholly owned subsidiary of Close Brothers Group plc. There is no licence-sharing with another retail savings brand to be aware of here.

Is it right for you?

Close Brothers Savings suits a particular kind of saver: someone with at least £10,000 to lock away for two years who values the backing of a long-established bank and wants direct telephone access to a real person if anything needs sorting.

It is not a fit for those who need flexibility, want to drip money in over time, or are working with a smaller balance. There are no easy access accounts in the current range, no switch offers, and no short-term fixed options shown here. The product shelf is narrow by design.

If two-year fixes appeal to you and you can meet the minimum, the rates on offer are worth taking seriously. As always, the live figures shown on this page are the ones to go by - rates in this market move, and the numbers above reflect what Close Brothers Savings is offering right now.