Close Brothers Savings: £10,000 Minimum, 4.85% Ceiling
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Every Close Brothers savings product starts at £10,000. There is no £1 taster account, no £25 regular saver, nothing for a child. Cynergy and Santander open at £1 and Aldermore from £25 — Close Brothers has drawn its line an order of magnitude higher, and that single rule defines the brand as a consolidation home for larger balances rather than a place to start saving.
What you get for clearing the bar is pricing without gimmicks. The Easy Access account pays 3.85% AER variable with unlimited withdrawals and no bonus attached. Cynergy's 4.55% only beats it because 2.00 percentage points of that number expire after twelve months; on the underlying rate, Close Brothers is ahead. At the fixed end, the five-year bond pays 4.85% AER and the two and three-year both pay 4.80% — the best fixed rates in this comparison.
The complication is upstream. Close Brothers Group has been provisioning heavily for motor finance redress, raising its provision to £300m from £165m ahead of the FCA scheme, with further provisions since. Deposits stay FSCS-protected, but no other provider here carries an active, quantified conduct liability of that scale.
| Minimum deposit | £10,000 on every product — the highest entry barrier in this comparison |
|---|---|
| Maximum deposit | £2,000,000 per account (FSCS protects £120,000) |
| Easy Access | 3.85% AER variable, unlimited withdrawals, no bonus |
| 95 Day Notice | 4.10% AER variable, top-ups allowed at any time |
| Fixed Rate Bonds | 5yr 4.85%, 3yr 4.80%, 2yr 4.80%, 1yr 4.72% AER |
| Fixed Rate Cash ISAs | Up to 4.75% over 1, 2, 3 and 5-year terms |
| Funding window | 10 days, multiple transfers accepted; then no deposits or withdrawals |
| Interest treatment | Paid away annually and/or at maturity — not compounded |
| Early ISA exit penalty | 90–365 days' interest depending on term |
| Awards | Moneyfacts Compare Awards 2026 — Fixed Rate Savings Provider and ISA Provider of the Year |
| Group conduct provision | Motor finance redress provision raised to £300m from £165m, with further provisions since |
| FOS new cases, Jul 2025–Mar 2026 | 671 against Close Brothers Limited, mostly motor finance (uphold rate unverified) |
| Not available | Branches, regular saver, under-18 products |
The £10,000 floor
Minimum £10,000, maximum £2,000,000 — on every product, easy access and fixed alike. There is no tiering into the range and no starter tier below it.
That rules Close Brothers out for most first-time savers and for anyone building a pot from monthly income; there is no regular saver, and no products for under-18s. It also means you cannot split a modest sum across two Close Brothers accounts to blend liquidity and rate — £20,000 buys you exactly two products, and only if you commit £10,000 to each.
For a saver with £50,000 or £150,000, the calculation inverts. A high floor is no obstacle, the rates are consistently near the top of the market, and dealing with one provider across easy access, notice and fixed reduces the admin. Bear in mind the FSCS limit of £120,000 per eligible person (£240,000 joint) sits well below the £2,000,000 account maximum — anything above the limit is unprotected, so genuinely large balances still need splitting across licences. Close Brothers Savings does not share its licence with another retail savings brand.
3.85% easy access with nothing hidden in it
The Easy Access account pays 3.85% AER variable with unlimited withdrawals. There is no bonus period, no withdrawal counter, no monthly funding requirement and no linked current account.
Set that against the alternatives in this cluster. Cynergy's 4.55% is 2.00 points of bonus over an underlying rate near 2.55%. Santander's Easy Access Saver is 2.00%. Nationwide's Instant Access Saver is 1.10–1.20%. Aldermore's Easy Access is 2.25%. Judged on what the rate will still be in fourteen months, and with no penalty structure attached to using the account, 3.85% is the strongest unconditional easy access offer here.
The 95 Day Notice account pays 4.10% AER variable and accepts top-ups at any time — a sensible middle rung for money you can plan a quarter ahead for, and one of the few Close Brothers products that will take additional deposits after opening.
Bonds to 4.85%, and a ten-day window to fund them
Fixed Rate Bonds:
- 5 years — 4.85% AER
- 3 years — 4.80% AER
- 2 years — 4.80% AER
- 1 year — 4.72% AER
Fixed Rate Cash ISAs pay up to 4.75% across one, two, three and five-year terms.
The funding mechanics are more forgiving than Cynergy's in one respect and stricter in another. You have a 10-day window to fund a bond or ISA after opening (Cynergy allows 14), but the money can arrive in multiple transfers rather than a single payment — useful if you are drawing funds from several places or working around bank transfer limits. Once the window closes, bonds accept no further deposits and no withdrawals at all until maturity.
Two ISA restrictions deserve attention. Early exit from a fixed cash ISA costs 90 to 365 days' interest depending on the term, and a Fixed Rate Cash ISA cannot be topped up in subsequent tax years — each year's allowance needs a fresh account.
Interest paid away, not rolled up
Close Brothers pays fixed-product interest annually and/or at maturity to a nominated account, and does not compound it. That is a genuine split in the market and it cuts both ways.
For someone living off their savings — a retiree drawing income, or anyone wanting the interest out of the account and into spending money — this is exactly right, and it is something Cynergy cannot do at all, since its bond interest is paid into the bond and cannot be paid away.
For an accumulator, uncompounded interest is a real cost over a five-year term. If you intend to reinvest, you have to do it manually each year and at whatever rate is available then, rather than earning the contracted rate on the growing balance. Factor that in before comparing a Close Brothers five-year bond with a compounding alternative.
The motor finance question at group level
This is the standout negative and it belongs in any honest assessment. Close Brothers Group raised its motor finance redress provision to £300m from £165m ahead of the FCA's redress scheme, covering discretionary commission arrangements dating back to 2007, and has taken further provisions since as disclosed in its half-year results.
What this does not mean: your deposits are unprotected. Savings remain covered by the FSCS up to £120,000 per eligible person. What it does mean is that, alone among the five providers here, Close Brothers carries an active and quantified conduct-redress liability at group level, and savers who prefer not to hold money with a business in that position have a legitimate reason to look elsewhere.
The complaint numbers reflect the same issue rather than the savings business. The Financial Ombudsman Service recorded 671 new cases against Close Brothers Limited between 1 July 2025 and 31 March 2026 — around nine times Aldermore's volume and eight times Cynergy's — though the great majority relate to motor finance rather than to savings accounts. Uphold percentages are unverified.
On recognition, Close Brothers won two categories at the Moneyfacts Compare Awards 2026 on 9 February 2026: Fixed Rate Savings Provider of the Year and ISA Provider of the Year — the only provider-level Moneyfacts wins in this group. It is not a Which? Recommended Provider and does not appear on the Defaqto Banking Award 2026 list.
Where it wins
- 3.85% AER easy access with unlimited withdrawals, no bonus and no conditions — the best clean open-access rate here
- Best fixed rates in this comparison: 4.85% over five years, 4.80% over two and three
- 95 Day Notice at 4.10% AER, with top-ups accepted at any time
- Moneyfacts Compare Awards 2026 winner in two categories — Fixed Rate Savings Provider and ISA Provider of the Year
- Interest paid away annually and at maturity to a nominated account, which suits income savers
- 10-day funding window accepts multiple transfers rather than a single payment
- Own banking licence; £2,000,000 maximum supports large-balance consolidation
Where it falls short
- £10,000 minimum on every single product — the highest entry barrier of the five providers here
- Close Brothers Group's motor finance redress provision was raised to £300m from £165m, with further provisions since — the only active quantified conduct liability in this set
- 671 new FOS cases from July 2025 to March 2026, mostly motor finance rather than savings
- Fixed interest is not compounded, which costs accumulators over longer terms
- Bonds allow no withdrawals and no top-ups at all once the 10-day funding window closes
- Fixed Rate Cash ISAs cannot be topped up in later tax years
- Early ISA exit costs 90 to 365 days' interest depending on term
- No branches, no regular saver and no products for under-18s
- Not a Which? Recommended Provider and absent from the Defaqto Banking Award 2026 list
Common questions
Is £10,000 really the minimum on every account?
Yes. Every Close Brothers savings product, easy access and fixed alike, requires £10,000 to open, with a £2,000,000 maximum. There is no lower tier. Savers with smaller sums should look at Aldermore, which starts at £25 on its Regular Saver and £100 on Easy Access, or Cynergy, which opens from £1.
Should the motor finance provisions worry a saver?
Your deposits remain covered by the FSCS up to £120,000 per eligible person, so the protection is unaffected. The point is one of preference and reputation: Close Brothers Group raised its motor finance redress provision to £300m from £165m ahead of the FCA scheme and has provisioned further since, making it the only provider in this comparison with an active, quantified conduct liability. Keep balances within the FSCS limit and judge the rest on your own comfort.
Why does Close Brothers' 3.85% beat Cynergy's 4.55%?
On the headline it does not — on the underlying rate it does. Cynergy's 4.55% includes a 2.00 percentage point bonus that expires after twelve months, leaving a rate around 2.55%. Close Brothers pays 3.85% with no bonus and no withdrawal limit, so the comparison flips in year two.
Can I have my interest paid into my current account?
Yes. Close Brothers pays interest away annually and/or at maturity to a nominated account and does not compound it. That works well for income savers. If you want the interest to roll up and earn at the contracted rate, this is a drawback over a five-year term — you would need to reinvest manually each year.
Can I add to a Close Brothers bond or cash ISA later?
Bonds and fixed ISAs accept deposits only during the 10-day funding window after opening, though the money can arrive in several transfers. After that, no top-ups and no withdrawals until maturity. Fixed Rate Cash ISAs also cannot be topped up in subsequent tax years, so each year's allowance needs a new account. The 95 Day Notice account is the exception and accepts top-ups at any time.
Our verdict
Close Brothers is a deposit-consolidation proposition for someone with £10,000 or more per account and no need for a starter product, a regular saver or anything for a child. It suits an income saver particularly well — interest paid away to a nominated account is something Cynergy structurally cannot offer — and it suits anyone who wants an easy access rate that will not quietly halve on its first birthday. Two Moneyfacts provider awards in 2026 back up the pricing. Two groups should look elsewhere: savers building a pot from monthly income, who cannot clear the £10,000 floor and should use Aldermore or Cynergy; and anyone uncomfortable holding money with a group carrying an active motor finance redress liability, however well protected the deposits themselves are.
Figures were taken from each provider's own published terms on 15 August 2026. Variable rates can change at any time — confirm the current rate with the provider before applying.
Aldermore Savings Account
Cynergy Bank Savings Account
Nationwide Savings Account
Santander Savings Account