Accumulation account
(Available to Isle of Man and Jersey office accountholders
only)
An accumulation account provides the full banking facilities of
our Reserve account service, except deposit interest is calculated
and accrued on a daily basis, but not added to the account until
closure. The minimum balance of £5,000 must be maintained on the
account if interest is to continue accruing. Because interest
is only paid when you close your account, effectively you decide
when tax is assessable on your deposit interest. For example, you
may wish to delay the receipt of interest until after retirement or
a change of residency, when your tax rate may be lower.
By deferring your interest, your annual tax return process
could become simpler. You may not have to calculate the
interest received through the tax year or apply for a confirmation
certificate of interest received until the year of account
closure. Our interest rates are available to view online.
We can also offer a high
interest accumulation account for clients with over £50,000 (or
currency equivalent) to invest. This minimum balance must be
maintained on the account if interest is to continue accruing.
Your tax position will depend on your personal circumstances and
you should always seek guidance from a professional tax adviser. It
is the responsibility of the depositor to declare any interest
received to their relevant tax authority.