Accumulation account
(Available to Isle of Man and Jersey office accountholders
only)
An accumulation account provides the full private banking
facilities of our Reserve account service, except deposit interest
is calculated and accrued on a daily basis, but not added to the
accumulation account until closure. The minimum balance of
£5,000 must be maintained on the accumulation account if interest
is to continue accruing. Because interest is only paid when
you close your accumulation 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 upon request.
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 high interest accumulation 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.