Accumulation account
(Available to Isle of Man and Jersey office accountholders
only)
An accumulation account provides full banking facilities
within our Focus 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 applied 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 becomes
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.
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.