Accumulation Account
A Fairbairn Private Bank Accumulation Account provides full
banking facilities within our Focus service, except deposit
interest is calculated and accrued on a daily basis. Because
interest is only applied when you close your account, effectively,
you decide when tax is payable on your deposit interest (dependent
upon your country of residence for taxation). 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.
Fairbairn Private Bank can also offer a
high
interest accumulation account for clients with over £50,000 (or
currency equivalent) to invest.
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 the relevant tax
authority.