Close Brothers Savings

What Close Brothers Savings does

Close Brothers Savings is a UK-focused retail and business savings provider operating as a trading style of Close Brothers Limited, a wholly-owned subsidiary of Close Brothers Group plc, the London-listed merchant banking group founded in 1878. The savings franchise was launched in 2008 and serves individual UK residents (deposits £10,000–£2 million) and UK businesses, SMEs, corporates, institutions, charities, and education-sector organizations (deposits £25,000–£10 million) through a portfolio of Fixed Rate Bonds, Fixed Rate Cash ISAs, Easy Access Accounts, Notice Accounts, SME Notice Accounts, Corporate Notice Accounts, and Business Fixed Term Deposits, all FSCS-protected up to £120,000.

The platform combines a digital self-service channel (online registration, account management, secure messaging, automated onboarding and credit decisions) with a regional field-sales overlay of specialist Business Development Managers covering City & West End, Midlands, London Central, Eastern Counties, and Home Counties, with sector specialisms in charity and education. The technology stack relies on third-party infrastructure for fraud detection and identity verification (Equifax, FinScan) and for web analytics (Google Analytics, Contentsquare); the firm holds PRA authorization and FCA regulation under firm reference 124750, with A2 (Moody's) and BBB (Fitch) credit ratings.

Revenue is generated primarily through the interest rate spread between returns earned on deposited funds (via lending and investment activity at the parent group level) and interest paid to savers, supplemented by FSCS-backed deposit protection as a value-add. Distribution is hybrid: digital for retail customers and high-volume SME onboarding, with dedicated BDM relationships for larger corporate, charity, and education clients. Royal Bank of Scotland operates as the underlying clearing bank for electronic transfers. The firm is regulated, awards-recognized (multiple Moneynet, Moneyfacts, MoneyComms, and Savings Champion wins across 2023–2026), and operates exclusively within the United Kingdom.

Name

Close Brothers Savings

Legal name

Close Brothers Limited

Website

https://closesavings.co.uk

Company type

Private

Founded year

1878

Operating status

Operating

Headcount range

11–50 employees

Short description

Close Brothers Savings is a UK-only deposit-taking savings provider, trading under Close Brothers Limited (subsidiary of Close Brothers Group plc), serving individual savers and businesses with FSCS-protected fixed-rate bonds, ISAs, and notice accounts via a digital platform and a regional Business Development Manager network.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Revenue model

1. Interest Rate Spread: Close Brothers Savings generates revenue primarily through the spread between interest earned on deposits (lent or invested) and interest paid to depositors. As a deposit-taking institution, the company accepts customer savings and uses these funds for lending and investment activities, earning returns that exceed the interest paid to savers.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Close Brothers Savings is a UK deposit-taking institution (a trading style of Close Brothers Limited, authorised by the PRA and regulated by the FCA) that accepts savings deposits from UK individual consumers and businesses. It offers a portfolio of personal savings products — Fixed Rate Bonds, Fixed Rate Cash ISAs, Easy Access Accounts, and Notice Accounts — alongside business savings products including SME Notice Accounts, Corporate Notice Accounts, and Business Fixed Term Deposits, all FSCS-protected up to £120,000.

Product overview

Close Brothers Savings offers a portfolio of straightforward personal and business savings accounts. Personal products include Fixed Rate Cash ISA (tax-free fixed-term savings), Fixed Rate Bond (personal fixed-term deposits from 1-5 years), Easy Access Account (flexible online access), and Notice Account (variable rate with notice period). Business offerings include SME Notice Account (for small to medium enterprises), Business Fixed Term Deposit (corporate fixed-rate deposits), and Corporate Notice Account (95-day notice for larger deposits). All products are FSCS protected up to £120,000 and backed by over 145 years of merchant banking experience.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 5 Year Fixed Rate Bond returns £485 interest on £10,000 deposit after 12 months
• +1 more outcomes

Segments3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Nationwide Building Society: UK's largest building society offering comprehensive personal savings products (ISAs, Bonds, Notice Accounts). Comparable on FSCS-protected retail savings, with substantially larger scale and broader product set.
• Yorkshire Building Society: Large UK mutual building society offering a wide range of savings accounts (ISAs, Bonds, Notice Accounts) to retail and business customers. Comparable on savings product breadth and FSCS protection, with deeper branch and members base.
• Skipton Building Society: Major UK building society with a strong savings franchise across fixed and variable rate products. Comparable on retail savings proposition, with broader product diversification including mortgages.

Emerging players

• Cynergy Bank: UK challenger bank serving SMEs and professional service firms with savings and business banking products. Comparable on business savings focus and SME/corporate notice account offerings.
• Atom Bank: UK challenger bank offering savings products alongside fixed-rate mortgages. Comparable as a UK savings competitor pursuing digitally-led scale with competitive deposit products.
• Hodge Bank: UK challenger bank offering a range of savings accounts to retail and business customers, including Fixed Rate Bonds and Cash ISAs. Comparable on savings-led product mix and challenger positioning in the UK market.

Direct peers

• Aldermore Bank: UK challenger bank offering personal and business savings accounts (Fixed Rate Bonds, Cash ISAs, Notice Accounts) with competitive rates. Direct comparable given overlapping product suite, target segments, and savings-led business model.
• Paragon Bank: UK bank with a substantial savings franchise offering Fixed Rate Bonds, ISAs, and Notice Accounts to personal and business savers. Comparable scale and product breadth within the UK challenger/savings bank segment.
• Marcus by Goldman Sachs (UK): Digital savings brand from Goldman Sachs offering Easy Access and Fixed Rate savings products to UK consumers. Comparable on deposit-led product set and best-buy table competitiveness, differentiated by digital-first distribution.
• Charter Savings Bank: UK savings-focused bank offering Fixed Rate Bonds, Cash ISAs, and Easy Access Accounts to retail and business customers. Closest direct competitor on product range, best-buy table presence, and FSCS-protected deposit proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/close-brothers-savings

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Close Brothers Savings