One phone call, when it suits you, is all it takes to add or withdraw from your savings so that you have more control over your money.
You can open an account with £100 or more. You'll see from the table below that, C&G Direct Transfer has tiered interest rates. So the more you save, the more you can earn in interest.
To open an account, visit any C&G branch. You can also do it by post: call us on 0845 602 0022* and we'll send you an application form.
| Annual Interest | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £50,000+ | 0.08 | 0.08 | 0.06 |
| £25,000-£49,999 | 0.07 | 0.07 | 0.05 |
| £10,000-£24,999 | 0.06 | 0.06 | 0.04 |
| £100-£9,999 | 0.05 | 0.05 | 0.04 |
| Monthly Interest | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £50,000+ | 0.07 | 0.08 | 0.06 |
| £25,000-£49,999 | 0.06 | 0.07 | 0.05 |
| £10,000-£24,999 | 0.05 | 0.06 | 0.04 |
| £100-£9,999 | 0.04 | 0.05 | 0.03 |
Interest rates effective from 01/04/09
| Annual Interest | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £50,000+ | 0.13 | 0.13 | 0.10 |
| £25,000-£49,999 | 0.12 | 0.12 | 0.09 |
| £10,000-£24,999 | 0.11 | 0.11 | 0.08 |
| £100-£9,999 | 0.10 | 0.10 | 0.08 |
| Monthly Interest | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £50,000+ | 0.12 | 0.13 | 0.10 |
| £25,000-£49,999 | 0.11 | 0.12 | 0.09 |
| £10,000-£24,999 | 0.10 | 0.11 | 0.08 |
| £100-£9,999 | 0.09 | 0.10 | 0.07 |
Interest rates effective from 01/03/09
You should read the following important information about the C&G Direct Transfer account together with the C&G savings handbook.
C&G Direct Transfer interest rates are tiered, so you can receive a higher interest rate the more you save. We can pay you interest annually or monthly:
• straight into your C&G Direct Transfer account (compounded), or
• into your nominated bank/building society account, or
• into another C&G savings account.
At any C&G branch.
By post (cheque only).
By phone.
Minimum addition – no minimum.
Maximum addition – £1,000 cash a day/no maximum for cheques. The maximum you can save in all C&G savings accounts in total is £3 million.
You'll need to set up a direct debit to add to your account by phone – it takes around 14 days before you can make your first payment. You can complete a direct debit instruction at the same time you open your C&G Direct Transfer account.
When you make a withdrawal, it’s always done by phone. We transfer the money electronically from your C&G Direct Transfer account to your nominated bank/building society account.
Minimum withdrawal – no minimum
Maximum withdrawal – total cleared balance
A C&G Direct Transfer account can be just in your name, or it can be a joint account with one other person, but you must be saving as individuals – not, for example, on behalf of a company, club, charity or trust – and your permanent home must be in the UK. You must also be over 18.
The C&G savings handbook - 
171k
For more information on:
Checking your identity - 32k
Before you open an account you and anyone else named on the account may be asked to provide information to confirm your identity.
The Banking Code
Lloyds TSB Bank plc and Cheltenham & Gloucester Plc are pleased to support and comply with this voluntary code which sets the standard of good banking practice throughout the industry.
Closing an account
Information on how to close a C&G savings account.
Dormant accounts
As time goes by, it's not uncommon for customers to forget about savings accounts which they have stopped using for one reason or another.
At C&G, we want to ensure our customers are reunited with the funds in these forgotten or lost accounts.
Adobe PDF reader is required to view some of our guides.
| Account name: C&G Direct Transfer | |
|---|---|
| Interest rates (AERs) | Interest rates vary. Please view our Key Benefits, or ask for the C&G Savings Accounts & Rates booklet for full details of the current interest rates and AERs we are paying on this account. |
| Tax status | Net or Gross If you pay income tax we will pay you interest after deducting income tax at the applicable rate, currently 20% ie Net. If you are a higher rate taxpayer, you will have to pay the extra due on your interest (the difference between tax deducted at 20% and the higher rate of 40%). If you are a non-taxpayer, we can pay you interest without any deduction for income tax ie Gross. You will first need to complete HM Revenue & Customs form R85. |
| Conditions for bonus payment | Not applicable on this account. |
| Withdrawal arrangements | You can make withdrawals via the C&G Telephone Transaction Service. We pay the money into your nominated bank account by electronic transfer. You do not have to give any notice of withdrawals. |
| Access | You can make additions by telephone, post or at any C&G branch. You can make withdrawals by telephone. |
i AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
ii Net interest is paid or credited after deduction of income tax at the lower rate of 20%.
iii Gross interest is the rate payable before the deduction of income tax and can only be paid or credited subject to the required certification. Interest cannot be paid gross to individuals not ordinarily resident in the UK for tax purposes. Individuals whose income falls within the basic rate band will have no more tax to pay on their interest. Individuals who are higher rate taxpayers will have to pay the extra tax due on their interest (the difference between tax deducted at 20% and the higher rate of 40%).
The C&G Direct Transfer account rates are variable and we may change the rates on this account at any time. If we change the rates, we will tell you using at least one of the ways set out in your account's conditions.
Rate changes to a C&G account or to other generally available accounts can affect an account's relative competitiveness and we do not promise that our rates will be better than those available elsewhere.
Products and rates can change frequently and without notice. So, please reload the page if you are viewing offline or through stored information on your computer.
