C&G Reserve Account

Main features

Available to existing C&G savings customers who have a C&G savings account and have been a C&G savings account holder for 6 months or longer
Open with £10,000 or more
New accounts opened after 8 June 2009 will receive a bonus for the first nine months following account opening
No-notice access to your money
Three free withdrawals each year (further withdrawals are subject to a charge equivalent to 45 days' gross interest on the amount withdrawn)
Phone-operated, plus you can pay-in at any C&G branch or by post
Rates are variable

Interest rates on this account

Current rates

Accounts opened from 8 June 2009 - annual interest includes 1.70% bonus for the first 9 months Annual interest
Your savings amount	Gross % iii	AER % i	Net % ii
£10,000+	2.50	2.07~	2.00
£100-£9,999^^	0.50	0.50	0.40

Monthly interest
Your savings amount	Gross % iii	AER % i	Net % ii
£10,000+	2.47	2.07~	1.97
£100-£9,999^^	0.49	0.50	0.39

Accounts opened before 8 June 2009 - annual interest includes 0.85% bonus for the first 6 months Annual interest
Your savings amount	Gross % iii	AER % i	Net % ii
£10,000+	1.65	1.22^	1.32
£100-£9,999^^	0.50	0.50	0.40

Monthly interest
Your savings amount	Gross % iii	AER % i	Net % ii
£10,000+	1.63	1.22^	1.31
£100-£9,999^^	0.49	0.50	0.39

At the end of the introductory bonus period - rates without bonus apply Annual interest
Your savings amount	Gross % iii	AER % i	Net % ii
£10,000+	0.80	0.80	0.64
£100 - £9,999^^	0.50	0.50	0.40

Monthly interest
Your savings amount	Gross % iii	AER % i	Net % ii
£10,000+	0.79	0.80	0.63
£100 - £9,999^^	0.49	0.50	0.39

C&G Reserve Account changes effective from 08/06/09.

Interest rates effective from 01/04/09

Previous rates

Effective 1 April 2009 - annual interest includes a 0.85% bonus for the first six months Annual interest
Your savings amount	Gross % iii	AER % i	Net % ii
£50,000+	1.65	1.22^	1.32
£100-£49,999^^	0.50	0.50	0.40

Monthly interest
Your savings amount	Gross % iii	AER % i	Net % ii
£50,000+	1.63	1.22^	1.31
£100-£49,999^^	0.49	0.50	0.39

At the end of the introductory bonus period - rates without bonus apply Annual interest
Your savings amount	Gross % iii	AER % i	Net % ii
£50,000+	0.80	0.80	0.64
£100-£49,999^^	0.50	0.50	0.40

Monthly interest
Your savings amount	Gross % iii	AER % i	Net % ii
£50,000+	0.79	0.80	0.63
£100-£49,999^^	0.49	0.50	0.39

Effective 1 March 2009 - annual interest includes a 0.85% bonus for the first six months Annual interest
Your savings amount	Gross % iii	AER % i	Net % ii
£50,000+	2.15	1.72^	1.72
£100 - £49,999	0.50	0.50	0.40

Monthly interest
Your savings amount	Gross % iii	AER % i	Net % ii
£50,000+	2.12	1.72^	1.70
£100 - £49,999	0.49	0.50	0.39

At the end of the introductory bonus period - rates without bonus apply Annual interest
Your savings amount	Gross % iii	AER % i	Net % ii
£50,000	1.30	1.30	1.04
£100 - £49,999	0.50	0.50	0.40

Monthly interest
Your savings amount	Gross % iii	AER % i	Net % ii
£50,000	1.29	1.30	1.03
£100 - £49,999	0.49	0.50	0.39

Interest rates effective from 01/03/09

Important information

The following important information for the C&G Reserve Account product should be read in conjunction with the C&G savings handbook.

Interest

Accounts opened on or after 8 June 2009 will receive an annual interest rate bonus of 1.70% for the first nine months following account opening. At the end of the nine-month introductory bonus period rates without bonus will apply.

Interest can be paid annually or monthly:

straight into your C&G Reserve Account, or
into your nominated bank/building society account, or
into another C&G savings account

The interest rate for monthly interest is slightly lower than the annual rate. This is because monthly interest is paid more frequently. This also applies to the bonus rate on this account. However, we will ensure that the Annual Equivalent Rate (AER), which illustrates what the interest rate would be if the interest was added to your account once each year, is always the same for both the annual and monthly rate (both with and without the bonus).

Adding and withdrawing money

Making additions

At any C&G branch.
By post (cheque only).
By phone.
Minimum addition - no minimum
Maximum addition - £1,000 cash a day (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 will take around 14 days for your Direct Debit to be set up. You can complete a Direct Debit instruction at the same time you open your C&G Reserve Account.

Making withdrawals

All withdrawals are made by phone. We transfer the money electronically from your C&G Reserve Account to your nominated bank/building society account.

Minimum withdrawal - no minimum
Maximum withdrawal - total cleared balance

You can make up to three free withdrawals per year. For this purpose, a year runs from the anniversary date of when you opened your account. Further withdrawals are subject to a charge equivalent to 45 days' gross interest on the amount withdrawn (which will be deducted from your account balance).

Who can hold one of these accounts?

The C&G Reserve Account is available to existing C&G savings customers who have a C&G savings account and have been a C&G savings account holder for six months or longer. For an account in joint names, however, only one of you needs to be an existing C&G savings customer.

If it’s a joint account it can be with one other person, but you must be saving as individuals (not on behalf of a company, club, charity, trust etc) and your permanent home must be in the UK. You must also be over 18.

You can only hold one C&G Reserve Account at any time, whether it's in your sole name or joint names.

If you close your C&G Reserve Account you will be unable to open another C&G Reserve Account for six months.

Other useful information

The C&G savings handbook - 171k
For more information on:

Saving at a branch
Saving by post
Additions and withdrawals
Telephone Transaction Service
Direct Debit Guarantee
Financial Services Compensation Scheme
Interest rate changes
The clearing cycle
What if I change my mind?

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.

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Summary box

Key product information for our savings accounts

Account name: C&G Reserve Account
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% i.e. 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 i.e. Gross. You will first need to complete HM Revenue & Customs form R85.
Conditions for bonus payment	We will pay a 1.70% interest rate bonus for the first nine months that the account is open. This applies to new accounts opened from 8 June 2009 onwards. We do not pay a bonus during any period when the balance is below the £10,000 minimum opening balance.
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. The first three withdrawals each year are free. After that, there is a charge equivalent to 45 days’ gross interest on the amount withdrawn.
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 AER for the C&G Reserve Account (accounts opened before 8 June 2009) reflects the 6 month bonus payable following account opening.

~ The AER for the C&G Reserve Account (accounts opened after 8 June 2009) reflects the 9 month bonus payable following account opening.

^^ Interest rates for this tier are the default rates paid when the account balance falls below the minimum stated balance.

The C&G Reserve 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. If your balance falls below the minimum shown in the tables, please refer to the conditions of that account or ask for details.

Products and rates can change frequently and without notice, therefore please reload the page if viewing offline or through stored information on your computer.