If you can leave your savings alone, the C&G Reward Saver could be for you: the fewer withdrawals you make, the higher the interest rate will be and the more you save, the more interest you’ll earn. What’s more, to welcome you to your account, we’ll give you an attractive bonus of 0.70% for the first six months.
You can open an account with £1,000 or more. You’ll see from the table below, the C&G Reward Saver has tiered interest rates so the more you save, the more you can earn in interest. Also, although you don’t need to give us any notice to withdraw your money, you’ll earn the most interest if you make no more than two withdrawals a year.
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 with bonus: 0-2 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 1.50 | 1.15^ | 1.20 |
| £1,000-£24,999 | 1.23 | 0.88^ | 0.98 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest with bonus: 3-6 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 1.23 | 0.88^ | 0.98 |
| £1,000-£24,999 | 1.22 | 0.87^ | 0.97 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest with bonus: 7-12 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 1.22 | 0.87^ | 0.97 |
| £1,000-£24,999 | 1.21 | 0.86^ | 0.96 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest with bonus: 13+ withdrawals# | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.50 | 0.50 | 0.40 |
| £1,000-£24,999 | 0.50 | 0.50 | 0.40 |
| £0-£999 | 0.50 | 0.50 | 0.40 |
| Annual Interest without bonus: 0-2 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.80 | 0.80 | 0.64 |
| £1,000-£24,999 | 0.53 | 0.53 | 0.42 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest without bonus: 3-6 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.53 | 0.53 | 0.42 |
| £1,000-£24,999 | 0.52 | 0.52 | 0.41 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest without bonus: 7-12 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.52 | 0.52 | 0.41 |
| £1,000-£24,999 | 0.51 | 0.51 | 0.40 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest without bonus: 13+ withdrawals# | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.50 | 0.50 | 0.40 |
| £1,000-£24,999 | 0.50 | 0.50 | 0.40 |
| £0-£999 | 0.50 | 0.50 | 0.40 |
At the end of the six-month introductory bonus period, rates without bonus apply.
Interest rates effective from 01/04/09
| Annual Interest with bonus: 0-2 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 2.00 | 1.65^ | 1.60 |
| £1,000-£24,999 | 1.35 | 1.00^ | 1.08 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest with bonus: 3-6 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 1.35 | 1.00^ | 1.08 |
| £1,000-£24,999 | 1.30 | 0.95^ | 1.04 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest with bonus: 7-12 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 1.30 | 0.95^ | 1.04 |
| £1,000-£24,999 | 1.25 | 0.90^ | 1.00 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest with bonus: 13+ withdrawals# | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.50 | 0.50 | 0.40 |
| £1,000-£24,999 | 0.50 | 0.50 | 0.40 |
| £0-£999 | 0.50 | 0.50 | 0.40 |
| Annual Interest without bonus: 0-2 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 1.30 | 1.30 | 1.04 |
| £1,000-£24,999 | 0.65 | 0.65 | 0.52 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest without bonus: 3-6 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.65 | 0.65 | 0.52 |
| £1,000-£24,999 | 0.60 | 0.60 | 0.48 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest without bonus: 7-12 withdrawals | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.60 | 0.60 | 0.48 |
| £1,000-£24,999 | 0.55 | 0.55 | 0.44 |
| £0-£999^^ | 0.50 | 0.50 | 0.40 |
| Annual Interest without bonus: 13+ withdrawals# | |||
|---|---|---|---|
| Your savings amount | Gross % iii | AER % i | Net % ii |
| £25,000+ | 0.50 | 0.50 | 0.40 |
| £1,000-£24,999 | 0.50 | 0.50 | 0.40 |
| £0-£999 | 0.50 | 0.50 | 0.40 |
Interest rates effective from 01/03/09
The following important information for the C&G Reward saver product should be read in conjunction with the C&G savings handbook.
Interest is paid annually, either:
The C&G Reward Saver has tiered interest rates which means the more you save, the more you can earn. You earn our highest rates if you make no more than two withdrawals a year. Interest rates reduce if you make three to six withdrawals a year, and reduce again if you make seven to twelve. A default rate will apply if thirteen or more withdrawals are made per year or if the balance falls below £1000.
For the first six months from opening a C&G Reward Saver, you'll get an attractive bonus of 0.70%.
A C&G Reward Saver can be just in your name, or it can be a joint account with one other person. You can open a C&G Reward Saver account if you are aged 18 or over. 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 can only hold one C&G Reward Saver at any time whether it's in your sole name or joint names. If you close your C&G Reward Saver, you will be unable to open another C&G Reward Saver for six months.
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 Reward Saver | |
|---|---|
| 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 0.70% interest rate bonus for the first six months that the account is open. We do not pay a bonus during any period when the balance is below the £1,000 minimum opening balance or once you have made more than 12 withdrawals in the first six months. |
| Withdrawal arrangements | You can make withdrawals via the C&G Telephone Transaction Service or by cheque through the post. Money withdrawn using the Telephone Transaction Service is paid into your nominated bank account by electronic transfer. You do not have to give any notice of withdrawals. We lower the interest rates if you make more than two withdrawals a year and lower them further if you make more than six withdrawals a year. A default rate of interest applies if you make more than 12 withdrawals a year. |
| Access | You can make additions by telephone, post or at any C&G branch. You can make withdrawals by telephone or post. |
i AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
^ The AER for the C&G Reward Saver reflects the 6 month bonus payable following account opening.
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%).
# Once 13 withdrawals have been made in a year, a fixed default rate of interest will apply.
^^ Interest rates for this tier are the default rates paid when the account balance falls below the minimum stated balance.
We may change the rates on this account at any time. If we change the rate, 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.
