Savings Account

Clearbank Limited power our Instant Access Savings Account. All money held within our Instant Access Savings Accounts is sent directly to ClearBank, and is never held by primebroker.

ClearBank are authorised by the Prudential Regulation Authority. They are regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.
Financial Services Register number: 754568
Registered address: ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA.

For more information, click this link.

Please note: correspondence regarding your Savings Account should be sent directly to primebroker via our Live Chat service, email, or by calling us at 0800 802 1800.

It's a savings account that lets customers save as much or little as they want, with a minimum deposit of £1, as well as unlimited withdrawals and deposits. The account offers a variable interest rate paid monthly.

AER (Annual Equivalent Rate) calculates how much interest you earn over a year, taking compounding (the interest you earn on interest) into account.  AER is displayed on all UK savings accounts, and is a good way to compare rates.

Gross interest doesn't include compounding, and refers to the amount of interest paid to you without the deduction of UK income tax.

If you close your Savings Account mid month, we'll immediately calculate the interest owed to you; this figure is based on the balance up to the day before you withdraw. We'll then automatically pay both the balance and interest owed into your nominated bank account, before closing your Savings Account.

You can do this yourself, both on the website and in the app:

Website:

• Sign-in to your account
• Go to the Savings tab
• Click "View Plan"
• Scroll down and click "Close Plan" on the right hand side of the screen

App:

• Sign in to your app
• Tap on the Savings tab
• Tap "View Account"
• Tap the Details tab
• Scroll to the bottom and tap "Close Savings Account"

You can also contact customer care via Live Chat on the website, call 0800 802 1800 or send us a secure message.

No fee will be charged for the management of your savings account at primebroker.

Find out more about the Bank of England base rate by clicking this link.

The amount of interest offered is set by primebroker, while ClearBank calculate and pay out the interest.

The rate is a variable interest rate but primebroker will provide 14-days' notice to customers if we are increasing the size of our margin which will mean passing less interest onto you. We're not required to provide any notice if we're passing more interest onto you by decreasing our margin or when the interest rate is moving up or down in line with the Bank of England base rate changes.

For a full list of reasons for an interest rate change, see our Terms & Conditions.

Interest is calculated daily based on the cleared funds in your account (as determined by ClearBank). Interest will then be paid monthly into the savings account on a gross basis as we do not withhold any tax on interest payments, meaning it's up to you to declare your interest income on your tax return. Clearbank will directly pay the interest accumulated in the calendar month to you within 3 working days of the month's end.

The interest rate tracks the Bank of England base rate minus a margin. primebroker reserves the right to vary the margin and, therefore, the overall interest rate depending on market conditions (including the Bank of England's base rate.) For a full list of reasons for an interest rate change, see our Terms and Conditions.

The current interest rate on the primebroker Instant Access Savings Account is 4.91% AER / 4.80% gross p.a. (variable).

In order to open a Savings Account with primebroker, you must fit all of the following criteria:

• You are 18 years or older
• You are a tax resident of the United Kingdom (excluding the Channel Islands). You are automatically a UK tax resident if you've spent 183 or more days in the UK in a tax year or your only home is in the UK.

Please note, primebroker does not offer joint accounts at this time.

Whether you're a new or existing customer, to apply for the primebroker Instant Access Savings Account, you will need apply through the primebroker app or website.

You will need to provide sufficient personal information, such as name, address, date of birth, and proof of identity.

Please note: Customers can only hold one Instant Access Savings Account at a time.

The current minimum deposit in a primebroker Instant Access Savings Account is just £1.

The current maximum is unlimited.

Customers can only pay in and out of their savings account from their nominated bank account.

This includes manual bank transfers or one-off payments. You're also able to set up standing orders from your nominated bank account to make regular payments into your primebroker Instant Access Savings Account.

Interest generated on your savings account is classed as taxable income. Depending on your personal circumstances, this may mean you need to fill out a self assessment of the interest your savings generates. For more information and to find out if it applies to you, click this link to the HMRC website.

There is currently no limit on the amount of withdrawals you can make from your savings account.

As an instant access account, you should receive withdrawals in your account within 3 hours.

What happens if my payment takes longer than expected?

All deposits and withdrawals are processed via the UK Faster Payments Scheme; payments between banks are processed almost instantly, and most credit the destination account instantly, too.

Sometimes, the Faster Payments Scheme takes longer for banks to communicate and send funds to each other.

In addition, we have to review every deposit and withdrawal using automated systems. 

Some payments have to be reviewed manually, which can take longer than the normal instant processing or 3 hours we indicate. We know this is frustrating, but these checks are designed to try and keep our customers safe from fraudulent activity, and to ensure we're meeting our legal and regulatory obligations.

Please see the Terms and Conditions for further information.

We take the security of accounts very seriously, using industry-standard security measures to protect accounts, such as encryption and two-factor authentication.