Close Consortium Schedule of Interest Rates
Consortium’s flexible framework is complimented by a choice of fixed or tiered interest rate structures. In both cases, the actual rate structure offered will depend upon the total balances of all accounts maintained by each introducer within the Consortium arrangement. This is known as the Group Balance Value. The Consortium Fixing Rate (“CFR”) is the 1 week fixed LIBOR rate as calculated and published by the British Bankers Association each Tuesday, but rounded down to two decimal places.
Interest is paid gross without the deduction of tax. Rates are subject to change without notice.
Consortium Fixing Rate as at 17 August 2010
(this is the rate that will be used to calculate the interest rate as detailed below)
|
GBP
|
EUR
|
USD
|
|
0.55%
|
0.49%
|
0.26%
|
Consortium Flat Interest Rates
Under the flat interest rate option, all accounts within the Consortium arrangement, irrespective of individual account balance, will receive the same interest rate. This interest rate is calculated on the total Group Balance Value. Where the margin is greater than the CFR a negative rate will not be applied.
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Grouping
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Group Balance Value
|
Interest Rate
|
|
Group A
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£50,000,000 +
|
CFR less 0.25%
|
|
Group B
|
£25,000,000 - £49,999,999
|
CFR less 0.35%
|
|
Group C
|
£10,000,000 - £24,999,999
|
CFR less 0.60%
|
|
Group D
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£5,000,000 - £9,999,999
|
CFR less 0.85%
|
|
Group E
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£1,000,000 - £4,999,999
|
CFR less 1.15%
|
Consortium Tiered Interest Rates
Under the tiered interest rate option, interest rates are applied at individual account level based on the balance of the individual account, subject to the total Group Balance Value.
|
Grouping
|
Group Balance Value
|
£0 - £99,999
|
£100,000 - £499,999
|
£500,000 +
|
|
Group A
|
£50,000,000 +
|
CFR less 0.90%
|
CFR less 0.30%
|
CFR less 0.20%
|
|
Group B
|
£25,000,000 - £49,999,999
|
CFR less 1.00%
|
CFR less 0.40%
|
CFR less 0.30%
|
|
Group C
|
£10,000,000 - £24,999,999
|
CFR less 1.50%
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CFR less 0.70%
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CFR less 0.50%
|
|
Group D
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£5,000,000 - £9,999,999
|
CFR less 2.00%
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CFR less 1.20%
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CFR less 0.70%
|
|
Group E
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£1,000,000 - £4,999,999
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CFR less 2.00%
|
CFR less 1.50%
|
CFR less 0.95%
|
Fixed Term Deposits
Our fixed terms deposit interest rates change on a daily basis. For further information or an up-to-date quotation, please contact us directly.
Special Notes
Interest is paid quarterly in arrears and retrocession may be payable by the Bank to the intermediary for the Consortium account.
Historic Consortium Fixing Rates
For details of historic Consortium Fixing Rates, please contact your usual Close representative. |