Private Reserve: instant access savings
Our Private Reserve account helps you put your spare cash to work while being able to withdraw on the go.
Eligibility criteria: You'll need to be 18 or older and have a Coutts Current Account.
Why choose our private reserve account?
- Earn quarterly interest but keep instant access to your savings
- Offers banded interest rates that increase based on the balance of your savings
- Available in GBP, EUR and USD
- Use our sweeps feature to regularly and automatically transfer funds between your Reserve and current accounts
Sweep to manage your money
Our sweep option allows you to move funds between your current account and your Private Reserve account automatically - daily, weekly or monthly.
You could choose to sweep money from your current account to your Private Reserve account to help you save or you could sweep money the other way round so that your current account is topped up regularly from your savings.
Or sweep both ways and keep your money management tidy!
Private Reserve Account: Summary Box
What is the interest rate?
Sterling |
AER p.a. (Variable) |
Gross p.a. (Variable) |
|---|---|---|
£1 - £99,999 |
1.36% |
1.35% |
£100,000 - £249,999 |
2.17% |
2.15% |
£250,000 - £999,999 |
3.39% |
3.35% |
£1M - £2,999,999 |
3.65% |
3.60% |
£3M+ |
3.91% |
3.85% |
- Interest is paid quarterly on a tiered basis which means you earn one interest rate on your entire account balance.
- Rates effective from 28 November 2024.
Rates until 09/01/2025 |
Rates from 10/01/2025 |
|||
|---|---|---|---|---|
Euro |
AER p.a (variable) |
Gross p.a. (variable) |
AER p.a (variable) |
Gross p.a. (variable) |
€1 - €249,999 |
1.46% |
1.45% |
1.26% |
1.25% |
€250,000+ |
1.46% |
1.45% |
1.26% |
1.25% |
- Interest is paid quarterly on a tiered basis which means you earn one interest rate on your entire account balance.
- Rates effective from 7 November 2024.
Rates until 09/01/2025 |
Rates from 10/01/2025 |
|||
|---|---|---|---|---|
US dollar |
AER p.a. (Variable) |
GROSS RATE P.A. (Variable) |
AER p.a. (Variable) |
GROSS RATE P.A. (Variable) |
$1 - $2,999,999 |
1.26% |
1.25% |
1.10% |
1.10% |
$3m+ |
1.76% |
1.75% |
1.61% |
1.60% |
- Interest is paid quarterly on a tiered basis which means you earn one interest rate on your entire account balance.
- Rates effective from 28 November 2024.
can coutts change the interest rate?
Yes, we may change the rate up or down. There could be a few reasons for this, such as changes to the Bank of England base rate, or to reflect changes in the costs we reasonably incur for providing your account.
If the rate goes down, we will give you at least 14 days’ notice.
WHAT WOULD THE ESTIMATED BALANCE BE AFTER 12 MONTHS, BASED ON A range of deposits?
- No further deposits or withdrawals are made
- Any interest earned stays in the account
- There is no change to interest rates and tiers
Deposit (£/€/$) |
Balance after 12 months |
||
gbp |
eur |
usd |
|
50,000 |
£50,683.48 |
€50,728.96 |
$50,627.94 |
100,000 |
£102167.40 |
€101,457.90 |
$101,255.88 |
250,000 |
£258,480.80 |
€253,644.75 |
$253,139.68 |
1m |
£1,036,488.93 |
€1,014,579.04 |
$1,012,558.72 |
3m |
£3,117,178.25 |
€3,043,737.10 |
$3,052,845.54 |
Definitions
Annual Equivalent Rate (AER) |
This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts. |
|---|---|
Gross Rate |
The interest rate without the deduction of income tax (where applicable). Interest will be paid gross. |
PA |
Per annum (per year)
|
How do I open and manage my account?
- This account is only available to you if you hold a Coutts Current Account in the same currency as the Private Reserve Account you wish to open.
- A minimum of £/€/$1 is required to open your account. There is no maximum balance.
- You can open your account by applying online, contacting your private banker or calling Coutts 24.
- You can manage your account by contacting your private banker, calling Coutts 24, using our online banking or our app.
Can I withdraw money?
Yes, you may withdraw money by transfer to your Coutts Current Account.
No notice is required.
additional information
We do not deduct tax from the interest we pay to you. The tax treatment may be subject to change in the future and depends on your individual circumstances.
If you are unsure of your tax obligations, we strongly recommend you obtain independent tax advice.
Frequently Asked Questions
ready to apply?
At the moment, you can only apply digitally for a sole GBP version of this account. For joint, EUR or USD versions of this account, please speak to your private banker or Coutts 24.
When you click 'Apply now' you'll be prompted to log in to our Digital Services to complete your application.
*If you’re yet to migrate to our new Coutts App please contact your banker as you cannot apply for a Private Reserve Account online.
not a coutts client?
If you're not already a Coutts client talk to us about how you can ake tadvantage of our wealth management expertise.
Get in touch online or call Coutts 24 on +44 (0)20 7753 1365
Financial Services Compensation Scheme
Your eligible cash deposits held with Coutts & Co are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Investment business undertaken with Coutts & Co in the UK may be covered by the FSCS, the cover depending on the nature of the claim being made. Eligible claims for most types of investment business are covered up to a maximum of £85,000 per person. FSCS cover is not available for loss of money resulting from performance of the investment.
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