private reserve account
An instant access savings account that puts your surplus funds to work.
Eligibility criteria: You need to be 18 years or over, and have a Coutts Current Account/Coutts Foreign Currency Current Account to have access to our savings accounts.
apply for a private Reserve account
A Private Reserve Account could be helpful for when you need instant access to your funds but want to earn interest.
SWEEP AND SAVE WITH INTEREST
Open a Private Reserve Account and you’ll have the option to ‘sweep’ surplus funds from your Current Account automatically daily, weekly or monthly – adding them to your Private Reserve Account.
Once held in your Private Reserve Account, your money earns interest and our tiered rates mean you may earn a higher rate the more you hold in reserve. Interest rates vary depending on the currency of your account.
SUPPORTING YOUR SPENDING
Your Private Reserve Account could also help make sure your Current Account is always topped up. If you drop below a selected level, you can set up an automatic transfer that will take the cash from your Private Reserve Account to bring your Current Account back up to where you need it.
why choose a Private Reserve account?
- An account for your everyday needs, earn quarterly interest whilst retaining instant access to your savings.
- Offers banded interest rates which increase based on the balance of your savings. Available in GBP, EUR and USD.
- Our sweeps feature is available to use for a regular and automated transfer of funds between your Reserve and Current account.
How it works
Complete this form, contact your private banker or call Coutts 24 to get started. You'll also need a Coutts Current Account.
Choose which currency you'd like to open your account in and set up your sweeps.
Sit back and watch your money grow. You'll be able to make withdrawals and deposits at any time.
Summary Box
Account name: Private Reserve Account
What is the interest rate?
| Sterling | Gross p.a. (variable) | AER p.a. (variable) |
|---|---|---|
| £1 - £99,999 | 1.55% | 1.56% |
| £100,000 - £249,999 | 2.45% | 2.47% |
| £250,000 - £999,999 | 3.65% | 3.70% |
| £1M - £2,999,999 | 3.90% | 3.96% |
| £3M+ | 4.15% | 4.22% |
- Interest is paid quarterly on a tiered basis which means you earn one interest rate on your entire account balance.
- Rates effective from 14 August 2023.
| Euro | Gross p.a. (variable) | AER p.a. (variable) |
|---|---|---|
| €1 - €249,999 | 1.85% | 1.86% |
| €250,000 | 1.85% | 1.86% |
- Interest is paid quarterly on a tiered basis which means you earn one interest rate on your entire account balance.
- Rates effective from 9 October 2023.
| US dollar | Gross p.a. (variable) |
AER p.a. (variable) |
|---|---|---|
| $1 - $2,999,999 | 1.65% | 1.66% |
| $3,000,000 + | 2.20% | 2.22% |
- Interest is paid quarterly on a tiered basis which means you earn one interest rate on your entire account balance.
- Rates effective from 14 August 2023.
can coutts change the interest rate?
Yes, the applicable interest rate is variable.
- If the rate goes down, we will give you at least 14 days’ notice.
- If it goes up, we will give you notice either before the change happens or as soon as possible afterwards.
What would the estimated balance be after 12 months based on a 100,000 and a 1m deposit?
| Deposit Amount (£/€/$) | Balance after 12 months | ||
| gbp | eur | usd | |
| 100,000 | £102,472.60 | €101,862.87 | $101,660.24 |
| 1m | £1,039,574.09 | €1,018,628.74 | $1,016,602.37 |
This example assumes that:
- No further deposits or withdrawals are made.
- Any interest earned stays in the account.
- There is no change to interest rates and tiers.
How do I open and manage my account?
- This account is only available to you if you hold a Coutts Current Account/Foreign Currency Current Account denominated in the same currency as the Reserve Account you wish to open. A minimum amount of £/€/$1 is required to open your account. There is no maximum balance.
- You can open your account by completing this form, contacting your private banker or by calling Coutts 24.
- You can manage your account by contacting your private banker, calling Coutts 24 or by using our digital services.
Can I withdraw money?
Yes, you may withdraw money by transfer to your Coutts Current Account/Foreign Currency Current Account.
No notice is required.
additional information
Currencies
This account is available in sterling, US dollar and euro.
Tax
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 you are strongly advised to source independent tax advice.
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 without the deduction of income tax (where applicable). Interest will be paid gross.
PA
Per annum (per year)
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.
