Spotlight On: Close brothers premium gold

The deal

Close Brothers' new, three-year, fixed-rate savings account pays 4 per cent a year.

Good points

The rate is competitive – at the moment.

Bad points

You'll need at least £10,000 to open an account and you'll have to be happy to lock it away for three years.

Conclusion

Two questions come to mind. First, is your money safe with Close Brothers? Second, is it a good idea to tie cash up for three years? The bank has been around since the 19th century and is regulated by the FSA, which means up to £85,000 of your savings are protected by the Financial Services Compensation Scheme. But whether it's wise to lock your cash away now for a 4 per cent return is questionable as it's likely that interest rates will rise over that time.