Unique savings accounts from Investec Bank
Investec Bank (‘Investec’) is launching two new notice savings accounts that will consistently pay among the most attractive rates in the marketplace. Interest can be paid annually or monthly.
The Investec High 5 Issue 2 Account and the Investec High 10 Account, both of which require minimum deposits of £25,000, will always pay a market leading rate because respectively they offer the average of the top five and 10 best-buy accounts as chosen and published by the independent financial product research company Moneyfacts. The rates, which are reviewed on a weekly basis, are currently 3.17% Gross p.a./AER3 and 3.11% Gross p.a./AER respectively. They are therefore independently calculated giving transparency, meaning that clients never again need to shop around for the best savings rates. Also, unlike some other accounts, they do not rely on bonuses to inflate their rates.
Investec Bank research reveals that on a weekly basis between 5 October 2011 and 7 February 2012, 17 accounts appeared in the top five. Also, ten of these included short-term bonuses of between 1.15% Gross p.a./AER and 2.70% Gross p.a./AER.
Linda McBain, head of Banking at Investec Bank said, “In the current low interest rate environment, people have seen returns on their savings fall dramatically. Furthermore, many of those accounts currently offering attractive returns are based on short-term bonuses which means savers often need to switch their balances once these expire. With our two new accounts, clients know that they will always receive a competitive rate so they no longer need to chase the best returns.”
Key features
For the Investec High 5 Issue 2 Account, each Tuesday (or if this is not a working day, the next working day) Moneyfacts will calculate the interest rate using the five highest rates from savings accounts from any of the following six categories:
No notice accounts
Notice accounts
Internet accounts
Monthly interest accounts
Over 50s accounts
Introductory bonus accounts.
No more than one interest rate from any one bank or building society will be taken into account in the calculation. Where there are two or more rates from one institution, the highest one will apply.
For the Investec High 10 Account, the same approach is used to set the interest rate but Moneyfacts will instead use the 10 highest rates.
The notice period for the Investec High 5 Issue 2 Account is six months, and it is three months for the Investec High 10 Account. Both accounts have a minimum deposit of £25,000 and a maximum balance of £100,000.
Interest is paid monthly or annually and can be paid away into another UK bank or building society. Both accounts are easy to open, and clients can access account information is via online banking, post or phone.
To find out more about the Investec High 5 Issue 2 Account, the Investec High 10 Account or Investec Bank’s other unique savings products and services, visit investec.co.uk.