Investec Private Bank’s (‘Investec’) High 5 Account, which currently pays 6.47% gross AER1 and guarantees to pay the average of the top five best-buy accounts as chosen and published by Moneyfacts2, has reduced its term period from one year to three months notice.
Linda McBain, head of banking, Investec Private Bank commented: "This account is guaranteed to pay a market leading rate and by reducing its term period, it has never been more attractive. However, we still believe that the most important consideration in the savings market is the level of consistency for offering an attractive rate, and we are the only account in the market to be consistently in the top three every week."
New research3 from Investec reveals the importance of keeping a close eye on the interest rate being paid on your savings account. Between the period 25 April 2007 and 23 April 2008, a staggering 51 different accounts have occupied the top six positions for best rates. The Investec High Five Account is the only one to have been in the top six for the entire 52 week period. The next best performer is the Northern Rock Silver Savings Online Account which managed to be in the top six for 24 weeks. The 90 Day Notice Account Issue 6 from Heritable Bank was the third best, appearing in the best buy table for 18 of the 52 weeks. Only eight accounts appeared in the best buy table for 10 weeks or more.
|Top six savings accounts rates for balances of £25,000
(25 April 2007 – 23 April 2008)
|Time period Number of banks/building societies in the top 5|
|7 – 9 weeks||4|
|10 – 15 weeks||5|
|Over 15 weeks||3|
Source: Investec’s analysis of data from Moneyfacts
The Investec High 5 Account, which currently pays 6.47% gross AER, and requires a minimum investment of £25,000, always pays the average of the top five best-buy accounts as chosen and published by the independent financial product research company Moneyfacts. The rate is therefore independently calculated giving transparency, meaning that clients never again need to shop around for the best rates.
To find out more about the Investec High 5 Account or Investec Private Bank’s other unique cash products, please call 0845 366 6333 or visit www.investecprivatebank.co.uk/high5
Sean Gardner, founder of MoneyExpert.com, said: "The High 5 is a very attractive savings account that promises to pay the average of the top five best-buy accounts. This is a unique account that has just got better. If you are happy to have your money tied up for three months, it is hard to beat."
1 The Annual Equivalent Rate (AER) is a notional rate, which illustrates the contractual interest rate as if paid and compounded on an annual basis and is subject to variation.
2 The rate is based on the average of the top 5 savings rates published on the Moneyfacts website www.moneyfacts.co.uk across the categories of no notice accounts, notice accounts, internet accounts, monthly interest accounts, accounts for the over 50’s and accounts with an introductory bonus. The rate is correct as at 21 May 2008.
3 Investec analysis of data from Moneyfacts.