The interest rate on the Investec High 5 savings account is unique because it is based on the rates paid by the top five ‘best buy’ accounts (those savings accounts with the highest rates of interest)3 therefore the rate will only drop if these accounts lower their rates.
Linda McBain, head of Banking, Investec Private Bank said, “At the top end of the savings market, interest rates remain considerably higher than the Bank of England base rate, which is fantastic news for savers. However, we have noticed that there is little consistency in terms which accounts are paying the highest rates. This means that savers really do need to stay vigilant if they are to be assured of receiving a consistently good rate of return.
“Given the commitment of the High 5 Account to track the best accounts in the market, our clients can be assured that they will consistently receive one of the best rates available and therefore don’t need to keep moving their money around.”
The Investec High 5 Account, which requires a minimum investment of £25,000 and has a three-month notice period, pays a market leading rate because each week the Moneyfacts website take the five highest savings rates in the market, finds their mid-point and sets this as the rate for the High 5 account. This means that savers have the added assurance that the rate is set independently. Unlike some other accounts, it does not rely on bonuses to inflate the rate.