Investec’s findings reveal that during the 20 weeks between 20 May 2009 and 7 October 2009, only eight different business savings accounts for balances of £50,000 to £250,000 featured among the top five savings accounts. Furthermore, just three of these accounts occupied one of the top five positions for all of the 20 weeks reviewed and just two accounts were in the top five for six weeks or less. On average, accounts were among the top five for 12 of the 20 weeks reviewed, demonstrating how few banks and building societies offer consistently competitive rates to business customers.
Jack Jones of Investec Private Bank said: “Given that businesses have billions of pounds on deposit with banks and buildings societies, they deserve a consistently competitive rate of return. However, this analysis shows that just three business bank accounts remained in the top five on rate throughout the 20 week period.
“We hope that our Business High 5 Account will increase transparency and competition in this market, which can only be good news for businesses.”
Investec’s Business High 5 Account requires a minimum deposit of £50,000 and will pay a market leading rate every week2. This is because each week the independent financial product research company Moneyfacts will take the five highest savings rates in the business savings market across the categories of no notice, 7, 30, 60, 90 and 90+ day notice accounts, find their mid-point and use this to set the rate for the Investec Business High 5 Account.
As well as being assured one of the best rates available, businesses also have the added benefit that the rate is set independently. The new account, which has a three month notice period, does not rely on bonuses to inflate its rate. The current rate for the Business High 5 account is 2.50%2 Gross AER3.
Given this commitment to track the best accounts in the market, clients can rest assured that they will consistently receive one of the best rates available and therefore don’t need to keep moving their money around.
To find out more about the Investec Business High 5 Account or Investec Private Bank’s other unique savings products, please call 0845 366 6333 or visit www.businesshigh5.co.uk