Currency access

Our savings account offering access to 15 currencies with same day access

Image of a zebra
Image of a zebra

Eligibility

£300k
Minimum yearly earnings
£3m
Net worth

To open a new Currency Access account you must be an existing Investec Private Bank client who:

  • is a UK or SA resident
  • has a transactional banking account with Investec Private Bank

Not a Private Banking client? Apply now

Protecting your money

Your eligible deposits of up to £85,000 are protected under the UK's Financial Services Compensation Scheme (FSCS). 

Benefits

A dedicated foreign currency account

Interest paid monthly

  • Earn up to 3.25% AER* / 3.20% gross^ p.a. (variable) on selected currencies**
  • Interest (where applicable) is calculated daily and paid on a monthly basis and differs between currencies. See a full list of interest rates below for more details.

Same day access to funds

This account is designed for moving money through different currencies, no notice required.

Managed by your Private Banker

Our Private Bank savings accounts are overseen by your Private Banker, but can also be managed by you via Investec Online or the Investec App - high touch, high tech. 

 

**Rates differ between currencies. See our full details below. If you don't meet the criteria to become a Private Banking client, you can still earn a competitive interest rate on amounts between £5k and £250k by opening an Online Savings Account.

Key product information summary box

  • What is the interest rate?

    Sterling (GBP)
    Gross p.a.^: 3.01%
    AER*: 3.05%
     

    South African rand (ZAR)
    Gross p.a.^: 3.20%
    AER*: 3.25%
     

    US dollar (USD)
    Gross p.a.^: 2.96%
    AER*: 3.00%
     

    Canadian dollar (CAD)
    Gross p.a.^: 0.10%
    AER*: 0.10%
     

    New Zealand dollar (NZD)
    Gross p.a.^: 0.10%
    AER*: 0.10%
     

    Australian dollar (AUD)
    Gross p.a.^: 0.10%
    AER*: 0.10%
     

    Euro (EUR)
    Gross p.a.^: 1.39%
    AER*: 1.40%


    Non interest bearing currencies:

    Japanese yen (JPY)
    Swedish krona (SEK)
    Swiss franc (CHF)
    Danish krona (DKK)
    Singapore dollar (SGD)
    Israeli shekel (ISL)
    Hong Kong dollar (HKD)
    Norwegian krona (NOK)

    Interest, where applicable, is calculated daily and paid on a monthly basis.

  • Can Investec change the interest rate?

    Investec can change the interest rate.

    We will give you notice of any change to the interest rate in accordance with section 9 of the Investec Bank plc Banking Relationship Agreement which can be found at Investec.com/termsandconditions.

    We will tell you by email if and when we change the interest rate.

  • What would the estimated balance be after 12 months based on a £1,000 deposit?

    At current interest rates the estimated balance of a £1,000 deposit would be £1030.52 after 12 months (non leap year). Illustrative examples of other currencies shown below:
     
    Sterling (GBP)
    Initial Deposit: 1000 
    Estimated Balance (Gross p.a.^): 1030.52 GBP

    South African rand (ZAR)
    Initial Deposit: 1000 ZAR
    Estimated Balance (Gross p.a.^): 1032.50 ZAR

    Australian dollar (AUD)
    Initial Deposit: 1000 AUD
    Estimated Balance (Gross p.a.^): 1001.00 AUD

    US dollar (USD)
    Initial Deposit: 1000 USD
    Estimated Balance (Gross p.a.^): 1030.00 USD

    New Zealand dollar (NZD)
    Initial Deposit: 1000 NZD
    Estimated Balance (Gross p.a.^): 1001.00 NZD

    Canadian dollar (CAD)
    Initial Deposit: 1000 CAD
    Estimated Balance (Gross p.a.^): 1001.00 CAD

    Euro (EUR)
    Initial Deposit: 1000 EUR
    Estimated Balance (Gross p.a.^): 1014.00 EUR

    These examples are illustrative only and are based on the assumption that the initial deposit does not change throughout the period, there are no changes to the rate and interest is paid back into the Currency Access Account on a monthly basis.

  • How do I open and manage my account?

    This account can be opened and managed via Investec Online or over the telephone.

    No minimum initial deposit requirement.

    There is no maximum balance limit. We may, however, decline to accept your application/additional deposits to avoid excessive exposure to a single client if we consider the total value of deposits you hold with us exceeds a limit we consider reasonable.

  • Can I withdraw money?

    Funds can be withdrawn without giving notice by telephone or via Investec Online.

  • Additional information

    Direct debits and standing orders cannot be set up on this account.

    Where applicable, interest will be paid without tax being deducted.

    Your tax treatment of the interest receipt will depend on your individual circumstances and if you have any specific tax questions, you should seek professional tax advice. Alternatively, further guidance can be found on the HMRC website.

    Please note that your tax treatment may be subject to change in the future.

Other FAQs

  • Is tax deducted from interest payments?

    Where applicable, interest will be paid without tax being deducted. Your tax treatment of the interest receipt will depend on your individual circumstances and if you have any specific tax questions, you should seek professional tax advice. Alternatively, further guidance can be found on the HMRC website.

    Please note that your tax treatment may be subject to change in the future.

  • What if I don't qualify to be a Private Banking client?

    If you don't have an annual income of £300,000 and a net asset value of £3 million to become a Private Banking client, you can still earn a competitive interest rate on balances over £5,000 by opening one of Investec's Online Savings Accounts and managing the account yourself online. 

Can you lock your money away for longer?

We offer one and three month notice savings accounts that pay a higher interest rate in return for you needing to give us one or three months' notice to make a withdrawal. 

Download the Currency Access Account Factsheet PDF 803.7 KB

Ready to apply?

 

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