Savers may be over-reliant on their current account provider for their savings

Convenience is driving people to rely on their current account provider for their savings needs, as four out of five (83%) admit they have a savings account with the bank or building society that also provides their current account, new research⁽¹⁾ from Investec Save shows. Around 69% say their main savings account is operated by their current account provider.

More than three out of four (76%) who have a savings account with their current account provider say the main reason for this is the convenience it offers   However, the research found one in three (33%) are unhappy with the interest rate paid on savings by their current account provider and believe it is not competitive. A further 20% are unsure whether their current account provider offers competitive rates.  Only two out of five (40%) say the rate offered on savings by their current provider is fair and competitive.

David Hunt, Head of Savings, Investec Bank, said: “Our research shows that many people chose to have savings accounts from their main bank or building society because of the convenience this offers.

“But achieving a fair and competitive rate on savings should be a top priority and it is clear from our research that too many savers who rely on their current account provider for savings accounts are unhappy with the rate they receive or are unsure whether it is good enough. There are a wide range of other savings providers offering accounts which are still convenient, easy to use and can be opened online, but which also offer more competitive rates.” 

Investec Save offers a range of accounts, which do not have any penalty fees or hidden bonus rates, including its Fixed Rate Saver offering 1-Year, 2-Year or 3-Year terms, which offer between 4.30% AER/gross and 4.36% AER/gross^*. The Fixed Rate Saver provides simplicity and security for savers. Interest is paid on maturity on the 1-Year and annually on the 2-Year and 3-Year. No withdrawals are permitted until the end of the term, and no further deposits can be made after the first seven days.

Its Online Flexi Saver, which currently offers 4.20% AER (4.12% gross), is a simple and secure instant access savings account, provides instant access to savings, and allows unlimited deposits and withdrawals to a linked current account. This also makes the Online Flexi Saver perfect for unexpected bills that might arise, such as car maintenance or a vet’s bill.

Investec Save’s 90-Day Notice Saver, which offers 4.64% AER (4.54% gross), gives savers a higher rate of interest than its instant access account and no fixed term. It enables customers to save as well as to pay for bills they know are coming up, as they can access savings at any time with unlimited withdrawals by providing 90 days’ notice before withdrawal. It also gives 97 days’ notice before reducing the interest rate on the account. In enables customers to save as well as to pay for bills they know are coming up, as they can access savings by providing 90 days’ notice before withdrawal.

¹ Investec Bank commissioned Viewsbank to survey 612 people with savings accounts excluding cash ISAs in February 2025. The sample represented the demographic profile of the UK.
^* AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. The AER is intended to be an indicative rate to help you compare the return on different savings products.