Investec High 5 account

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G_M
G_M Posts: 51,977 Forumite
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edited 6 November 2009 at 2:28AM in Savings & investments
This account is attractive as the rate changes weekly and is always the avarage of the top 5 accounts listed by Moneyfacts. It's regulated so safe up to £50K. Although 3 month's notice is required, you can give this immediately and then cancel it 2 months later and give a new 3 months notice, so you'd always have access within 3 months or less.

It's operated by post only.

http://www.investec.com/en_gb/#home/individual_clients/private_banking/savings/investec_high_5_account.html

(EDIT: see update on costs in post below. Most costs in their charges sheet do NOT apply to the High Five account.)

Initial deposit by cheque or BACS is free.
No cheque collection charge.
No BACS withdrawal charge.

An attractive account to save shopping around all the time.
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  • [Deleted User]
    [Deleted User] Posts: 12,492 Forumite
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    it is also a private bank
  • G_M
    G_M Posts: 51,977 Forumite
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    Update on their charges. I've received the following email from Investec:

    Thank you for your email.
    Our charge sheet relates to all our accounts and not specifically the High 5 account.
    When opening the account with a cheque deposit there is no charge and neither is there a charge when depositing funds further at a later stage.
    Should you place your funds on 3 months notice for withdrawal the BACS transfer will be at no cost and neither will there be a charge for a BACS deposit into the account.
    Should you have any further queries please contact the banking team on +44 207 597 4131 at your convenience.
    Kind regards
    Didi Sehume
    Banking and Treasury
    Investec Bank (UK) Ltd


    Which begs the Q as to why the charge sheet lists these charges...
    Anyway, I've now opened and account. They now also offer £50 to new applicants who are referred by an existing account holder (that's £50 each) so mail me to take advantage of this.
  • alanji
    alanji Posts: 29 Forumite
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    G_M wrote: »
    Anyway, I've now opened and account. They now also offer £50 to new applicants who are referred by an existing account holder (that's £50 each) so mail me to take advantage of this.

    I have sent you a pm.
  • Gopherone
    Gopherone Posts: 1 Newbie
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    Quote:
    Originally Posted by G_M viewpost.gif
    Anyway, I've now opened and account. They now also offer £50 to new applicants who are referred by an existing account holder (that's £50 each) so mail me to take advantage of this.

    GM - I have sent you a pm.
  • 5fEtsd9Hs1LOR3SQftY9
    5fEtsd9Hs1LOR3SQftY9 Posts: 42 Forumite
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    How long does it take to open an account? I shall have money in about 2 weeks.
    5f....
  • shaz77_2
    shaz77_2 Posts: 1,881 Forumite
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    I was just going to ask some questions about this account, if three months notice is given to make a withdrawl, is interest still earned up until the date the money is withdrawn?
  • G_M
    G_M Posts: 51,977 Forumite
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    Yes, interest is earned up to the date of withdrawal provided you've given notice. You can withdraw money earlier than 3 months, but then incur a penalty.
    Good luck!
  • G_M
    G_M Posts: 51,977 Forumite
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    edited 5 December 2009 at 4:49AM
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    5fEtsd9Hs1LOR3SQftY9
    I got my ID documents back by return of post, and a letter next day welcoming me. They do not give you a personal account number till funds are received. In my case I then arranged a BACS transfer which took 2 days and I got a receipt in the post a day later.
    Log-on details to view (NOT operate) your account on-line take a bit longer to arrive. Hope this helps.
    I'd be happy to refer you for the mutual £50 (PM me) or use one of the other Moneysavers here.
  • melpomene
    melpomene Posts: 185 Forumite
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    I think I'll look into this one tomorrow. Cheers G_M will message you on the referral.

    Mel
  • Loco
    Loco Posts: 103 Forumite
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    G_M wrote: »
    This account is attractive as the rate changes weekly and is always the avarage of the top 5 accounts listed by Moneyfacts.

    I presume it`s the same as the Saga top 5 tracker in that it`s the average of the top 5 accounts but not including accounts with the bonus?

    Out of interest what is this months rate? Saga`s is 3.42 I believe. Just want to see if Investec`s is the same or similar
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