Investec High 5 Account

derbyjon

Each week we identify the five highest-paying savings accounts published on the Moneyfacts website, across the categories of no notice accounts, notice accounts, internet accounts, monthly interest accounts, introductory bonus accounts and over 50s accounts. We take the average rate of the five highest-paying savings accounts, and that rate is set as the Investec High 5 Account’s rate for that week.
The minimum balance required to open and operate the account is £25,000.
The Investec High 5 Account is a three month notice account for withdrawals. You can make an early withdrawal subject to a penalty fee of 0.50% (minimum £50) at Investec’s discretion.

This sounds like something we'd be interested in. It's FSCS subscribed so would have the £50K guarantee but does anyone have a view on the relative likelihood of needing to claim given that this is a private bank?

gunnaknow

It's 5.61% AER at the moment, although I'm sure that this will drop. The advantage of this account would be that although other banks will be dropping their rates, there will always be some banks offering a higher rate just to attract customers, before quickly dropping their rates. The Investec High 5 would always be riding the wave created by other banks superficially high introduction rates.

You might like to take a look at the Manchester BS Premier Guarantee aswel. It's a good deal, currently at 5.51%, guaranteed to be atleast 5% until the end of June and you can make 4 withdrawals per year penalty free.

cos69

Bit like the Saga top 5 tracker, except Saga only changes (reduces) its rate monthly - perhaps a useful option for those under 50 so not able to apply for a Saga

Looter

I'm tempted by the Investec Account, but have you seen the fees? The web page on their site regarding ways to pay in is always unavailable, but on the application form it says it charges £10 for BACS payments, so does that include when you pay money in or just when taking it out?

Baldur

Looter wrote: »

.....The web page on their site regarding ways to pay in is always unavailable

It is certainly available as I write - http://www.investec.com/UnitedKingdom/PrivateBank/BankingandTreasuryServices/PayingInDetails.htm

Paying in details Sterling
By cheque
Send a cheque (maximum of 15 cheques in one envelope) using the the brown pre-paid envelopes supplied. If you require additional envelopes, please contact us. In some cases, accounts may require deposits to be sent to a different address. You will be provided with the relevant envelopes for your account.

By BACS (Bank Automated Clearing System)
This takes three working days, quoting the following details:
Sort Code – see your paying-in or cheque book, or contact us
Account Number – your account number
Account Name – your account name held with us

By CHAPS (Clearing House Automated Payment System)
This is a same day transfer, quoting the following details:
Bank – Citibank, London
Sort Code – 18-50-08
Account Name – Investec Bank (UK) Ltd
Account Number – 00562785
Reference – Your Investec Bank account name and number
Swift Code – CITIGB2L
IBAN – GB07CITI18500800562785

Counter facilities
If your paying-in slips have the sort code 08-60-68, you can deposit cheques (not cash) over the counter at any Co-operative Bank branch, free of charge. To view details of all Co-operative Bank branches click here.

tomsgranny

Is the Investec High 5 covered by Bank of England £50K rule? Or as it is a private bank would funds be at risk?

sailv8

Its covered.

peaksoft

Having just put £90,000 in a joint account with this Investec tracker savings account, I almost immediately received a letter from them stating that they had just transformed themselves from a private bank to a company limited by shares. I now want to know very sharpish if their FSCS obligations are transferred to the new company.

G_M

Investec is listed as regulated by the FSA so £50,000 compensation is available. You can check at http://www.fsa.gov.uk/register/home.do

As a Ltd co it's now probably safer than as a private bank.

G_M

PS - The Investec charges sheet is misleading (as they admitted to me by email). They do NOT charge for cheque or BACS transfers into or out of the High 5 account.

They DO pay £50 to new applicants (and the referree) who are referred by an existing account holder. To take advantage of this, PM me for my details.

Cypermethrin

G_M you have a PM

G_M wrote: »

They DO pay £50 to new applicants (and the referree) who are referred by an existing account holder. To take advantage of this, PM me for my details.