Investec High5 Account minimum balance

Primrose

I read in the Sunday Times Money Section today that Investec are effectively withdrawing their High5 account for most people as they're increasing the minimum investment level to £100,000. This will be a blow to those people who have savings of around £25K and don't continually want to be spending their time hunting around for a reasonable interest rate.
I have a bond maturing soon and was considering the High5 as a possible option. Looks as if it's back to the drawing board yet again. It's certainly hard to be a saver these days in the hunt for a reasonable interest rate.

sleepless_saver

They're closing the account completely to new customers even if they have £100k to save. Existing customers will have to have £100k in or else move their dosh elsewhere.

Primrose

It would be interesting to know the reasoning behind their decision. It certainly seems that going forward they only want to be associated with high wealth individuals rather than Joe Bloggs who has prudently saved up his money over a period of years.

ashteadgirl

According to their website £100K is the MAXIMUM balance the account can hold
http://www.investec.com/en_pb/#home/individual_clients/savings/investec_high_5_account.html

Innys

sleepless_saver wrote: »

They're closing the account completely to new customers even if they have £100k to save. Existing customers will have to have £100k in or else move their dosh elsewhere.

Eh? Is this correct? According to this thread, the maximum you can have in, as an existing saver is £100k:

http://forums.moneysavingexpert.com/showthread.html?t=2361699

So which is it?

I suspect they will set a maximum of £100k because if that was the minimum, it would be double the FSCS limit and that would put a lot of customers off keeping their account with Investec.

sleepless_saver

Innys wrote: »

Eh? Is this correct? According to this thread, the maximum you can have in, as an existing saver is £100k:

http://forums.moneysavingexpert.com/showthread.html?t=2361699

So which is it?
.

My bad, it is indeed a max of £100k for existing savers
http://www.investechigh5.co.uk/

MoneySavingUser

1) as mentioned it is a maximum
2) account is closed for newcomers

simonfitba

So if existing acc holders have only £25k, what interest will they get?

Reaper

simonfitba wrote: »

So if existing acc holders have only £25k, what interest will they get?

No change - the average of the top 5 accounts which is 3.04% currently.
http://www.investechigh5.co.uk/

bigfreddiel

sleepless_saver wrote: »

My bad, it is indeed a max of £100k for existing savers
http://www.investechigh5.co.uk/

In fact its not:

"Existing clients currently above the maximum deposit limit will not be affected."

The above is stated on the link you quoted above!

Luckily I just opened an account two weeks ago so I can move my dosh over whenever - currently getting a beter rate with A&L, but when the bonus ends in August it may be going to my High 5 account, or sooner if interest rate rise! :j

G_M

The Sunday Times article is here.