Investec join in the falling savings rates

jaybeetoo

I received an email from Investec this morning telling me their savings rates are being drastically cut.  They are no longer competitive so time to move my money elsewhere.

ischris85

Received same email. Dropping to 0.80% from 14/09/2020.

harsh_but_fair

if this carries on the whole country's savings will end up in ns&i

Thrugelmir

harsh_but_fair said:

if this carries on the whole country's savings will end up in ns&i

The Treasury is the largest borrower in town. 

SFindlay

jaybeetoo said:

I received an email from Investec this morning telling me their savings rates are being drastically cut.  They are no longer competitive so time to move my money elsewhere.

Which accounts?? I have Notice plus 95 day but haven't had any notification. 

eskbanker

SFindlay said:

jaybeetoo said:

I received an email from Investec this morning telling me their savings rates are being drastically cut.  They are no longer competitive so time to move my money elsewhere.

Which accounts?? I have Notice plus 95 day but haven't had any notification. 

See https://www.investec.com/content/dam/united-kingdom/downloads-and-documents/savings/rate-change.pdf

MinuteNoodles

jaybeetoo said:

I received an email from Investec this morning telling me their savings rates are being drastically cut.  They are no longer competitive so time to move my money elsewhere.

Be aware that everyone is cutting rates so if you move you're likely to be in the same situation in a month or two down the line. I'd be surprised if there's anyone left above 1% by the end of the summer.

SFindlay

eskbanker said:

SFindlay said:

jaybeetoo said:

I received an email from Investec this morning telling me their savings rates are being drastically cut.  They are no longer competitive so time to move my money elsewhere.

Which accounts?? I have Notice plus 95 day but haven't had any notification. 

See https://www.investec.com/content/dam/united-kingdom/downloads-and-documents/savings/rate-change.pdf

Thanks for link, I'll no doubt get email in next couple of days. Will have to have a think, 1.15% come rate change in September might look not too bad. 

coyrls

I applied for the 1.2% E-asy access account on 20th April and got my registration information from them on 22nd May.  I will benefit from the 1.2% rate for about 4 weeks.  What a pain!

sairy.gamp

No email to me on this yet. Still, put under 95 day notice it is just another short term bond paying 1.6% till Sept.