Closure of all existing Investec High 5 savings accounts

BigBlueSky

Just received an e-mail today confirming the above.

"As technology advances, savers' habits change and products simplify. To ensure our clients receive the best possible value we continually look for ways to improve our savings products. We've experienced a clear increase in demand from savers wanting to interact online and in response to this need we're developing a range of online-only savings accounts.

As a result, we have taken the difficult decision to close all High 5 accounts.

We hope you understand the reasons behind our decision to close all High 5 accounts and are able to benefit from other savings products or investment services offered by Investec.

Yours sincerely,

Investec"

It also gives more information on their 'Online Flexi Saver' account and suggests this as an alternative.

musehead

That's unfortunate, it's been competitive recently compared to the competition.
It seems disingenuous of them to suggest the reason for closing all High 5 accounts is because they want to "ensure our clients receive the best possible value"
Their online saver only pays 0.4%, whereas High 5 has paid between 0.5% and 0.58% so far this year. Plus, you could just leave money in High 5 for years and forget about it without worrying about the rate becoming uncompetitive.

eskbanker

Just received the email, perhaps worth clarifying a couple of salient points for anyone affected who hasn't seen it yet, namely that they're waiving the requirement for customers to give notice of withdrawals but claim to be giving three months closure notice themselves (actually four!):

To make this process as easy as possible for you we are waiving the need for you to give the normal three-month notice period, by allowing you earlier access to your money. We will aim to process your closure request within 14 days from when we receive it.

[...]

In accordance with the terms and conditions of the High 5 account we are giving you the required three months' notice that we're closing your account. After 12 July 2021 your interest rate will be reduced to 0%, so we strongly advise that you contact us before that date.