Investec High 5. Is Closed. 12 July 2021

AndyPK

What's going on with this account ? 

Just noticed my interest rate is 0% and on the REAR of the statement is says "a reminder account is closing on 12 July"

They didn't send me a letter of anything? 

https://www.investec.com/en_gb/savings-accounts/legacy-savings-accounts.html

eskbanker

Yes, they're closing the product down and sent me notification emails advising of this in March, April, May and July:

Important information about your Investec High 5 savings account

Your High 5 Account is closing, you need to take action.

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.

What do you need to do?

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.

Please log into Investec Online, select your High 5 account and the Withdraw option. If you have a preferred date of closure, then please call our Savings Team on their dedicated closure line, 0330 123 5473 or +44 20 7597 2860 if you're outside the UK. You can find these numbers here. The team are available 8am - 8pm, Monday to Friday (excluding bank holidays).

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.

Also mentioned on here when announced in March: https://forums.moneysavingexpert.com/discussion/6248802/closure-of-all-existing-investec-high-5-savings-accounts

AndyPK

Thanks.
They must have my old dead email address

[Deleted User]

What it says: " As savers' habits change and products simplify we continually look for ways to improve our savings products"

What they mean: "We're losing too much money on the High-5 so we've taken the difficult decision to lose less money SUCK IT UP CUSTOMERS"