The Top Fixed Interest Savings Discussion Area

Gollygumdrops

Investec has also just opened a 5% 1 year fixed.

Unfortunately,  I shall not be opening this one either because they need to see your passport/driving licence (with photo) to prove who you are (or is it just for their facial recognition agenda?)  I am born and bred in the UK (60+ years) so if they cannot find me on the ER - which I have been on since circa 1979, and my current accounts, (one of which I have had since first starting work about the same time) and the fact I have lived at my current address for 30 odd years then there “search systems” are not very good or reliable.  

Barkin

Have you tried, and they've actually asked to see them? Or do you not have either? 

I've had/got several Investec accounts, but they've never asked to see anything. 

I do have a current passport, but not a photo card driving license. 

t1redmonkey

Gollygumdrops said:

@t1redmonkey
Yes I have just gone to open said 5% account only to find out that you can only have ONE SMARTSAVE Account open at a time.  As I opened their 4.82% beginning of May I cannot open this one!  I have never come across this restraint before!
Oh well, I will have to wait for another bank/building society to offer 5% and add another name on my list of banking accounts!

That is an odd one, yes I think most providers let you have multiple fixed bonds, not sure why Smartsave would take that approach.  As you've seen now though, there are other providers offering the same rate (and probably will be more in the coming weeks) so their loss I suppose

EthicsGradient

t1redmonkey said:

Gollygumdrops said:

@t1redmonkey
Yes I have just gone to open said 5% account only to find out that you can only have ONE SMARTSAVE Account open at a time.  As I opened their 4.82% beginning of May I cannot open this one!  I have never come across this restraint before!
Oh well, I will have to wait for another bank/building society to offer 5% and add another name on my list of banking accounts!

That is an odd one, yes I think most providers let you have multiple fixed bonds, not sure why Smartsave would take that approach.  As you've seen now though, there are other providers offering the same rate (and probably will be more in the coming weeks) so their loss I suppose

I suggested to MSE that it would be a useful caveat to mention with SmartSave accounts on the "best" page (they have the best 2 year rate at 4.97% right now), but they didn't change anything.

sparkiemalarkie

sparkiemalarkie said:

ColdIron said:

Investec offering 5.00% on a one year fix, min £5,000, also via HL

https://savings.investec.com/fixed-rate-saver

I managed to get a 2yr 5.07% yesterday with Investec on HL but it has already disappeared from the list - maybe to increase the rate.
There is an option for me to cancel for a few days yet if things get better

Yes I was right, the Investec interest rate for fixed bonds has been increased on HL
1yr@ 5%
2yr@ 5.15% / 5.28%
3yrs@ 5.18% / 5.45%

Not sure what the 2nd interest rate means though

ForumUser7

sparkiemalarkie said:

sparkiemalarkie said:

ColdIron said:

Investec offering 5.00% on a one year fix, min £5,000, also via HL

https://savings.investec.com/fixed-rate-saver

I managed to get a 2yr 5.07% yesterday with Investec on HL but it has already disappeared from the list - maybe to increase the rate.
There is an option for me to cancel for a few days yet if things get better

Yes I was right, the Investec interest rate for fixed bonds has been increased on HL
1yr@ 5%
2yr@ 5.15% / 5.28%
3yrs@ 5.18% / 5.45%

Not sure what the 2nd interest rate means though

AER/Gross

I think this is due to the fact it runs over more than one year, but unsure of how they choose to display it.

EthicsGradient

sparkiemalarkie said:

sparkiemalarkie said:

ColdIron said:

Investec offering 5.00% on a one year fix, min £5,000, also via HL

https://savings.investec.com/fixed-rate-saver

I managed to get a 2yr 5.07% yesterday with Investec on HL but it has already disappeared from the list - maybe to increase the rate.
There is an option for me to cancel for a few days yet if things get better

Yes I was right, the Investec interest rate for fixed bonds has been increased on HL
1yr@ 5%
2yr@ 5.15% / 5.28%
3yrs@ 5.18% / 5.45%

Not sure what the 2nd interest rate means though

It looks like the 2nd rate is the "gross" - 5.15% compounded would get you 1.0515 * 1.0515 = 1.1056 , or 10.56% total over the 2 years. Divide that by 2, and you get 5.28%. A similar calculation works for the 3 yr. I'd say the AER of 5.15% is what should be compared, however.

t1redmonkey

Those Investec 2 and 3 year rates are definitely outliers at the moment, far ahead of the competition.  Maybe just the first to move and others will soon follow but looks really attractive right now:

dgpur

Gollygumdrops said:

Investec has also just opened a 5% 1 year fixed.

Unfortunately,  I shall not be opening this one either because they need to see your passport/driving licence (with photo) to prove who you are (or is it just for their facial recognition agenda?)  I am born and bred in the UK (60+ years) so if they cannot find me on the ER - which I have been on since circa 1979, and my current accounts, (one of which I have had since first starting work about the same time) and the fact I have lived at my current address for 30 odd years then there “search systems” are not very good or reliable.  

Barkin said:

Have you tried, and they've actually asked to see them? Or do you not have either? 

I've had/got several Investec accounts, but they've never asked to see anything. 

I do have a current passport, but not a photo card driving license. 

I have the same issue. No passport or driving licence (and not about to spend money on a passport for the very few that insist on photo ID). Annoyingly I used to have an account with Investec and they never asked to see ID.

VNX

Yes I’ve had this and smartsave only let you have one account