Investec launches Best Buy with a one year fixed rate savings account paying 1.36%


Investec launches Best Buy with a one year fixed rate savings account paying 1.36%

  • Investec is the market’s leading one-year contract, raising rates from 1.33% to 1.36%
  • The Best Easy Access Deal offered by Synergy Bank currently pays 0.7%
  • Notice accounts can give savers a perfect halfway between the two


Investec Bank has launched Best Buy, a one-year fixed rate savings business that pays 1.36 per cent.

That means that one-year fixed-rate transactions are up again after several challenger banks cut their rates in recent weeks.

Significantly, in October, Gatehouse Bank cut its market-leading one-year contract by paying 1.51 to 1.3 percent, while earlier this month, Al Ryan Bank cut its business from 1.45 to 1.25 percent.

A saver fixing £ 10,000 with Investec guarantees twice the benefit of a good-paying easy-access deal.

Investec’s one-year contract jumped from 1.33 to 1.36 percent, requiring a minimum £ 5,000 deposit to start, with a maximum £ 250,000 holding.

He who saves at least £ 5,000 on this account can expect to return £ 68 interest a year later.

Investec Financial Services Compensation Plan offers protection and is fully authorized by the Prudential Regulation Authority which means that savers’ deposits are protected up to £ 85,000 and in the case of a joint account, £ 170,000.

Personal savings that can save up to a maximum of £ 85,000 protected under the FSCS can be expected to earn an interest of £ 1,163 over a period of one year.

What else on offer?

If you are looking for a higher payment rate and have no access to your cash for 12 months this may be for you.

Investec currently claims to serve 65,000 savers and its name and stature give some savers greater confidence.

The best-paying easy-to-access deal is paid by Synergy Bank 0.7 percent, though it includes a 0.4 percent bonus rate for the first year, then the rate drops to 0.3 percent.

Best one and two year fixed rate accounts
Account Type (Minute Investment) 0% tax 20% tax 40% tax
One year
Investec (£ 5,000) 1.36 1.09 0.82
Masthaven Bank (£ 500 +) 1.35 1.08 0.81
Joppa Bank (£ 1,000 +) 1.35 1.08 0.81
Two years
Joppa Bank (£ 1,000) 1.61 1.29 0.97
The Gatehouse Bank (£ 1,000 +) (3) 1.60 1.28 0.96

Saver Fixing with Investec guarantees the return of Cynergy’s contract in 12 months, and moreover, Cynergy’s variable agreement may change at any time.

There are also notice accounts for those who are a little apprehensive about the prospect of giving up access to their money but are keen to get a slightly higher rate than they are in an easy-to-access account.

The note account is basically a halfway house between easy-access or fixed-rate contracts.

They enable savers to withdraw their money after the notice period, usually between 30 and 120 days, but savers can make a better return than they can achieve with an easy-access account.

For example, Investec is currently offering a 32-day notice account that pays 0.8 percent.

Savings savers can take advantage of this particular deal through a welcome bonus offered by Savings Platform Raisin, allowing savers to increase their savings by up to £ 50 when they open and fund an account with at least £ 10,000 in their market.

Raisin currently offers savers a choice of 72 savings deals, including Investec’s 32-day notice period.

Anyone raising £ 10,000 in this account through the Raisin platform will see their rate increase from 0.8 to 1.3% for the first year after the welcome bonus is paid.

Ultimately, what you decide depends on your circumstances and your willingness to lock your money for a specific period of time.

It depends on whether you are a saver as they wish and without the restrictions and the flexibility to add money to the account.

It is worth noting that any savings account does not match the current inflation figure of 4.2 per cent.

Rachel Springel, personal finance specialist at Moneyfacts, said: ‘Fixed rate bonds are a common priority for those looking for high interest rates and are ideal for savers who want to lock in money for guaranteed profit.

‘Comparing different savings accounts allows more notice accounts to deposit money less frequently and frequently, like fixed bonds that usually require an upfront payment at the point of application.

‘Cash interest rate levels are a barrier for some savers, but it is still worth considering setting up a savings account to put some money in case of emergencies.

Interest rates may increase in the future, so savers may want to be cautious and use easy access accounts, notice accounts or short-term bonds rather than investing in the long run.

‘As the market continues to improve, it is wise for consumers to focus on high-priced tables and apply quickly so they don’t get frustrated.’

These are the five best current accounts of money

Santander’s 123 Lite account Will pay Cashback up to 3% On home bills. There is a monthly fee of £ 2 and you must regularly log into mobile or online banking, deposit £ 500 per month and have two direct debits to qualify.

The Santander

Virgin Money Current account offers a £ 150 Virgin Experience Days Gift Card When you change and pay a 2.02 percent monthly interest up to £ 1,000. To get the bonus, you have to pay £ 1,000 to the linked easy-access account and transfer 2 direct debits.

NatWest

Current account of Club Lloyds Pays 0.6% interest on balances up to £ 3,999Those with between £ 4,000 and £ 5,000 earn 1.5% of that balance. There is no cost if you pay £ 1,500 per month, otherwise a £ 3 fee applies. There should be two direct debits.

The Santander

NatWest Give to newcomers £ 100 when they change their account and still £ 50 if they stay for 9 months. Customers must pay a minimum of £ 1,500 and log on to their mobile app or online banking by 13 January 2022 for the first £ 100

Nationwide

FlexDirect Nationwide The account comes 2% interest up to £ 1,500 – High interest rate on any current account – If you pay at least £ 1,000 per month, plus a fee-free overdraft. Both privileges last for one year.

Barclays

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