Investec Bank raises interest rates

Investec Bank (Channel Islands) has increased the interest rate paid to holders of both its US Dollar Direct Reserve and Inter Reserve accounts to 5%. The move follows the Federal Reserve Bank's decision last month to increase interest rates by 25 basis points to 5%. "Savers need to keep a close eye on the interest rates they are receiving and if they feel they are not competitive or fair, they should be prepared to switch to another provider." Investec's Direct Reserve account offers dollar depositors a 32-day notice account with tiered interest rates depending on the amount deposited...