In a bid to ensure its clients get continuing high returns, Investec Private Bank has launched a two-year savings product that will track the highest-paying competing products.
The Investec High 5 Account will pay the average of the top five weekly rates taken from financial website Money£acts, starting at 4.06% gross AER.
The product will last two years, although money can be withdrawn after one. After the two years, Investec will assess the product and then decide whether it is to be extended or if another product should be offered.
The account has a minimum investment of £25,000. The fluctuating rate can be viewed online or on monthly statements.
Money£acts is an independent research company, which lists the rates of all types of accounts, from no notice accounts to notice accounts, internet accounts to monthly interest accounts. The Investec High 5 Account will average the top five from across all these categories. The Money£acts website can be found at www.moneyfacts.co.uk.
Acquisition completed earlier this month.
Changes to take place by next year
Launched 18 November
Investment Association to create new labels