Investec Save has increased the rate on its 2-Year Fixed Rate Saver to a "highly competitive" 4.95% AER. The bank also offers a 3-Year Fixed Rate Saver paying 5.00% AER, which it describes as one of the "market-leading" rates in the market.
Rate rise follows July increase
The 0.15 percentage point boost to the two-year account comes after a 0.30 percentage point rise at the end of July. According to Investec Save analysis of Moneyfacts' data, the three-year account became the first in the savings market to pay 5.00% AER in more than two years.
David Hunt, head of savings at Investec Bank, said: "Fixed-term accounts can be attractive for savers who are comfortable putting their money away for a set period and want certainty over the return they will receive."
Account terms and conditions
Investec Save's accounts can only be opened and managed online. Interest is paid on maturity for the 1-Year Fixed Rate term, which pays 4.7% AER, and annually on the 2-Year and 3-Year terms. No withdrawals are allowed until the end of the term in each case, and no further deposits can be made after the first seven days.
Hunt added: "By increasing our two-year rate to 4.95% AER, alongside the 5.00% AER available on our three-year account, we are giving savers a choice of highly competitive rates depending on how long they want to fix for."
Other savings options available
Investec's 1-Year Fixed Rate Cash ISA, currently paying 4.60% AER, locks in higher rates for longer, helping savers grow their money and "make the most" of their tax-free ISA allowance each tax year. This option is available to all customers, whether opening a new ISA or transferring an existing cash ISA from another provider.
A 90-Day Notice Saver is also available, offering 4.00% AER with unlimited deposits and withdrawals subject to 90 days' notice. An Investec spokesman said: "This is ideal for those expenses that you can plan for, such as a holiday or wedding."
Investec Save's Online Flexi Saver currently offers 3.79% AER. The instant access account allows unlimited deposits and withdrawals. The spokesman said: "This makes the Online Flexi Saver worth considering for unexpected expenses that might arise, such as car maintenance or a vet bill."
This article is for information purposes only and does not amount to financial advice.
