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Top Fixed Rate Savings Accounts: Investec Now Has the Best One-Year Deal


Investec launches 1-year Best Buy savings account at a fixed rate that pays 1.36% as savers’ short-term deals start to rise again

  • Investec rates increased from 1.33% to 1.36% to become a market leading deal for a year
  • Cynergy Bank’s Best Easy Access Deal currently pays 0.7%
  • Notification accounts may provide savers with the perfect home halfway between the two










Investec Bank launched a one-year best buy fixed rate savings deal of 1.36 per cent.

That means one-year fixed rate deals are trending upwards again, after a number of rival banks have cut interest rates in recent weeks.

Notably, in October, Gatehouse Bank cut its one-year market-leading deal by pushing 1.51 to 1.3 per cent while Al Rayan Bank earlier this month cut its deal from 1.45 to 1.25 per cent.

Saving up to £10,000 with Investec guarantees nearly double the return of the best-paying Easy Access deal.

Investec’s one-year deal, which has risen from 1.33 to 1.36 per cent, will require a minimum deposit of £5,000 to start, with a maximum holding potential of £250,000.

A saver who holds a minimum of £5,000 in this account can expect a return of £68 in interest after one year.

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

An individual saver who is able to hide a maximum of £85,000 protected under the FSCS can expect to earn £1,163 in interest over a year.

What is on offer?

If you are looking for the highest payout rate and are willing to not have access to your money for 12 months, then this might be for you.

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

The best accessible deal offered by Cynergy Bank pays 0.7 percent, although this includes a 0.4 percent bonus rate for the first year after which the rate drops to 0.3 percent.

Best fixed rate accounts for 1 or 2 years
Account type (minimum investment) 0% tax 20% tax 40% tax
One year
Investec (£5,000) 1.36 1.09 0.82
Mashaven Bank (£500+) 1.35 1.08 0.81
Zoba Bank (£1,000+) 1.35 1.08 0.81
Two years
Zoba Bank (£1,000) 1.61 1.29 0.97
Gatehouse Bank (£1,000+) (3) 1.60 1.28 0.96

A savings fix with Investec is guaranteed to roughly double the return of a Cynergy deal over a 12-month period, moreover, a variable Cynergy deal can change at any time.

For those who are a little worried about the possibility of giving up access to their money but are anxious to secure a slightly higher rate than if they were in an accessible account, there are also notice accounts to consider.

A notice account is basically a kind of house halfway between an accessible deal or a fixed-price deal.

It enables savers to withdraw their money after a notice period, usually between 30 and 120 days, but can offer savers a better return than they would otherwise make with an easy-to-access account.

Investec, for example, currently offers 32 days’ notice with an account that pays 0.8 percent.

Smart savers can get more out of this particular deal with a welcome bonus offered by the savings platform Raisin which gives savers the chance to increase their savings by £50 when they open an account and fund it in the market with a minimum of £10,000.

Raisin currently offers savers a choice of 72 savings deals, including the 32-day Investec deal.

So anyone who stores £10,000 in this Raisin account will actually see their price increase from 0.8 to 1.3 per cent for the first year after paying the welcome bonus.

Ultimately, what you decide will depend on your circumstances and your desire to prevent your money from getting your money for a certain period of time.

It may also depend on whether you are a saver and who would like the flexibility to add money to the account whenever they want without restrictions.

It should also be noted that there is currently no savings account that can come close to matching the recent inflation figure of 4.2 percent.

“Fixed rate bonds are a popular preference among savers looking for the highest interest rates, and are ideal for savers who want to hold cash for a guaranteed return,” said Rachel Springall, a personal finance professional at Moneyfacts.

Those who compare different savings accounts may also appreciate that most notice accounts will allow them to deposit money little and often, unlike fixed bonds that usually require a lump sum up front when placing an order.

While cash interest rate levels may be a drag for some savers, it’s still worth considering setting up a savings account to set aside some money for emergencies.

Interest rates can rise in the future, so savers may want to be careful and use either easy-to-access accounts, notice accounts, or short-term bonds, rather than investing in the long-term

“As the market continues to improve, consumers would be wise to keep a close eye on the higher price schedules and be quick to apply so as not to be disappointed.”

These are five money from the best checking accounts

Santander 123 Lite account you will pay Up to 3% cash back on family bills. There is a monthly fee of £2 and you must log into mobile or online banking regularly, deposit £500 per month and keep two direct debits to qualify.

Santander

Virgin Money The current account presents a £150 Gift Card for Virgin Experience Days When you switch and pay 2.02 per cent monthly interest on up to £1,000. To get the bonus, £1,000 must be paid into a linked easy-to-access account and 2 direct debits transferred.

natwest

Club Lloyds Current Account Pay 0.6% interest on balances up to £3,999, while those with amounts between £4,000 and £5,000 earn 1.5% on this balance. There is no cost if you are paying £1,500 per month, otherwise a fee of £3 applies. He must have two direct opponents.

Santander

natwest Will give newcomers £100 when they switch their account and another £50 if they stay for 9 months. Customers must pay a total amount of at least £1,500 and log into the mobile app or online banking by 13 January 2022 for the first £100

nationally

Flex Direct nationwide Comes with the account 2% interest up to £1,500 Highest interest rate on any checking account – if you pay at least £1,000 a month, plus an overdraft with no fees. Both perks last for a year.

Barclays

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