Investec Bank PLC has increased the rate on its two-year fixed rate account by 0.05%, causing it to soar to the top of the Moneyfacts charts.
2 Year Fixed Term Deposit is now paying a handsome rate of 2.35% yearly (2.33% monthly).
This account can be opened online and then managed over the internet or by phone. It requires a hefty initial investment of £25,000 and there is no early access available, so investors must be sure that they are completely comfortable with locking away this sum for the full term. Further additions are also not permitted.
The account is a linked product, so an easy-access account must also be opened in conjunction with the fixed rate bond.
For investors with a big sum to stash away, this account is likely to tick all the boxes. The account's competitive rate ensures that it is ahead of its rivals for its term, but the lack of flexibility and the need to lock away a significant sum may deter other savers.
Four Moneyfacts Stars have been awarded.
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