Investec Bank Plc has released a new five-year fixed rate escalator bond, which has earned a four-star review for its terms.
5 Year Step Up Bond Issue 4 has a yearly rate of 2.80% for the first three years. The next two years will then have a higher rate of 3.30% yearly. Savers must note that interest cannot be compounded and will be paid into a separate account.
The finer details…
This account can be opened and operated online and by phone with a minimum deposit of £25,000. An Investec Bank Plc E-asy Access Account must also be opened, into which the interest will be paid.
No further additions are allowed and early access to funds is also not permitted. Investors must therefore be comfortable locking their money away for the full term.
Why we like it…
For savers with a decent stash of cash to lock away into a savings account, this deal from Investec Bank Plc is an attractive offer. The escalating rates are competitive and, while no early access or further additions are allowed, the chance to generate a decent return is still likely to attract savers.
Four Moneyfacts Stars have been awarded.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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