Investec Bank plc increases rates on fixed rate bonds | will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be Scamsmart.

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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 02/03/2020

This morning, savers will be pleased to see that competition within the savings market has increased, with Investec Bank plc increasing the rates on a range of its fixed rate bonds.

Investec Bank plc has increased the interest rates on its one-year, 18-month, two-year and three-year fixed rate bonds. The improved rates are:

All these fixed rate bonds require a minimum opening balance of £25,000 and can be opened online. No early withdrawals are allowed before the end of the term and interest must be paid into another account.

Savers opening these accounts will also need to open an Investec E-asy Access Account. This account may be used for the payment of interest and for your bond to mature into when the term completes. Savers can choose for their funds to be transferred to an alternative account as long as this is held in their name.

How competitive are the new interest rates from Investec Bank plc?

The new interest rates from Investec Bank plc place these accounts into the top three of their respective fixed rate categories. Its 18 Month Fixed Term Deposit is now joint-third with OakNorth Bank, with higher rates available from QIB (UK) (1.65% expected profit rate) and BLME (1.70% expected profit rate). Investec Bank plc’s 2 Year Fixed Term Deposit is joint second with another two banks that allow online opening of accounts; Gatehouse Bank (including an option to open through the Raisin UK platform) and QIB (UK) both offer an expected profit rate of 1.70%. The top rate for a two-year fixed account is from BLME at 1.80% expected profit rate. Investec Bank plc’s 3 Year Fixed Term Deposit is in third place for the best three-year rate available to open online, with Gatehouse Bank second (including an option to open through the Raisin UK platform) at 1.82% expected profit rate and BLME at the top at 1.85% expected profit rate.

Interest rates remain subdued, but choice is growing

Savers have experienced declining rates on fixed term bonds, with latest statistics from the Moneyfacts UK Savings Trends Treasury Report showing the average one-year fixed rate declining from 1.46% in February 2019 to 1.17% in February 2020. Bonds fixed for 18 months have also reduced on average, from 1.85% to 1.43% for the same period.

Rachel Springall, Finance Expert at said: “These new rates from Investec Bank are a welcome addition to the market as it’s always positive to see a growth in the choice of deals available to savers looking for fixed rate. It remains to be the case that many banks and building societies refrain from competing head and shoulders above other institutions when it comes to fixed rates, so it’s great to see these new deals place highly in the market. However, savers may still want to be quick to open an account if they are interested, as the market is moving very quickly and fixed rates may continue to decline.”

Fixed rate bonds

To view all the current fixed rate bonds available visit our fixed rate bonds charts.


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