Investec: Easy Access Account

4.20% Gross / 4.29% AER

Interest is calculated daily on the full closing balance of the Account, credited and compounded monthly, and paid on termination of the savings product.

If you make a withdrawal request, interest will be calculated on the total amount in the Account up to, but not including the day of the withdrawal.

The interest rate applicable to your deposit is variable.

Should the bank set a date to lower the interest rate, you will be given a minimum of 14 days' notice. You may receive less if the rate increases.

Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.

At current interest rates:

A deposit of £1,000.00 would earn £42.82 after 12 months, for a final balance of £1,042.82.

A deposit of £5,000.00 would earn £214.10 after 12 months, for a final balance of £5,214.10.

These are illustrative examples that assume you make the full deposit when opening the account and do not make any withdrawals in the following 12 months. These examples are not based on your individual circumstances.

To open this savings account, you must apply online through Raisin UK. Savings accounts at Investec are only available through this online application process, and to be eligible to apply, you must:

●      Be a UK resident who is aged 18 or over

●      Hold a UK bank or building society account from which you will fund your application

●      Have a valid mobile phone number and email address

●      Have a UK National Insurance Number

Your application acceptance will be subject to the successful completion of an Anti-Money Laundering/Know Your Customer (AML/KYC) check.

The minimum amount you can open and operate this account with is £1000.00. 

You can top up your account with the minimum amount of £500 per transaction and the maximum balance you can have is £85000 (per product and banking institution).

You can manage your savings account through Raisin UK by logging into your Raisin UK Account. You can contact Raisin UK by telephone, by email or in writing by using the contact details provided in the Terms & Conditions.

Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

Yes. There is no limit to the amount of withdrawals you can make; however, you are unable to withdraw less than £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves your balance below £1000.00. To withdraw below your minimum balance you may close your account at any time by requesting closure from within Investec.

In the event you have requested to close your account fully, funds may be returned to your Investec Account in two separate payments by MAM and can take up to two business days to be returned to your Investec Account. For further information, please refer to clause 4.21 of the MAM Terms and Conditions.

If termination is received on a non business day (either weekend or public Holiday), the termination will be initiated on the next business day.

Once termination has been requested it can’t be revoked.

The information provided in this summary box is a summary of the key features of this Account and should be read in conjunction with our Product Sheet.

MAM, with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf. Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to Investec by MIM on the next business day after arriving in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest.

Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account. For further information, please refer to clauses 1.18 and 1.19 of the MAM Terms and Conditions.

AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year.

Interest will be paid gross. Gross interest does not take into account any tax payable. Depending on your individual circumstances, you might have to pay tax on any interest you earn. If you have any specific tax questions you should seek professional tax advice.

Alternatively, further guidance can be found on the HMRC website, for further information please go to: https://www.gov.uk/apply-tax-free-interest-on-savings. Please note that your tax treatment may be subject to change in the future.

You are protected by FSCS up to a maximum of £85k across all of your eligible Investec accounts. Therefore, this maximum is the total protection for this deposit and any others you may hold with Investec directly. For all the information you need on FSCS please go to https://www.fscs.org.uk/

Placing funds via Aviva Save will impact how quickly FSCS can return your deposit to you if Investec Bank should fail. For all information you need on the FSCS repayment timelines please go to https://www.fscs.org.uk/what-we-cover/banks-building-societies/