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Posted 26 September 2022

Investec: Savings Account 2 years Fixed Term Deposit 4.25% (Existing UK Bank Account Required) @ Raisin

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Joined in 2008

About this deal

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Not quite sure how to post a link as the offer is through Raisin, maybe someone can help me out.

So Investec are currently offering 4.25% on a 2 year fixed saver.

Not sure I'd want to lock in for 2 years at the moment but it may be suitable for some.

About Investec Since they were founded in 1974, the Investec Group has gone from strength to strength. They acquired London-based Allied Trust Bank Limited in 1992, and in 1997, renamed it to Investec Bank (UK) Limited before it then became Investec Bank PLC in 2009. Investec offers savings accounts that have been designed to help you achieve your financial goals without compromising on flexibility.

The FSCS protects deposits made into savings accounts offered by Investec Bank PLC through our marketplace, and Investec Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Product details Account name
2 years Fixed Term Deposit
What is the interest rate?
4.25 % AER / 4.34% Gross

Interest is calculated daily on the full closing balance in the Fixed Deposit.

Interest will be paid in full at the end of the Fixed Term period.

Can Investec change the interest rate?
No, the interest rate is fixed for the deposit term.

The interest rate cannot be increased or reduced at any time during this fixed period.

What would the estimated balance be after 24 months based on a £1,000 deposit?
A deposit of £1,000.00 would earn £86.80 after 24 months, for a final balance of £1,086.80.
A deposit of £5,000.00 would earn £434.00 after 24 months, for a final balance of £5,434.00.

These are illustrative examples and are not based on your individual circumstances. You are required to keep the full amount deposited in the account until the end of the agreed fixed term.

How do I open and manage my account
This account is available to all UK residents over the age of 18, with a minimum balance of £1,000 and a maximum balance of £85,000.

You can open, view and manage your Investec Fixed Term Deposit all directly through Raisin UK. Savings accounts at Raisin UK 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 Anti-Money Laundering/Know Your Customer (AML/KYC) checks.

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 Raisin UK Terms & Conditions.

Your Investec Fixed Term Deposit will automatically close at the end of the agreed Fixed Term. That means that any funds you put in this account cannot be withdrawn early and must remain deposited until the Fixed Term is over.

Can I withdraw money?
No, not until the end of the agreed Fixed Term.

Your funds are locked into the Fixed Term and unavailable for withdrawal until the end of the agreed Fixed Term.

At the end of the Fixed Term, Investec will return your deposited funds plus any interest earned to Raisin at which point they will be available to be returned to your designated bank account.

There are no charges for returning your funds to Raisin at the end of your Fixed Term.

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

Meteor Asset Management (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.

All cash in transit and deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules.

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: gov.uk/app…ngs . 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 fscs.org.uk/

Placing funds via Raisin UK 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 fscs.org.uk/wha…es/
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  1. Avatar
    It should be 5% and that’s before the further imminent interest rate rises by the BoE
  2. Avatar
    I'd wait. Two year gilts are now at 4.5%. Savings rates usually are 0.3% to 0.5% higher than gilts.
  3. Avatar
    The BOE is actually quite behind on the interest rate raising front. I'd wait.
    I think they are waiting for the £ to crash further
  4. Avatar
    Can kind of see the US will keep hiking the rates for at least the next two to three quaters. UK will probably follow suit. So I would personaly wait for about 6 months before investing in something like this.
  5. Avatar
    Does show how fast rates are rising. Think that's almost a quarter percent more than old best buy. If it were one year then I would be tempted.
    I wouldn't do it, even if it was 3 months. Not in this crazy environment.

    Rates will rapidly hit 6% now. Sit back and enjoy when this happens. First time in a decade.
  6. Avatar
    what kind of numpty would fix at four now?
    Depends how much you have to invest. If substantial sum then might be best to drip feed. Rates will go up, but impossible to say when they will peak.
  7. Avatar
    What? Lock yourself in to 4.25% for 2 years when rates could hit 6,7,10% in weeks!
    That seems optimistic :-)

    It's interesting reading the discussions on hukd. You have the mortgage holder desperately trying to lock into low rates assuming they might hit 5% next year and the savers holding out for 7% or more before Christmas.

    Will be interesting to see what happens on 3rd November. I was expecting another 0.5% but they might even jump to 1% now.