New savings accounts avoid rate-chasing stampede

Investec Bank has today launched two new savings accounts with a twist.

Instead of offering savers a set interest rate, the rate will be based on the most competitive deals currently on the market.

This means the accounts will always pay among the most attractive rates in the marketplace, according to Investec Bank.

Savers will have a choice of two accounts – the Investec High 5 Issue 2 six months notice account and the Investec High 10 three months notice account.

The High 5 Account will pay out the average rate of the top five savings accounts on the market, while the High 10 Account will pay out an average of the top 10. The rate will be calculated by independent price comparison website Moneyfacts every Tuesday using rates from a range of different accounts.

Right now, the High 5 Account is paying a competitive 3.17% AER and the High 10 Account is paying 3.11% AER.

Here's how Investec Bank's rates compare with other notice accounts on offer:

To invest savers need a minimum deposit of £25,000 and can save up to a maximum of £100,000. You can open the account online, by post or phone.

Linda McBain, head of banking at Investec Bank, said: ‘Many of those accounts currently offering attractive returns are based on short-term bonuses which means savers often need to switch their balances once these expire,’

‘With our two new accounts, clients know that they will always receive a competitive rate so they no longer need to chase the best returns,’ she added.

Find the best rates for yourself

However, if you are rate savvy and want to ensure you are making as much from your money as possible you can use our best buy tool, similarly powered by Moneyfacts, to see for yourself where the very best deals are.