The Lemon Fool

Important information about your Investec High 5 savings account

Dear ####


Your High 5 Account is closing, you need to take action.

As technology advances, savers' habits change and products simplify. To ensure our clients receive the best possible value we continually look for ways to improve our savings products. We've experienced a clear increase in demand from savers wanting to interact online and in response to this need we're developing a range of online-only savings accounts.


As a result, we have taken the difficult decision to close all High 5 accounts.

I'm not sure how closing High 5 accounts (which I, and probably most people, manage online) follows from a 'clear increase in demand from savers wanting to interact online'

I wonder why they do not just do as Coventry BS did a few years back, consolidated all their "legacy" savings account into 1 which still pays a "tad" better rate of 0.55% than their current offering of 0.3%. This new account was "online" only.

Its a right pain this, had a Hi5 for years and it was usually nearly as good as you could get for instant access. The replacement app based offering is not for me.

...Just closed. Been with them so long that when I started they were called Allied Trust Bank.

They are following the usual route for private banks today, only interested in high net worth individuals: minimum assets of £3m plus income of £300,000 per annum

High Net Worth? I fall just short of that

I'm keeping mine open until two weeks before the formal close date as the interest rules will have to apply until then (I hope)
Squeeze the last bit out of it

Quote:: "We recently contacted you about the closure of your High 5 savings account. We understand that you may still be deciding what to do, so this is just a reminder that from 12 July 2021 your interest rate will be reduced to 0%. We would encourage you to withdraw your savings as soon as you’re able to, ...
To make this process as easy as possible for you we are waiving the need for you to give the normal three-month notice period, by allowing you earlier access to your money. We will aim to process your closure request within 14 days from when we receive it.

Please log into Investec Online, select your High 5 account and the Withdraw option. If you have a preferred date of closure, then please call our Savings Team on their dedicated closure line, 03...

In accordance with the terms and conditions of the High 5 account we are giving you the required three months' notice that we're closing your account.


So they encouraging me to withdraw, but as I see it they are bound by the T&Cs until 12 July - so if I stick in a closure request on (say) 28 June I should get the 'correct' interest rate right up to the end

AleisterCrowley wrote:
So they encouraging me to withdraw, but as I see it they are bound by the T&Cs until 12 July - so if I stick in a closure request on (say) 28 June I should get the 'correct' interest rate right up to the end

But possibly 14 days, or worse 3 months, interest at 0% thereafter as a result, compared to an alternative home and whatever (low) rate that offers.

Well they have waived the notice period - not sure where I'd stand if they sit on cash for months rather than 14 days...

I emailed them, because I was hoping to get my tax cert before closing out. They replied saying that the account will remain open, but will stop paying interest from 1st July. No further forward then, as I’ll then need next year’s tax cert.

My email says 12th July?

Just a reminder to any remaining Investec High5 account holders - the interest rate drops to zero on 12 July (fortnight on Monday)
I'm putting in my withdrawal request today - they aim for 14 days to complete, but I suspect they will be quicker as they are having to pay me a staggering 0.65% on the money! Although...it'll probably disappear into zero rate limbo while they process the request, knowing banks and their ways.

I got fed up with Investec chopping rates
Closed my account at the end of May
and put it into a Global Equity Tracker (OEIC) which has a 0.85% management charge, and it's early days but it's up 3.5% in three weeks

Investec couldn't chop rates on the High5 a/c, as they were based on interest rates available from other financial institutions

Now. With a minimum deposit of £5,000: https://savings.investec.com/online-flexi-saver

I see they have a fixed rate at 1.36% (1 yr, min £5k)
but they want...
A passport or photocard driving licence from any country we currently support
Passport expired, haven't bothered renewing for various reasons (nothing to do with waiting for a blue one...)
Don't drive

No sure how this compares vs other fixed rate...heading over to Martin 'Moneybags' Lewis's site to have a look

I hadn't followed up on the application requirements. Too much hassle for me too.

There is also these people, who I have used easily more than once in the past: https://www.utbank.co.uk/deposits/personal/

Some financial organisations will accept a photo of the passport or driving licence being uploaded to them, I don't know if that applies to Investec or not. I think (Transfer)Wise did it that way. Some will accept/require a certified copy which can be a hassle and potentially costly.

AleisterCrowley wrote:I see they have a fixed rate at 1.36% (1 yr, min £5k)
but they want...
A passport or photocard driving licence from any country we currently support
Passport expired, haven't bothered renewing for various reasons (nothing to do with waiting for a blue one...)
Don't drive

No sure how this compares vs other fixed rate...heading over to Martin 'Moneybags' Lewis's site to have a look

One year fix of 1.33% available from Charter Savings Bank via Hargreaves Lansdown Active Savings.

Also same available via AJ Bell Cash savings hub.

Myfyr wrote:

AleisterCrowley wrote:I see they have a fixed rate at 1.36% (1 yr, min £5k)
but they want...
A passport or photocard driving licence from any country we currently support
Passport expired, haven't bothered renewing for various reasons (nothing to do with waiting for a blue one...)
Don't drive

No sure how this compares vs other fixed rate...heading over to Martin 'Moneybags' Lewis's site to have a look

One year fix of 1.33% available from Charter Savings Bank via Hargreaves Lansdown Active Savings.

Also same available via AJ Bell Cash savings hub.

And from Charter Savings Bank directly: https://www.chartersavingsbank.co.uk/Products/FixedRateBond