Investec: Top rate for high savers
Savings account interest rates have plunged by just over 0.5 per cent, new research by private bank Investec has revealed.
The bank has unveiled the figures as it promotes its High 5 Savings account, which adjusts its interest rate according to the rates of the UK's highest paying accounts.
According to its figures, the rate on 725 savings accounts with balances of £25,000 or more fell by an average of 0.516 per cent between February 1st and May 1st, 2009.
And those accounts which did not require savers to give notice when withdrawing cash saw the biggest falls in interest rates.
Investec's figures showed their rates plummeted by 0.717 per cent.
Linda McBain, head of banking at Investec, said it was crucial people with more than £25,000 were earning the highest possible rate of interest on their money.
She added: "Our latest index shows the average rate savers would have received for a deposit of £25,000 or more between February 1st and May 1st was 0.89 per cent, which is 2.2 per cent less than the interest rate on our High 5 Account."
Investec's account, which is for balances of £25,000 or more, currently has a rate of 3.11 per cent.
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