Investec joins forces with Moneybox for 95-day savings account

By Oliver Smith on 4th September 2019

Fintech

The second such partnership Moneybox has struck, after announcing its OakNorth ISA in July.

Investec joins forces with Moneybox for 95-day savings account
Image source: Ben Stanway/Moneybox.

Specialist bank Investec is partnering with Moneybox, the savings and investment app, on a 1.65% variable savings account.

The news comes after Moneybox launched a Cash Lifetime ISA in partnership with OakNorth in July at a rate of 1.4%.

Unlike an easy access savings account or a set fixed term saver, Investec’s Moneybox account is a 95-day notice account.

Notice accounts like this one with Investec offer higher interest rates than easy access savings accounts, with time-based restrictions on how quickly money can be withdrawn.

"By working with Moneybox to deliver this offering to their growing user base we are providing another opportunity for individuals to save for their future whilst earning a very competitive interest rate,” said Investec’s Head of Specialist Cash Products David Hunt.

Read more: MoneyBox Review - September 2019

Ben Stanway, the Co-Founder of Moneybox, said the 95-day account was a step up from “the low-interest rates being offered by high-street banks on easy-access accounts” which “make it almost impossible for people to grow their hard-earned money”.

According to the Financial Conduct Authority, almost 50% of money held in easy access savings accounts in the UK is earning less than 0.5% interest and 77% of it is earning less than 1%.

Moneybox’s Investec 95 day savings account can be opened with just £1.