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Investec increases Euro savings rate

Investec Bank has announced an increase on the interest rate of its Euro Investec Horizon account to 4.25 per cent, despite the European Central Bank’s decision yesterday to maintain its rate at 4 per cent.

Investec says it has already passed the full ECB hike in interest rates onto its Euro Investec Horizon account six consecutive times in the last 12 months.

Investec treasury dealer David Douglas says: “European interest rates remain stable as a result of steady economic performance across Europe and in particular Germany.”

Investec client services spokesperson Laura Preston says: “By paying interest quarterly rather than annually the Horizon account offers clients liquidity and increased flexibility to spend their interest at a time convenient to them. In addition, the account has no hidden restrictive terms and conditions and promises to always at least match the ECB rate.”

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