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Savings tool finds best rates for bigger balances

Investec Private Bank has devised a savings index to give a picture of the deposit rates available on savings accounts with balances over 25,000.

It comprises three tables – one including bonuses, one without bonuses and one based on consistency. The index uses research supplied by Moneyfacts and will be updated quarterly on the Investec website.

Britannia’s Homesaver account comes top of all three tables with a 6.3 per cent rate. The index shows that eight of the top 10 savings accounts reviewed rely on bonuses to inflate their returns.

When accounts offering bonuses are analysed, Leeds & Holbeck’s Tracker 50 is second on 6 per cent, followed by Universal Building Society’s Tracker Two on 5.5 per cent. But if bonuses are not included, Investec Bank’s high 5 is second on 5.4 per cent and Leek United’s three-year performance bond is third on 5.25 per cent.

Looking at consistently high returns, Universal’s tracker two is second on 5.5 per cent and Investec Bank’s high 5 is third on 5.4 per cent.

Spokeswoman Linda McBain says: “We found there was a lack of information in the market about the rates being paid on bigger balances. The Investec savings index is a unique survey which will provide transparency in the market to help people make an informed decision about where to deposit their savings.”

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