Savings accounts from Investec have been boosted today as the company increased interest on two of its deals. This, Investec detailed, strengthened “their positions among the top paying accounts within their respective categories”.
Interest is paid at the end of the term. No withdrawals are permitted until the end of the one-year period.
Additionally, no further deposits can be paid into this account after the first seven days.
Samantha Booysen, the Head of Digital Savings at Investec, commented: “We are always working to make sure that our savings rates remain highly competitive, and the latest increase does just that.
“In addition to offering a competitive rate, we also ensure that we have a clear and transparent product with no hidden fees or charges.”
In late-July, Professor Jonathan Haskel produced research which examined the central bank’s support measures in the face of coronavirus.
The report Professor Haskel produced was wide ranging but on the topic of raising rates, the following was detailed: “I would argue that the forward-looking scenario is relevant.
“The vaccines have created a future roadmap out of the economic restrictions created by the pandemic.
“The data would seem to accord with this view as well. Forward-looking measures like vacancies are now above their pre-pandemic level, forward-looking PMIs are generally net positive, input prices have risen significantly and CPI inflation moved above target in May for the first time since July 2019.
“So should real policy-makers follow the mechanical Taylor Rule and raise rates?
“I would argue not for a number of reasons.”