Product overview
- Rate type
- Variable
- Term
- Variable
- Min / max amount
- £1,000 - £85,000
- Money available
- With 32 days notice
- 14 day cooling-off period available
- Yes
- Interest added to account
- Monthly
- Deposit guarantee
- FSCS protection up to £85,000
Product details
Account name
Investec: 32 Day Notice Account
What is the interest rate?
4.65% Gross / 4.5% AER
Interest is calculated daily on the full closing balance in the Account, credited and compounded monthly, and paid on termination of the savings product.
If you make a withdrawal request, interest will be calculated on the total amount in the Account up to, but not including the day of the withdrawal.
Can Investec change the interest rate?
Yes, the interest rate is variable and can be increased or reduced at any time.
If Investec increase the interest rate on your account, the change will take effect on the first day of the next calendar month (or in some cases, immediately).
If Investec decrease the interest rate on your account, we will notify you at least 46 calendar days before the decrease takes effect and provide a reminder notice to you 14 days before.
Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.
What would the estimated balance be after 12 months based on a £1000 deposit?
At current interest rates:
A deposit of £1,000.00 would earn £44.98 after 12 months, for a final balance of £1,044.98.
A deposit of £5,000.00 would earn £224.90 after 12 months, for a final balance of £5,224.90.
These are illustrative examples that assume you make the full deposit when opening the account and do not make any withdrawals in the following 12 months. These examples are not based on your individual circumstances.
How do I open and manage my account?
This account is available to all UK residents over the age of 18, with a minimum balance of £1000.00 and a maximum balance of £85000.
To remain open, the account must retain a minimum balance of 1000.00.
You can open, operate and close the Investec 32 Day Notice Account all directly through Aviva plc. Savings accounts at Aviva plc are only available through this online application process, and to be eligible to apply, you must:
Be a UK resident who is aged 18 or over
Hold a UK bank or building society account from which you will fund your application
Have a valid mobile phone number and email address
Have a UK National Insurance Number
Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) check.
You can manage your savings account through Aviva plc by logging into your Aviva plc Account.
You can contact Aviva plc by telephone, by email or in writing by using the contact details provided in the Aviva plc Terms & Conditions.
Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
Can I withdraw money?
You may withdraw the full deposit amount only. This will be subject to a 32 day notice period. You are unable to add to the initial deposit or make partial withdrawals.
If termination is received on a non-business day (either weekend or public Holiday), the notice period will start from next business day.
Once notice has been given it can’t be revoked.
If a termination falls on a non-business day, then payment will be made on the next business day and interest will be paid for the additional days. e.g. If a notice account terminates on a Saturday and funds are returned on the Monday, interest will be paid for the intervening Sunday.
Additional information
Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf, whilst Meteor Trustees Limited (MTL), a wholly owned subsidiary of MAM will act as Bare Trustee.
Funds will appear in MTL’s account by the following business day from funding your application at the latest. Funds will be remitted to Investec by MTL on the next business day after arriving in the MTL account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest.
All cash in transit and deposits once established, will be administered by MIM and held by MTL in trust for you. You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account. For further information, please refer to clauses 1.18 and 1.19 of the MAM’s Terms and Conditions.
Deposit guarantee
The FSCS is the United Kingdom's statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit. Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.
