Investec Bank has launched Australian dollar and South African rand versions of its Direct Reserve account. The move follows increased demand amongst Investec’s existing client base for accounts in these currencies; in part due to clients migrating from South Africa to Australia.
The bank says that the key benefits of the Direct Reserve account, which operates on a 32-day notice basis, include no fixed term for the investment and the allowance of one notice-free withdrawal per calendar year without penalty. This makes the account suitable for those looking for a good rate of return, coupled with the flexibility of being able to access their funds.
The Interest rate is variable and paid quarterly which, combined with the fact that separate capital and income accounts can be maintained, means that the account can be used to generate a regular source of income.
The Direct Reserve account is still also available for savers looking to deposit in sterling, US dollars and euro.
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