Moneybox has announced the launch of a 95-day notice account powered by Investec, offering customers a competitive rate of 1.65 per cent AER variable on savings from £1 to £85,000.

This product is the firm’s first traditional savings account and is the latest fintech partnership for the saving and investing app.

Most recently, Moneybox partnered with OakNorth to launch to launch a Cash Lifetime ISA, which offers the market-leading rate of 1.4 per cent.

The Financial Conduct Authority (FCA) revealed that almost 50 per cent of money held in easy access savings accounts in the UK is earning less than 0.5 per cent interest, while around 77 per cent is earning less than 1 per cent, and Moneybox is seeking to combat this.

Commenting, Moneybox co-founder Ben Stanway said: “The low interest rates being offered by high-street banks on easy-access accounts make it almost impossible for people to grow their hard-earned money. We believe people deserve better and we’re excited to launch our 95-day notice account, offering customers a much higher rate from as little as £1.

“Moneybox customers asked for savings accounts to help them reach their short-term saving goals. It’s great to be working with Investec on the first of a range of accounts we plan to launch over the coming months.”

While notice accounts offer savers less flexibility when compared to easy access accounts, they offer higher interest rates. The competitive rate on the new Moneybox account, combined with the £1 minimum deposit, makes it an attractive option for savers looking for higher rates.

Investec head of specialist cash products David Hunt said: “By working with Moneybox to deliver this offering to their growing user base we are providing another opportunity for individuals to save for their future whilst earning a very competitive interest rate.

“We have worked closely with Moneybox to create a tailored account to meet the needs of their customers, delivering a seamless user experience and working alongside their investment account.”

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