Marketed under the Investec Money banner, the offering combines the bank's innovative range of cash products with access to a team of experienced relationship managers, specialising in cash deposits.
The bank's existing portfolio has been refreshed and made more accessible, with the introduction of a new cash product aimed at the retail market.
The new product, Investec Top5, applies the average daily rate of the top five South African Micropal money market funds and is available with a minimum deposit of R100,000.
"Although we have always had a retail cash deposit offering, with two market-leading products included in our portfolio, it's never been actively marketed. As a result, there is limited awareness of our retail offering beyond our current client base. With the launch of Investec Money, this is set to change," said Investec South Africa joint managing director, Andy Leith.
Following successful campaigns in Britain, Ireland and Australia, Investec attracted the equivalent of R9,3 billion in cash deposits alone.
Research conducted by Investec in these markets revealed that many individuals and privately owned businesses had considerable sums of money sitting in accounts that were unsuitable for their requirements, but apathy prevented them from seeking alternatives.
"Investec is renowned for providing a special banking experience and we believe this ethos will successfully differentiate our cash deposit offering from what is available in the market," he said.
According to Leith, the current environment made cash deposits an attractive option for individuals and businesses alike. "With stock markets volatile and property markets uncertain, clients are looking at cash products as an asset class."
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