New Investec 6 month Term Deposit Rate - 5.58%

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Lightning

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According to an advert in The Irish Times today Investec have launched a new 6 month term deposit product at a rate of 5.50%.

This is now a clear market leader for 6 month term deposits.

For some unknown reason they don't publish their term deposit rates on their website.
 
Re: New Investec 6 month Term Deposit Rate - 5.50%

Maybe they think this internet thing won't catch on :D
 
Re: New Investec 6 month Term Deposit Rate - 5.50%

LOL :)

I think it just the fact that Investec have moved from pure corporate deposits to mixture of corporate and retail deposits and have not adjusted their website accordingly.

Anyway, As the bloodbath strikes most other savings rates it is good to see Investec offer this market leading rate.
 
Re: New Investec 6 month Term Deposit Rate - 5.50%

Does anybody know what type of lending Investec are now engaged in here?

I know they used to be Gandon years ago, but I just wonder why they are paying up so high - maybe its their credit rating.
Ratings for Investec Bank (UK) Limited
- a subsidiary of Investec plc​
Fitch​
Individual rating B/C
Support rating 5
Foreign currency short-term rating F2​
Foreign currency long-term rating BBB+
- however, their UK office dont pay up half as much over LIBOR rates for deposits so wonder why they do so here ?(http://www.investec.com/UnitedKingdom/PrivateBank/BankingandTreasuryServices/).


 
Re: New Investec 6 month Term Deposit Rate - 5.50%

Some valid and good questions Optimum.

OPTIMUM said:
- however, their UK office dont pay up half as much over LIBOR rates for deposits so wonder why they do so here ?
Click to expand...

Investec UK don't publish their GBP term deposit rates on their website like their Irish wing so we cannot do a 100% comparison but perhaps Investec UK already have a greater deposit base and/or lower lending to cover.

It is also worth noting that funding via deposits is currently considered best practice versus the interbank market and the rates offered by Investec Ireland are likely to be indicative of how much their Irish corporate lending is (possibly) expanding.
 
Re: New Investec 6 month Term Deposit Rate - 5.50%

Investec are creating quite a niche for themselves in the business lending market right now. As we all know, the traditional banks have pretty much closed for business. Investec (South African) have spotted a gap in the market and are financing deals, but at 1-2% higher rates.
 
Re: New Investec 6 month Term Deposit Rate - 5.50%

Interesting. That would explain why they are able to offer market leading term deposit rates well above EURIBOR.
 
Re: New Investec 6 month Term Deposit Rate - 5.50%

this definitely looking more interesting now, especially sine Rabo, Halifax etc have dropped their rates. Think I'll sign up this week.
 
Re: New Investec 6 month Term Deposit Rate - 5.50%

This looks interesting. I'm looking at both this and Anglos 5.25% year fixed rate but I'm not too confident of placing my savings in Anglo Irish Bank for a year with the way things are at the moment. Is Investec covered under the Irish governments €100,000 protection scheme?

How simple is it to open an account with Investec, I think I read on AAM that they require a copy of a passport stamped by a Garda, is that correct? Am I guaranteed interest on my savings with Investec or is there a risk that the sum I lodge will be worth less when the term is up?

I think Investec require a cheque to open an account with them. Do you think I would be able to transfer the money from my current account online to theirs, as I don't have a cheque book nor the time to get to my bank during working hours to get a bank draft.
 
Re: New Investec 6 month Term Deposit Rate - 5.50%

François said:
This looks interesting. I'm looking at both this and Anglos 5.25% year fixed rate but I'm not too confident of placing my savings in Anglo Irish Bank for a year with the way things are at the moment. Is Investec covered under the Irish governments €100,000 protection scheme?
Click to expand...

50,000 GBP (55,000 EUR aprox.) is covered under to the UK scheme.

François said:
How simple is it to open an account with Investec, I think I read on AAM that they require a copy of a passport stamped by a Garda, is that correct?
Click to expand...

It is easy to open an account with Investec. They require a passport stampted by a Garda or you show up in person at their office.

François said:
Am I guaranteed interest on my savings with Investec or is there a risk that the sum I lodge will be worth less when the term is up?
Click to expand...

You are guaranteed principal and interest.

François said:
I think Investec require a cheque to open an account with them. Do you think I would be able to transfer the money from my current account online to theirs, as I don't have a cheque book nor the time to get to my bank during working hours to get a bank draft.
Click to expand...

Yes, you can wire money to their BOI settlement account with a reference supplied by them.

this definitely looking more interesting now, especially sine Rabo, Halifax etc have dropped their rates. Think I'll sign up this week.
Click to expand...

Good move .. Investec's rates far outstrip Rab and Halifax term deposits.
 
Is there any added risk with Investec being covered by the UK's Financial Services Compensation Scheme (FSCS) rather than the Irish compensation scheme that anyone is aware of? Possibly some detail in the small print relating to non-nationals having lower priority or not being covered.

Just trying to make sure that all risks are mitigated before moving my money. I've never heard of Investec and I'm naturally a little wary.

Thanks in advance.
 
Under EU law the UK would have to compensate all EU residents - not just UK residents.

Investec are a solid company (based on their last results). I have dealt with them for a while now without any problems.
 
Galwegian44 ...They have just taken over the sponsorship of the Monaghan Football Team (Gaelic) .. so you'll hear a lot more about them in the future !!
 
They also told me that:

1 month notice account - 4.25% variable
3 month fixed account - 4.25%
1 year fixed account - 4.5%

Not sure if there is a minimum on the above accounts like the 6 months fixed (minimum €20,000)
 
fungus said:
Under EU law the UK would have to compensate all EU residents - not just UK residents.

Investec are a solid company (based on their last results). I have dealt with them for a while now without any problems.
Click to expand...

Hmm...BBB rating and they are a ultimately a sub of a south african plc.
We thought Lehmans couldnt fail....

I'll be staying with northern hemisphere sovereign risk and suspect the FSA are putting these guys through the ringer in the UK if the UK government wants to avoid a Kaupthing II !!!

Im sure they are good in terms of service, but you have to be wary of high payers in this environment.
 
Darando said:
They also told me that:

1 month notice account - 4.25% variable
3 month fixed account - 4.25%
1 year fixed account - 4.5%

Not sure if there is a minimum on the above accounts like the 6 months fixed (minimum €20,000)
Click to expand...

Their one month notice account is 4.33% AER with no minimum.

Investec's only market leading product is their 6 month term deposit.
 
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