Investec Bank?

T

TonyBoy

Registered User
Messages
17
Anybody know anything about Investec Bank?
I have been advised to put some savings into Fixed Term Savings with them?
 
this is their website, however its design is pretty woeful. Details of their fixed term offerings are [broken link removed] (pdf format). Must admit tho that I know zilch about them apart from the fact that the 12 month rate is very competitive for a fixed term account.

They also get a mention in the best buys section.
 
Investec are now offering 6.5% for one year fixed. The best one year fixed rate out there. I ordered the forms today.

As for their poor website - They told me they are in the process of revamping it and by mid December everyone will have online access to their account.
 
Do check that Investec have signed up for enhanced deposit guarantee schemes. I know they were in the UK scheme before, but haven't looked recently to see what the state of play on it is now.
 
There should be a big demand for fixed term accounts following the expected ECB rate cut on Thursday. I am tempted by Investec, 6.50% for 1 year, but something is holding me back. It sounds really good but their website wouldn't inspire confidence. The other alternatives are Anglo, 6% for 1 year and Halifax, 5.60% for 1 year. Would welcome suggestions/opinions. I think these rates will be withdrawn within the next few weeks so a decision is necessary sooner rather than later.
 
I am tempted by Investec, 6.50% for 1 year
Click to expand...

They are offering 6.4% on a 6 month term, maybe that's a better deal - your money not left in for as long? And they have a 20% instant access provision for both rates.
 
Would welcome suggestions/opinions. I think these rates will be withdrawn within the next few weeks so a decision is necessary sooner rather than later.

Personally, I think you should go with the Investec offer. As for "weeks" - I would say it will be days before the offer is withdrawn. Best to lock ASAP.
 
fungus said:
Would welcome suggestions/opinions. I think these rates will be withdrawn within the next few weeks so a decision is necessary sooner rather than later.

Personally, I think you should go with the Investec offer. As for "weeks" - I would say it will be days before the offer is withdrawn. Best to lock ASAP.
Click to expand...

I agree. Spoke with them today and was told that this offer will finish at the end of next week. I am in the process of opening an account with them. I intend to fix for 6 months as may need the funds then.
 
gebbel said:
I agree. Spoke with them today and was told that this offer will finish at the end of next week.
Click to expand...

Interesting ... you can walk into their Harcourt branch and open an account with the forms filled out which they will email to you. This might be peoples best best to ensure they get they rate while they can.

I assume they won't alter rates/withdraw the offer until after they find out for certain what will happen with the ECB rate at Thursday lunch time.
 
fungus said:
Interesting ... you can walk into their Harcourt branch and open an account with the forms filled out which they will email to you. This might be peoples best best to ensure they get they rate while they can.
Click to expand...

Their advisor gave me her name and I will send in the application by post, using her name as a reference. She guaranteed me the rate over the phone. I had been told that the minimum amount required was €20K, but only have €15K myself. In the end they decided to accept the €15K and honour the higher intetest rate...sign of the times for banks eh?!
 
Does anybody know what happens to the rate after the 6-12 month period has ended? Do they allow a renewal or is this just for "new money"?

Thanks
Patrick
 
txpjl said:
Does anybody know what happens to the rate after the 6-12 month period has ended? Do they allow a renewal or is this just for "new money"?

Thanks
Patrick
Click to expand...

It all depends on market conditions there are in 6 months or 12 months. It would seem unlikely that they will be able to offer such rates in 6 months given ECB drops.
 
fungus said:
It all depends on market conditions there are in 6 months or 12 months. It would seem unlikely that they will be able to offer such rates in 6 months given ECB drops.
Click to expand...

What has the ECB rate got to do with the interest rate they offer? They're free to offer any interest rate they want.

For example a bank could offer 20% a 100 euro deposit. If they used that capital to create a 1000 euro loan at 4% they would be up 20 euro all told.

They will still be able to offer such rates in 6 months given ECB rates but the odds are they won't as money will be cheaper and they won't have to pay as much to depositors. It's nothing to do with inability.
 
Taxi Driver said:
What has the ECB rate got to do with the interest rate they offer? .
Click to expand...

In most cases the rates that banks offer move in line with the ECB rate. Granted, it all depends on how much Investec need the deposits.

Any information backed up by links to various regulatory websites would be welcome.

See the Irish Financial Regulators website here ...
The first 50,000 GBP is guaranteed by the UK scheme
http://www.itsyourmoney.ie/index.jsp...ID=153&aID=620

Here's an article from RTE:
http://www.rte.ie/business/2008/1113/investec.html
 
I rang investec bank last week and they said the deal ends this friday and all paperwork needs to be in by then. They also wanted all your proof of address forms certified by the gardaí or solicitors etc. They said that this was the law now. Is this true? I applied for anglo irish fixed term and i didn't have to do that!
 
kittyjo said:
They also wanted all your proof of address forms certified by the gardaí or solicitors etc. They said that this was the law now. Is this true? I applied for anglo irish fixed term and i didn't have to do that!
Click to expand...

It is totally normal ...

The normal AML procedure for a bank is to either
1) prove the persons identity in person or
2) get certified proof of identity.

Either ask a Garda to sign the documents or arrive in person at the Investec office.
 
I sent a certified copy of my passport - done at Garda station, plus an original bank statement. Received confirm this morning my account was opened
 
I've just come back from Investec, very very easy to open the account. They're in the building above Starbucks at the very (south) end of Harcourt Street next to the Luas Stop and the Odeon pub.
Once you have the actual items (not copies) they'll take copies themselves, you only need certified 'copies' if indeed they are copies.
They are finishing up this offer on Friday and need the dosh in then.
 
I just opened an account with them, in fact its not opened yet (just got the application in thru post). They are asking me to transfer the money in by tomorrow as they are closing down this offer.

Is it safe to transfer money to their account with just my name and their account details ( sort code and a long account id)? the account mentioned by investec is with BOI.

Thanks
 
You must log in or register to reply here.
Back
Top