# Investec Bank?



## TonyBoy

Anybody know anything about Investec Bank?
I have been advised to put some savings into Fixed Term Savings with them?


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## Jethro Tull

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.


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## Lightning

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.


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## z109

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.


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## Lightning

yoganmahew said:


> 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.



The first 50,000 GBP is guaranteed by the UK scheme
http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=100&nID=153&aID=620


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## oldtimer

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 I think these rates will be withdrawn within the next few weeks so a decision is necessary sooner rather than later.


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## z105

> I am tempted by Investec, 6.50% for 1 year



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.


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## Lightning

*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.


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## gebbel

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.



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.


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## Lightning

gebbel said:


> I agree. Spoke with them today and was told that this offer will finish at the end of next week.



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.


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## gebbel

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.



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?!


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## txpjl

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


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## Lightning

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



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.


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## Taxi Driver

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.


 
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.


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## Lightning

Taxi Driver said:


> What has the ECB rate got to do with the interest rate they offer?  .



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


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## kittyjo

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!


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## Lightning

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!



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.


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## oldtimer

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


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## dereko1969

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.


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## first timer

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


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## noel_k

first timer said:


> 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


 

I would imagine it is safe enough. I would be just more worried that the bank mess up and there is a delay in it hitting your account. Is there anyway you could get a cheque or draft to them? They are definitely closing this offer tomorrow. They've given me the same info by e-mail.


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## Lightning

first timer said:


> 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.



Yes it is safe. That is the same way that I did it.


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## Lightning

It's over. The Financial Regulator have removed this rate from this list ( http://www.itsyourmoney.ie/cs_group.jsp ). 

There only offer now seems to be a one month notice account at 5%. 

The best fixed rate on the market is now with Anglo at 6%.


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## Lightning

Investec have just launched their new rates. 

They are offering 6% for 12 months fixed which is a joint market leader ( http://www.itsyourmoney.ie/cs_group.jsp ). 

Anyone know what their new 6 month and 9 month rates are?


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## MONAGHANSG

the rates are 5.91% for 6mths and 5.93% for 9mths (confirmed by email)


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## Lightning

They sent me the documents by email as well with the same rates. 

Why on earth is this not on their website? Their 12 month rate also is no longer of the Financial Regulators website.


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## camlin90

9 Month and 12 Month options have been closed. 
I managed to get into the 6 Month yesterday as that was the only one left!


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## lazing

I signed up with Investec this week for 12-months.  Excellent service.  The website is a bit hard to follow, but once you phone / printout the pack, they are very efficient.  I had tried to do the same with Ulster Bank, but after a month long saga, I pulled the account - accruing 0 interest.  Pretty much instantly accrued interest with investec once they received my stuff in the post.


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## lotus

Hi all.
Today I closed some regular saver accounts which I had for the last year.  I now want to reinvest this money in some safe deposit account with a good rate,  probably fr one yr fixed.  

Best option appears to be Investec at 4.5%.  Anyone know of a better option?  Spoke to Investec over the phone today and they say this rate can only be assured until next Fri and after that will probably reduce the rate offered.  Im going to forward on a cheque with application tomorrow for €20K tomor.

Some querys though:
When my one year fixed deposit a/c is up, will Investec transfer my money back to my regular bank a/c without me havinig to make the trip to Dublin?  Can this be done over phone?
Are they as safe as the Irish banks?! (I know you are covered up to £50K under the British guarntee...when does this guarantee expire?
When does Irish guarantee expire?


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## Lightning

lotus said:


> When my one year fixed deposit a/c is up, will Investec transfer my money back to my regular bank a/c without me havinig to make the trip to Dublin?  Can this be done over phone?



They will require an instruction by post, you will get notified at the time. 



lotus said:


> Are they as safe as the Irish banks?! (I know you are covered up to £50K under the British guarntee...when does this guarantee expire?
> When does Irish guarantee expire?



UK guarantee does not have an expiry date. 
The Irish 100% guarantee expires in September 2010.


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## Bobby1

fungus said:


> They will require an instruction by post, you will get notified at the time.
> 
> 
> 
> UK guarantee does not have an expiry date.
> The Irish 100% guarantee expires in September 2010.


 
But the Deposit Protection Scheme is still in place and covers each depositor upto €100k per insitution, and Im assuming all of the 7 covered insitutions protected under the Government Guarantee Scheme will revert to this unless the government make any changes between now and 28th Sept 2010, so our Deposit Protection does not have an expiry date either.


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## Lightning

Yes, correct, from October 2010, 100,000 EUR will be covered.


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## Tomnail

Lots of people are rushing to put money with Investec. For some time now they've been agressively advertising very attractive deposit rates. Please be certain that every euro you put in with Investec is fully covered by deposit protection schemes either here or in the UK. 


Upfront: I am not an economist or a banker. Just a lay observer who has been burnt before. For what my opinion is worth, here's what makes me nervous about Investec: 

When Investec entered the Irish market in 06 they proudly declared that they were targetting an underserviced sector of Irish mortgage lending: the subprime market (subprime wasn't a dirty word yet!) I don't know how deep they got into that or how much of it they had already exposed themselves to in the UK before they came here.
Investec is listed on the London stock exchange yet it has not taken the hammering British and Irish bank shares have taken. This may be creating a false sense of reassurance. It may not be because they are somehow more stable than Barclays. I suspect it's partly because they are primarily a South African bank - approx 60% of their business is still in SA where they started relatively recently. And the SA banks have not yet been badly hit. Some would argue that's just a lag factor at work. (I fear they may be right. A worrying sign is that South African residential property prices have started to fall significantly in the last few months.)
In the South African market, in my view, Investec would be much more similar to Anglo than to AIB. It is an 'investment bank' that lends a lot of money to a relatively small number of individuals/entities. It has exposure to big property developments all over SA as well as in the UK and Australia.
The bottom line: the banks most desperate to get your cash probably most desperately need your cash. And judging by the rates Investec is offering, it seems like it might be pretty desperate.
Just treble check that anything you put with them is under the umbrella because if not, the 6% interest may not be your primary concern this time next year.


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## iggy

eh..what 6% Tomnail?
They are covered by the UK deposit protection scheme (£50k)


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## Godfather

Yes, investec is covered up to £50K from the UK deposit protection scheme. This appears in every ad that they are advertizing on the Irish Times on Sunday


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## RMCF

If they are covered by the UK Gov then they are as safe as any bank out there at the minute.

And I'd be guessing slightly higher on the safety scale than any Irish owned bank?

I am thinking of putting some money into Investec soon. I was wondering if you enter say a 1yr deposit account with them do you get the rate fixed for that year, or does it fluctuate with the ECB rate?


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## MONAGHANSG

The rate on the 1yr a/c is fixed for the term, it does not fluctuate during your term once opened & money is deposited. They do however close rate offers and open new offers (at, for the moment, lower rates!), but once you have your money in to them that makes no difference.


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## leroyjames67

4% 12 month fixed rate at the moment with once off access to 20% monies without penalty. Covered under UK financial services compensation scheme £50k single or £100K for a married couple joint account. Also covered under UK Bank Credit Guarantee Scheme until 13th October 2012, this scheme ensures tha banks ability to meet all of its funding requirements


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## Godfather

Good question first timer. I was in the same situation. I asked for an email confirming the subaccount I had to mention as "reference" in my transfer.

At least I had the email to protect me. I hate sending money with just my name as reference because otherwise another guy named Corleone like me and with my same name could get my own money by mistake!


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