Investec 6mth Account just matured - How to move the lump sum?

Hi guys,
I was a little late to the game on the Investec account back in March & only signed up for the 6 mth account on the 31st March. The account has now matured since the end of September. I rang Investec to find out how to move my money out of Investec & was told to send the account number & sort code of my nominated bank into them via email. The email address to send these details too was deposits@investec.ie. Is this how other people managed to withdraw there matured savings from that 6 mth account? They are the only bank I am aware of that deal via email. I would like to move it as quickly as possible as the lump sum is now earning the fantasic rate of 2.0% P.A.

N.D.,
Fi.

Dont deal via email.
I rang them up and they told me that I had to write to them telling them that I wanted my money transferred to my main bank.
You should have given details of your nominated bank when you applied to open the account, if you didn`t then I would enclose this info in the letter.

I have moved money out of Investec lately as their term deposit rates have become less than competitive.

I informed them in writing of the IBAN that I want to money transfered to. If they told you that email is fine then you should be okay to do it that way.

If you do not instruct Investec before maturity date of your deposit, your sum sum goes into a one month notice account. Obviously, as your deposit has passed maturity date, your money will now not be accessible for one month.

Act fast.

Hi guys,
Thanks for your quick replies. I think I might go with the in writing option since ye both have done this & ye seem to be knowledgeable on this matter. I guess I would send it by registered post also.
I had been wondering what to do since they had given me notice of the account maturing, I guess lesson learnt. I never included a withdrawal bank account on the form that I filled out when opening the account. When writing to them, do all I need to include is the Sort code & account no. for my preferred bank with the obvious instruction? What is the story with IBAN no.? Would it uniquely i.d. my preferred bank & my account in that bank?
I am going to make shapes on this tomorrow e.g. post the letter for withdrawal.
I did a search of the Deposits section of the forum & didn't see any mention of people discussing withdrawal from this account, etc.

N.D.,
Fi.

In theory, any EUR bank transfer that takes place inside the EU only requires an IBAN code.

If you provide them with an account number, sort code, bank name and reference (the description you want applied to the payment) then Investec will also be able to make the payment.

Investec supply all account holders with a free post envelope which you can use to post it or you could drop it into their Harcourt Street office or you could go with the registered post option.

I have added a note in the best buys thread regarding what happens to matured Investec term deposits if instructions are not given by the customer.

I was able to send them a signed fax with the details of the account I wanted my money transferred into. No problems, all ran smoothly.

If you ring them then they will give you the fax number etc....

Will they give you a cheque in Harcourt Street on the maturity date?

Doubt it, you could always ask, I would be surprised if their HQ issues cheques.

Why not just get the money wired to your current account?

It's interesting that they have been so many reports of people withdrawing money from Investec as people come off Investec's previously market leading term deposit rates.

I transferred money from the 6 month Investec account to another bank last week. I just sent them the details by email. Everything went smoothly...

Hi guys,
Thanks for the replies. I didn't get a chance to reply until now due to being in work until 22:00 & 21:30 the last two nights (I am wrecked!!). I went with the Investec free post envelope with letter contained in the end. In a mths time I will be free from the excellent rate of Investec.
Fungus thanks for the tip of I.B.A.N., never heard of it until you mentioned it in your post. Thats one more thing I understand about my bank statement now. I tend to drop into & out of a.b.m. (askaboutmoney) but saw in search that it has been discussed not so long ago in the forum.
Thanks again to one & all contributer.

N.D.,
Fiachra.

I'm glad we were of help

It's good to see you are getting more for your money by switching.