Investec -- too good to be true?

[CorkHombre]

Just wondering about Investec .... I have never really heard of them until their name started appearing on the best buys list.... Nobody seems to have heard of them unless they are looking for the best rate on the market. Their rate seems to be much better than anyone else and the website doesn't look great ( I would expect a much better website from a major financial institution) ... should I be worried about depositing 20K? or am I getting paranoid? ..... what kind of track record do they have in Ireland

 

[huskerdu]

Have a look at the thread called " Is Investec website the worst ever " , started by BOXtheFOX further down the page, where this is discussed a bit.

 

[Lightning]

... should I be worried about depositing 20K? or am I getting paranoid? ..... what kind of track record do they have in Ireland

50,000 GBP (about 60,000 EUR) is guaranteed by the UK Govt. Your money is safe. Very safe.

Investec are very profitable in Ireland and their profits have kept going up in recent quarters.

You have nothing to worry about with a 20,000 EUR deposit.

 

[RMCF]

I have read a bit about them recently and they do appear to have a great reputation. Many on here say that their customer service is excellent too.

I wouldn't worry too much about whether their website looks well or not - surely how much return they give you on your money is more important.

I believe they are South African?

 

[Raskolnikov]

50,000 GBP (about 60,000 EUR) is guaranteed by the UK Govt. Your money is safe. Very safe.

Icesave was also covered by the UK deposit guarantee. When it collapsed, there were fears that the deposit fund would not have covered depositors for all their losses.

Investec are very profitable in Ireland and their profits have kept going up in recent quarters.

Northern Rock, Anglo Irish Bank and many other collapsed financial entities were in profit right up until the day they were nationalised.

You have nothing to worry about with a 20,000 EUR deposit.

In these times, you cannot possibly tell someone they have nothing to worry about.

 

[iggy]

Icesave was also covered by the UK deposit guarantee. When it collapsed, there were fears that the deposit fund would not have covered depositors for all their losses.

Northern Rock, Anglo Irish Bank and many other collapsed financial entities were in profit right up until the day they were nationalised.
In these times, you cannot possibly tell someone they have nothing to worry about.

Raskolnikov, if you are that worried about deposits there is no point in putting your money anywhere other than under your mattress or in your pocket!..there again there is the possibility of fire or being mugged, you better just spend it then.

 

[Lightning]

Icesave was also covered by the UK deposit guarantee. When it collapsed, there were fears that the deposit fund would not have covered depositors for all their losses.

100% of retail depositors got their money back from IceSaver. The UK Govt. compensated well beyond what they has guaranteed to protect.

I believe that the chances of the UK Govt. defaulting on their guarantee to retail depositors is very close to zero.

 

[narkyhead]

opened an account last week with investec.They were quick and friendly to deal with. They sponsored the irish 1000 and 2000 gunieas last month so it seems they are trying to make a name for themselves. And the sad thing about all this is our own banks were in my opinion way behind them in the interest stakes.When i was in there the amount of people who opened an account at the same time i did was both re-assuring and hopefully rewarding for all. So fair play to them for leading the way

 

[Yaffle]

A company I worked for used Investec for years. The reason most people haven't heard of them is that they used to target the corporations rather than personal customers. We never had any issues with them and regulary used them as they gave us the best rate and we put on much larger deposits than most personal customers would have.