Investec Bank?

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
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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.
 
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.
 
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!
 
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.
 
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?
 
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?
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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?
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UK guarantee does not have an expiry date.
The Irish 100% guarantee expires in September 2010.
 
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.
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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.
 
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.
 
eh..what 6% Tomnail?
They are covered by the UK deposit protection scheme (£50k)
 
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
 
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?
 
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.
 
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
 
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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