Investec High5 Deposit Account

Primrose

Any users of this account out there who can give a recommendation for its security, (owenership), efficiency, administration, etc? On the face of it, it seems as if it might be a reasonable compromise for those looking around for a half decent interest rate if you can afford the initial deposit.

Baldur

Corporate/ownership details can be found on the corporate site - http://www.investec.com/GroupLinks/AboutInvestec/CorporateInformation

Geoffo_M

Had a High 5 account for number of years. Very efficient. I think now you have to give 3 months notice or be hit for a high penalty. Statement in the post every month. On the rare occasion you need a withdrawal, they ring you up or send you a message to confirm. Personal banking - what you'd expect. No complaints at all.

neilp

I heard something about charges for BACS transactions with this account. Is this right?

northern_munky

Can this account be managed online or is it by phone/post?

Baldur

northern_munky wrote: »

Can this account be managed online or is it by phone/post?

The product information only says "Your statement can be viewed online" - http://www.investec.com/UnitedKingdom/PrivateBank/BankingandTreasuryServices/High5.htm

Geoffo_M

No charge for BACS. 0.5% penalty (minimum £50) on withdrawals inside the 3 months notice. Limited online management of account in that you can view your balance - pretty basic really. Deposits must be managed from your own bank account (BACS); withdrawals you have to fill in a form and post to them.

thomas1

sorry to hear that ,
but i have just posted a thread at the same time as yours on the same subject.
At least you got told , i haven't had a peep from the Alliance and leicester and didnt know the rate had dropped till i sat down today . the banks are quick anough at telling you when you owe them .
SHOULD THEY HAVE AN OBLIGATION TO TELL BEFORE THEY CHANGE THE RATES ? CAN WE CLAIM .
I dont even know how long the rates have been at that level .

Baldur

thomas1 wrote: »

SHOULD THEY HAVE AN OBLIGATION TO TELL BEFORE THEY CHANGE THE RATES ? CAN WE CLAIM .
I dont even know how long the rates have been at that level .

The Banking Code obliges member institutions to notify customers (after the event) but is very limited, e.g. posting notices of rate change in branches, on websites or in newspapers, etc.

Innys

Baldur wrote: »

The Banking Code obliges member institutions to notify customers (after the event) but is very limited, e.g. posting notices of rate change in branches, on websites or in newspapers, etc.

Frankly, this sucks, but is what I have come to expect from this Government. My policy is don't rely on Gordo & Co for ANYTHING and you won't be disappointed....