Investec - Is it safe

web_ferret

I'm thinking of opening a high5 account but a little concerned about its safety. I know its covered by the UK government scheme but there's the no interest period whilst a claim is made that negates any gains made over my present 2% rate.

Any thoughts?

G_M

Lots of threads if you do a search of the forum about investec. No bank is 100% safe but the chances of it going under are miniscule, and as you say even then you still get your £50K back.
If you're happy getting 2% with the risk associated with whoever you're currently with, stick where you are. If you want to earn a better rate with minimal risk, switch.

web_ferret

I've read the threads but no-ones mentioned the recent downgrading of Investec.
My 2% is at northern rock - I ran for safe ground when the money eventually came back from the frozen north.

G_M

I was thinking of this one. Not a complete answer.

Once bitten twice shy - I can understand your caution. If in doubt, stay with NR. It's as safe as its possible to be now.

However I'm happy with my High Five. Just wish my Investec funds were as good!!

vesilintu

I just opened a high 5 account with investec having asked many of these same questions and having been reassured by various forum members as well as being satisfied with the replies--by phone--from investec.

vesilintu

Now, I want to open a regular, long-term saver account for my 1 year-old grandson. Not huge sums--may £15 per month. Any ideas?

[Deleted User]

I am thinking of opening a High5 account with investec and found this

http://uk.reuters.com/article/marketsNewsUS/idUKN0454561920090304

mmm a bit worrying having been previously saving in icesave

I need to be assured

G_M

kittie wrote: »

I am thinking of opening a High5 account with investec and found this

http://uk.reuters.com/article/marketsNewsUS/idUKN0454561920090304

mmm a bit worrying having been previously saving in icesave

I need to be assured

Icesave was not covered by the UK £50K guarantee scheme (£100K for joint accounts). Investec Bank IS.

Jonbvn

kittie wrote: »

I am thinking of opening a High5 account with investec and found this

http://uk.reuters.com/article/marketsNewsUS/idUKN0454561920090304

mmm a bit worrying having been previously saving in icesave

I need to be assured

That ratings downgrade is quite old news. It would seem that Armaggedon will be avoided and banks are much less likely to go under than originally anticipated.

Of course, DYOR etc.

[Deleted User]

I am happy re investec now and have downloaded the forms for me and for dh

Really difficult to get the paperwork together though as I don`t want to send the passport in the post in case it gets lost and that would be problematic re hols. I have managed mine but I pay the bills and they are mostly online. My dh`s building society accounts are online too and I am going to ask him to grovel to the likes of ybs. He has no utility bill etc so they either accept what we can scrape together or he doesn`t save with them

Really ridiculous in this day and age
cheque + 3 other pieces of paper

G_M

Really ridiculous in this day and age
cheque + 3 other pieces of paper

Cheque not needed - they'll accept a BACS transfer if you call them.

Ask about on-line accounts - they're very helpful. For example they might accept a print-out of your on-line statement.

They return documents by return of post (unless things have changed!).