Investec 12 Month Fixed Term Deposit Account (4.5%)

jockanroll

I've been trying to find out if the above investment is covered under UK Financial Services Compensation Scheme even though the website says so. See the Investec Ireland website under Individual Clients.


Investec Bank Ireland claim that they are a branch of Investec Bank plc in London and therefore covered (FSCS firm # 172330). However I am not convinced since on the FSCS website they are only EEA authorised (firm # 482941).
Does anybody know if this Investment is safe since 4.5% for 1 year is the leading rate and not mentioned on any money savings website?

Thanks, John

agsnu

There are two separate entities, part of the Investec Group:

1. Investec Ireland Ltd, regulated by the Irish Financial Regulator and able top operate in the UK by way of EEA passport.
2. Investec Bank plc (Irish Branch), regulated by the FSA, and able to operate in Ireland by way of EEA passport.

It appears that the deposits are held by the latter, and so are covered by the FSCS.

jockanroll

Thanks for that. It does appear OK but what happens if they go bust. In the past like the Iceland Banks that were covered - a fight to get our money back?