Investec 1 year fixed term account

flaccus

Hi everyone, so glad that I've found this forum! lots of useful information.

I wonder if any of you can help with my query. I am looking into opening a 1 year fixed term account with Investec as they're offering quite a decent rate (1.9%). The problem is that I want to pay my initial deposit bycheque (to avoid the £20 CHAPS charge) and they don't have any branches except for the London one and I live in the north west.

Also they're asking me to send them the funds but the account hasn't been opened yet. I find it a bit odd that they're telling me to transfer the funds before I send them my Id documents and proof of address. Shouldn't they open my account first, send confirmation and then ask for the funds to be transferred?

Has anyone had an account with Investec? What was your experience? Are they reliable?

Any help/advice would be greatly appreciated!

ctdctd

Can't you just send the initial deposit by normal faster payment from your bank?

ColdIron

I've had accounts with Investec since 2012 and they are fine. Maybe post them the cheque?

Paul_01

I have exactly the same product and sent the initial funds via a few 'faster payment' transfers. It mentions on the blurb that the initial deposit should be in one lump sum, but it was fine to do it with a few separate ones - just ensure the deposits have the correct reference.

Your account will be opened once they have received the deposit. From memory it was all done within a few days.

Owain_Moneysaver

Investec say on their website that they will refund the CHAPS fee if you ask for it. They will also accept multiple smaller deposits if you want to stay below the maximum for Faster Payments (however your bank may also limit the amount you can pay out through Faster Payments in one day, so you may have to spread the deposits over several days).

simonfitba

Investec are a good bank with good customer service. I'm happy to recommend them

MarkFromCornwall

flaccus wrote: »

Has anyone had an account with Investec? What was your experience? Are they reliable?

Completely safe and reliable and better than most banks on the phone.

babs98

I've used Investec for several years and found they have the best customer service of any bank. Invariably polite and helpful. They have never made a mistake with my money and I trust them completely.

flaccus

Yes they refund the CHAPS charge so I guess I'll be sending it all in one go.
Thanks very much for your help!

He1

Unfortunately my experience so far is that they are hopeless ... I sent them my deposit over a month ago and still don't have my account opened - I just keep getting told 'it takes a few days' - they are also poor at responding to emails and when you call you just sit on hold until you give up.

I'm now considering asking for my funds back so I can invest elsewhere.

Investec

He1 wrote: »

Unfortunately my experience so far is that they are hopeless ... I sent them my deposit over a month ago and still don't have my account opened - I just keep getting told 'it takes a few days' - they are also poor at responding to emails and when you call you just sit on hold until you give up.

I'm now considering asking for my funds back so I can invest elsewhere.

I'm sorry that this has been your experience with Investec. We would like to contact you to resolve your query. Please send us the details and your application reference number to privatebank.complaints@investec.co.za.