INVESTEC Current Account

rob78

Hi,

I am looking to open an Investec CA paying 1.4% interest.

I have never used a bank that is not a 'high street name' ie. Halifax, Nationwide etc.

Is banking with Invested any riskier than using a normal bank? Is it as safe to bank with them rather than a 'big' high street name? Just want to make sure.

Thank you

Aegis

I suspect you mean the Easy Access Savings Account, which isn't a current account. Investec are a big banking institution, and the main reason they aren't a high street bank is because they don't want to be, they focus on high net worth individuals and corporate banking rather than average individuals. In all they're pretty safe. If you want to be really careful, keep your savings under the limit of £85k and you'll be covered by the FSCS.


You won't be able to get a current account with Investec without meeting their private banking criteria of £300k income and £3m net worth, by the looks of it!

ColdIron

Yes it's the Easy Access Savings Account that pays 1.40%
https://www.investec.com/en_gb/savings-accounts/easy-access.html

I've been using them since 2012 and they are fine and have £85k FSCS protection like high street banks

d63

ColdIron wrote: »

Yes it's the Easy Access Savings Account that pays 1.40%
https://www.investec.com/en_gb/savings-accounts/easy-access.html

I've been using them since 2012 and they are fine and have £85k FSCS protection like high street banks

sadly they say the rate is going to be reduced to 1.2% on the 28th Nov.

i opened one of their High 5 accounts ages ago, the one where the interest rate that you get is the average of the top 5 accounts published by moneyfacts. shame they don't offer it now, quite useful it was not needing to forever chase after the best savings account available. ah well.

rob78

That's annoying! How did you find out the rate is due to drop?

ColdIron

I had an email from Investec regarding the rate reduction about 10 minutes after d63's post. I guess they got theirs earlier than me