Investec Online Flexi Saver - new account opening process

dosh37

Today I tried to open a new Investec Online Flexi Saver (0.71%).

I have had Investec savings accounts in the past with no issues.

However, they have changed their account opening process into something akin to the 'Colossal Cave' adventure game.

It has to be the worst 'new account' process I have encountered so far.

 

I was using a desktop PC.

You start by entering personal details into html forms on the Investec website as usual. So far so good.

 

Then the process enters a verification phase…

It displays a QR code that you can only read using the camera on a smartphone.

The default camera app on my phone doesn’t automatically decode the QR code so I was left wondering what to do next.

 

Eventually I tried installing a QR decoder app that translated the QR code into a URL.

I tried entering the URL into the browser on my desktop PC.

That gave a message indicating that it was only valid when accessed from a smartphone.

 

So then I tried using the default browser on my smartphone (Firefox).

After a delay of several seconds, it eventually displayed a really useful and informative error message to the effect ‘Something has gone wrong’ Duh!

 

I went back and tried the verification again. Same problem.

 

Then I tried an alternative option to using the QR code that sends the URL to the smartphone via a text message. Same problem.

 

I tried a different browser on the phone. Same problem.

 

Eventually I contacted Customer Services using live chat.

They didn’t have a clue, so after answering a series of pointless and irrelevant questions I gave up.

 

After trying a few different things I realised that the verification URL was unique to each account application and that the one I was being given was somehow broken.

The same URL was being sent even if I repeated the verification stage.

The only way to get a new URL was to start the entire new account application from scratch and re-enter all the personal details.

By doing this, I eventually managed to get through the verification stage.

 

The next phase in this ‘Colossal Cave’ adventure game requires you to photograph the page on your passport that contains your photo using your smartphone. This is real fun. You have to hold the passport open while keeping it flat, avoiding shadows and specular reflections from the shiny surface.

If that’s not bad enough, you then have to take a selfie on your smartphone and upload it so that facial identification software can verify that it matches the photo on the passport.

 

The whole process must have taken at least two hours. It’s left me feeling so frustrated and angry that I don’t think I want to deposit funds into the new account.

I'd be interested to hear other people's experiences.

happybagger

Sounds a laugh.

In my view, anything that describes it as "a no-hassle savings account" whilst requiring a smartphone and a passport or photocard DL just to even open it doesn't tick the "no hassle" box for me (cue the folk going on about money laundering)

dino2020

@dosh37   thanks for such a detailed post about your problems with Investec.

Had just looked at opening an account with them but when I saw the bits about photo ID and Selfies it did sound a bit unusual.

Glad I found your post detailing all the difficulties you encountered,  think I  would have ended up as frustrated as you if I had tried.

Needless to say will be looking elsewhere, though the other MSE current best rate lis Zopa Bank  but even some posts about them and how one person had problems when HSBC blocked their transfer request as they reckoned it was not Safe !!

Sounds like Zopa are going though a lot of changes.

Think its worth waiting for some better rates from more well proven  providers, though they do not seem to offer those higher rates for long.

Albermarle

You are not alone .
Investec Savings account — MoneySavingExpert Forum

dosh37

More issues with the Online Flexi Saver account...

After a delay of a few weeks, I eventually decided to fund the new account.

When I subsequently tried to login using my existing Investec ID and password, I discovered the new Flexi Saver account is not visible. It turns out that you have to login to Flexi Saver accounts via a completely different URL using different authentication details. Bizzarre!

After I figured this out I was still unable to login to the new account. The authentication details I gave when I created the account no longer worked. I had to go though the 'forgot password' procedure. I tried to enter the same password as before, but the system complained that it needed to contain 'symbols'. In other words they have changed the authentication rules without bothering to inform existing customers.

I am not impressed.

TheGoldfish

dosh37 said:

More issues with the Online Flexi Saver account...

After a delay of a few weeks, I eventually decided to fund the new account.

When I subsequently tried to login using my existing Investec ID and password, I discovered the new Flexi Saver account is not visible. It turns out that you have to login to Flexi Saver accounts via a completely different URL using different authentication details. Bizzarre!

After I figured this out I was still unable to login to the new account. The authentication details I gave when I created the account no longer worked. I had to go though the 'forgot password' procedure. I tried to enter the same password as before, but the system complained that it needed to contain 'symbols'. In other words they have changed the authentication rules without bothering to inform existing customers.

I am not impressed.

I beleive you only have short time to transfer funds over otherwise the account is automatically closed. I do remember being told wait and not open the account if I couldn't transfer funds within a few days of opening

tigerspill

And they has a problem a couple of months ago where when my wife logged in, she was logged into my account!  Apparently a known problem with apple devices at the time (they must have been caching credentials and not refreshing them).
I was promised a detailed explanation, but never received anything.  Very scary.