Investec Fixed rate saver

gordonave

Hello all,
           need some advice please. 

           I have just opened an Investec fixed rate saver ( 1 year fixed at 1.36 % ) as I saw this shown on this site. It’s all set up and I had seven days to fund it with a minimum of £5000 ( now down to three days ). The problem I have is that my bank Santander has spooked me funding this. I tested Investec’s sort code and my new account number with a couple of small amounts ( £10 ) to start to fund the account and that was fine and I got a couple of texts from Investec to say money had gone into the account, all good. I then tried to fund it with £10000 but it wouldn’t go through via Santander online banking, then I find that my Santander account had been blocked. When I eventually got through to Santander they said it had been blocked because they thought funding the Investec account was a potential scam, now I’m in two minds whether to continue or forget it.   Any thoughts on this. ( I have opened accounts on this site many times without any problems )

Thank you in advance Dave.

eskbanker

Your issue is with Santander's over-sensitive anti-fraud controls rather than Investec, which is a reputable provider used by many on here....

MX5huggy

Just carry on, Santander have checked that you are carrying out the transaction and it is what you intend to do. 

Billycock

I had similar issues transferring funds from Nat West > Investec, as mentioned over sensitive checking. 

canaldumidi

Well done Santander for protecting your money. OK, over-protecting, but better that than the opposite!

Once you confirm to Santander it's a genuine transfer I'm sure it will go through.

Nothing to do with Investec who are fine to save with (provided you like the account).

Rollinghome

canaldumidi said:

Once you confirm to Santander it's a genuine transfer I'm sure it will go through.

Eventually, perhaps, but Santander's security has become a shambles of late. 

I've had the same 123 accounts with them since 2013 and had been regularly making transfers to the same accounts for  years without any issues - not new accounts. Then a few months ago the problems started, and my account was locked for practically every transfer attempt of more than a few hundred pounds.

Each time, the PIN and texted security code was accepted, but the transfer wasn't made. Not refused and not showing in pending but just left sitting there. Shortly after, I'd be kicked out and the account locked.  I'd then get an automated call to my landline asking for my DOB which was confirmed, and told I could now log in but would need to make the payment again.  Logged in, attempted to make the transfer, and the same thing immediately happened again and was locked out.  Calling them, queuing, and eventually getting the transfer made could take up to two hours in all.

This happened time and again, sometimes twice in a week to the same account.  They repeatedly assured me it had been fixed and wouldn't recur, but it did.  I made a complaint, received the glorious sum of £30 in compensation and a long, banal letter saying how important security was to them, but it still happened.

I've a number of bank accounts and can't recall having problems with any one of them before.  I now avoid using the Santander account for anything but a few existing DDs.

Unfortunately, Santander can't be trusted if you might need to make urgent transfers of more than a few pounds

JGal

Well this one didn't turn out too good  with rising interest rates and an inability to close the account even with a penalty. It was different world back then.  1 year renewal being offered at 4.26%.

What's turned out to be other accounts where you've regretted being locked in?

Malchester

Same here with Investec 1 year. Matures February

Johnjdc

I have a 2.4% maturing June, and so help me the Leeds ISA at 2.75% which is just-not-quite worth taking the penalty to get out of. On the plus side i got Virgin at 4.2 in an ISA (2 year, low penalty if rates surge further) and Cynergy at 4.55 1-year.