Investec New Accounts - Only available to those with a Smartphone

Eldwick_Girl

Just tried to open an Investec Fixed Saver account, it seems to be the best around, for my elderly mother.  She does not have a smartphone and does mobile banking via a tablet.  We are told that unless you have a smartphone you cannot have this account.  I feel this is very unfair, especially when she is already an Investec customer. Lots of people do not have, or cannot use, a smartphone and there is no alternative to use this account.  I appreciate that you cannot 'share' anyone else's phone but whilst other banks are providing carers accounts Investec are just making things harder for people whom have carers.

Billycock

AFAIK, and without looking at the finer details of the account. The need for a smartphone is only for verification purposes, photo of passport or driving license and a self photo of the applicant. Once done the account can be managed online, can't you help your mother set up an account?

dunstonh

 I feel this is very unfair,

it isn't.

Assuming you are correct, they have chosen to offer an interest rate that will take into account their running costs.   If that means that they want paperless via mobile (probably due to authentication) then that is their proposition and if it's not suitable for her then she should eliminate that option.

It should be noted that where banks say they need a mobile phone, often a tablet will work with their app as it's just the internet connection that is needed.  I don't know if that's the case with Investec but it would be worth checking.

Lots of people do not have, or cannot use, a smartphone and there is no alternative to use this account.

The alternative is to use another provider that meets her needs.  

 I appreciate that you cannot 'share' anyone else's phone but whilst other banks are providing carers accounts Investec are just making things harder for people whom have carers.

Investec isn't a full banking service.  They offer limited options and have chosen to target a certain market.   

[Deleted User]

Hi,

some accounts will send a pin number to phone to log on, it's for security, think my Virgin and Marcus use that system.

eskbanker

Eldwick_Girl said:

Just tried to open an Investec Fixed Saver account, it seems to be the best around

How are you measuring 'best'? The 1.33% interest rate is beaten by those topping the one-year fixes table at https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings (although one, Atom, is also app-only)....