Investec Online Flexi Savings account - Existing customers

Daliah

Tandem offer a 1.39% 1-year fixed term saver. Easy to open, even easier to make a deposit. There's also Zopa 1.36%, UBI 1.4%, Atom Bank 1.35%, Castle Trust Bank 1.35%, Hodge Bank 1.35%, Charter Bank 1.33%. Plenty of fish in the pond 🐠🐠🐠

eskbanker

rebecca1 said:

Surely they have been around and operating in the UK long enough to gain confidence ... never heard any other banks/building societies stating that! Unbelievable and FAR from professional! 

I think the point being made was specifically about gaining confidence in their new platform, but yes, it's an unusual admission!  The whole concept of moving from one savings platform to another, without retaining compatibility and requiring savers to re-register, is also unusual, but at least they're reasonably upfront about that....

Daliah

eskbanker said:

The whole concept of moving from one savings platform to another, without retaining compatibility and requiring savers to re-register, is also unusual, but at least they're reasonably upfront about that....

Having been involved in more migration projects than I care to remember, I completely understand if a company decides that it is cheaper, faster, more efficient, and overall less error-prone to sunset the old system over a period of time, and to populate customer data on the new system from scratch. I have no idea whether this is in fact the reason for why Investec are doing what they are doing. Not a big deal IMO, anyway, as there are numerous alternatives.

andyhicks88

That is not the case any longer, both savings accounts are available to open simultaneously and have been for several weeks now. They did freeze the instant access completely to new applicants recently but it's back available again now.

Also when they only allowed one saving account option per customer there was warning about that in the account information on the website, which is how I knew I couldn't do it.

rebecca1

Daliah said:

Tandem offer a 1.39% 1-year fixed term saver. Easy to open, even easier to make a deposit. There's also Zopa 1.36%, UBI 1.4%, Atom Bank 1.35%, Castle Trust Bank 1.35%, Hodge Bank 1.35%, Charter Bank 1.33%. Plenty of fish in the pond 🐠🐠🐠

Yes, plenty more fish for a 1 year term. However, Investec was Instant access at 0.71%, Aldermore higher at 0.75% but only allows 2 withdrawals per year....  

eskbanker

Daliah said:

eskbanker said:

The whole concept of moving from one savings platform to another, without retaining compatibility and requiring savers to re-register, is also unusual, but at least they're reasonably upfront about that....

Having been involved in more migration projects than I care to remember, I completely understand if a company decides that it is cheaper, faster, more efficient, and overall less error-prone to sunset the old system over a period of time, and to populate customer data on the new system from scratch. I have no idea whether this is in fact the reason for why Investec are doing what they are doing. Not a big deal IMO, anyway, as there are numerous alternatives.

Absolutely - I can easily understand why this might be done, for the reasons you outline, but was just highlighting that it's relatively unusual, in that off the top of my head I can't think of other examples of financial institutions choosing not to migrate the user authentication component.  Even the infamous botched TSB 'upgrade' retained this, although I'm conscious that that fact could be used to support both sides of the debate....!