Investec 90 day notice account

surferstar

I’ve read about this in the MSE weekly email. If depositing can you give instant notice by initiating a withdrawal so it will come out 90 days later? Importantly do you still get the full interest for the 90 days even if giving instant notice after depositing? This sounds interesting, however I’d want to give notice right away and earn full interest for the period funds are in the account. It says they pay monthly interest so this would be ideal. 

Also, can the interest rate change within those 90 days once locked in? ie if it’s 5.25% now can they reduce it after you’ve deposited yet you’re then trapped for 90 days?

judexx

surferstar said:

I’ve read about this in the MSE weekly email. If depositing can you give instant notice by initiating a withdrawal so it will come out 90 days later? Importantly do you still get the full interest for the 90 days even if giving instant notice after depositing? This sounds interesting, however I’d want to give notice right away and earn full interest for the period funds are in the account. It says they pay monthly interest so this would be ideal. 

Also, can the interest rate change within those 90 days once locked in? ie if it’s 5.25% now can they reduce it after you’ve deposited yet you’re then trapped for 90 days?

https://investecuk-ofs-documents.s3.eu-west-2.amazonaws.com/ns-product-terms-JUN24.pdf

Change of rate - 104 days notice

slinger2

Given that they give 104 days notice of a rate reduction, it's perfectly possible to treat this like a 3 month fixed rate "bond". Interest paid monthly on the 15th. 5.13% gross which equates to 5.25% AER.

Steve15

I would be cautious .. I setup account today (5th Sept)  and then I could not log in (fortunately before I sent any money).  I know the PW I set was definitely correct, but used the forgot PW to get a one time code to phone.   That didn't work either - tried multiple options and times.   Sat in queue for online help and they said they had a problem they "hoped to resolve soon" with one time passwords.  When asked about login problem agent did not respond.   Then they disconnected.   Pretty sure I don't want my money there for a very small gain.

slinger2

Steve15 said:

I would be cautious .. I setup account today (5th Sept)  and then I could not log in (fortunately before I sent any money).  I know the PW I set was definitely correct, but used the forgot PW to get a one time code to phone.   That didn't work either - tried multiple options and times.   Sat in queue for online help and they said they had a problem they "hoped to resolve soon" with one time passwords.  When asked about login problem agent did not respond.   Then they disconnected.   Pretty sure I don't want my money there for a very small gain.

Got to say my own experience has been exactly the opposite, everything works very well.

The only confusion I initially had is that this account is handled through their "Investec Save" system. Don't try to log in through their Investec online system.

jaypers

Steve15 said:

I would be cautious .. I setup account today (5th Sept)  and then I could not log in (fortunately before I sent any money).  I know the PW I set was definitely correct, but used the forgot PW to get a one time code to phone.   That didn't work either - tried multiple options and times.   Sat in queue for online help and they said they had a problem they "hoped to resolve soon" with one time passwords.  When asked about login problem agent did not respond.   Then they disconnected.   Pretty sure I don't want my money there for a very small gain.

Are you sure you were trying to logon to their savings portal https://savings.secure.investec.com/login and not their investment portal https://login.secure.investec.com/wpaas/usrroot-wpaas/login/form

I’ve used Investec for a couple of years now and found them to be excellent.

HHarry

A disappointing rate reduction from Jan of 0.2% despite base rate staying the same.

slinger2

HHarry said:

A disappointing rate reduction from Jan of 0.2% despite base rate staying the same.

This is really a delayed response to the August rate cut