Investec

mills112

I have had a 12 months bond with these guys through my Hargreaves Lansdowne active savings and they have been fine.

I just noticed that they are giving 4.5% pa if you open a 12 months bond with them directly versus 4.16% pa via HL.

Anyone had any savings with Investec UK directly and can comment on how it went?  Were they ok?

Barkin

mills112 said:

Anyone had any savings with Investec UK directly and can comment on how it went?  Were they ok?

I've had several with them in the past, when their rates have been favourable for the type of account I wanted at the time, and never had any issues.

Would happily use them again.

ColdIron

I think I've had one or more fixed rate bonds directly with Investec every year since about 2011, Very easy to deal with and do exactly what what they say on the can. Seven day deposit window and minimum £5,000

4.50% is a decent rate so probably won't last long. I'd open it sooner rather than later. No problems if you change your mind before depositing and just letting it lapse

While you're at it you might consider opening their Online Flexi Saver, only 4.00% and again minimum £5,000 (for interest) but they can be handy on maturity if you want to open another 1 year fix, it saves you transferring to your nominated account and back in again, just a thought

Malchester

Yes, had a few accounts with them and found them fine. You will almost always get a better rate going direct rather than through a platform which is why I never use a platform.

mills112

Malchester said:

Yes, had a few accounts with them and found them fine. You will almost always get a better rate going direct rather than through a platform which is why I never use a platform.

i have found HL active savings give a slightly higher rate than going direct as i think HL negotiate a good rate with them.  however, the active savings rates have dropped now and it doesn't seem to be as good as before.  probably HL taking a larger cut of the pie to manage them.

jaypers

Investec have always been excellent.

mills112

I have just tried to apply for a fixed rate 1 year savings account and it asks me to upload my driving licence / passport and take a selfie.

This is a bit much for a fixed savings account and poses security risks of someone stealing that data and setting up flase accounts in my name!

Most savings accounts are linked to your current account, so not sure why this one is a bit OTT?

I don't think I want to be giving them all these ID data.

ColdIron

Investec also has a linked current account. You'll find that most banks and building societies require enhanced ID checks these days. Once you have supplied these you won't need to provide them in future

mills112

ColdIron said:

Investec also has a linked current account. You'll find that most banks and building societies require enhanced ID checks these days. Once you have supplied these you won't need to provide them in future

i guess i am being paranoid but i have lots of savings accounts and i have never been asked to show ID or take a selfie.  they are all linked to my current account with natwest, which means money can only be paid to my natwest current account and top up can only be funded from there.

i feel that is a safer arrangement than giving my ID to an online bank like this that is an international bank and not a high street one.

Barkin

mills112 said:

ColdIron said:

Investec also has a linked current account. You'll find that most banks and building societies require enhanced ID checks these days. Once you have supplied these you won't need to provide them in future

i guess i am being paranoid but i have lots of savings accounts and i have never been asked to show ID or take a selfie.  they are all linked to my current account with natwest, which means money can only be paid to my natwest current account and top up can only be funded from there.

i feel that is a safer arrangement than giving my ID to an online bank like this that is an international bank and not a high street one.

It's not an either/or situation.

Once set up, Investec work exactly like your other savings accounts - a linked current account, that's the only way of getting money in/out.

The current climate in financial services means that they're required to verify that the person opening the account is who they say they are.
Chances are that, these days, you'll need to go through a similar process with any financial institution that you don't already have a relationship with.

ToastLady

I opened their fixed saver last Thursday. I was still able to sign in as I'd used them before, but didn't have any active accounts with them, which was really handy. Presumably they asked for ID when I first opened an account with them. Many savings accounts now do ask for ID for new custom.
Bear in mind that you only have 7 days to fund the account. 
I'd opened the account to fund with an AlRayan fixed which matures on 19th, as a slightly better rate than was being offered. Used funds from elsewhere, just in case Investec account not available later in the month.