# Investec Bank



## Walesy.

Anyone use or used this bank?

I am looking at their savings accounts, not ISA at the moment as thats a different concern, and they are paying not too bad at 1.2%.


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## Marve

I work as a stockbroker in the City. Although I don't personally have any dealings with Investec, they are a large, well established firm and not one I would have any hesitations about using for any reason.


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## Walesy.

Marve said:


> I work as a stockbroker in the City. Although I don't personally have any dealings with Investec, they are a large, well established firm and not one I would have any hesitations about using for any reason.


Smashing mate, I have seen them in the past but never looked into them with a view of opening an account.

Thankyou!


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## WHIZZER

Marve said:


> I work as a stockbroker in the City. Although I don't personally have any dealings with Investec, they are a large, well established firm and not one I would have any hesitations about using for any reason.


must be a busy with the markets up and down …

probably some money to be made on some of the companies that have slipped at the moment


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## Marve

WHIZZER said:


> must be a busy with the markets up and down …
> 
> probably some money to be made on some of the companies that have slipped at the moment


Been very busy, as an agency broker we have seen volumes double our normal levels in February, triple in March and only just starting to settle down in April, but still running at 150% normal levels now. That combined with working from home making it more difficult to work efficiently has meant I've had less time since lockdown that I ever would normally!


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## atbalfour

Those are decent rates - I have a few current accounts with different banks and all but one of them have slashed interest rates on the back of the cuts to the BoE base rate.

Until recently current accounts were actually offering a higher rate of interest (albeit with upper limits).


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## DrEskimo

I have a Marcus Savings account (Goldman Sachs). It was offering 1.5% APR, which included a 0.1% bonus for 12months. However it's now been reduced to 1.2%.

Only a saving account, so very quick and easy to open. Also has a minimum deposit of just £1, as apposed to £10,000.


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## Walesy.

atbalfour said:


> Those are decent rates - I have a few current accounts with different banks and all but one of them have slashed interest rates on the back of the cuts to the BoE base rate.
> 
> Until recently current accounts were actually offering a higher rate of interest (albeit with upper limits).


This is what made me start looking. I had a santander ISA which matured, it then defaulted to 1.1% interest and i kept it there for some time. It slowly declined. Last year it 0.6%, but then 0.1%. So the money needs to be moved


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## Stoner

Walesy. said:


> Anyone use or used this bank?
> 
> I am looking at their savings accounts, not ISA at the moment as thats a different concern, and they are paying not too bad at 1.2%.


I work in the financial services market and Investec are a former client of mine. Great company - good integrity (as most investment banks) and reliable.


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## VW STEVE.

atbalfour said:


> Those are decent rates - I have a few current accounts with different banks and all but one of them have slashed interest rates on the back of the cuts to the BoE base rate.
> 
> Until recently current accounts were actually offering a higher rate of interest (albeit with upper limits).


.............same here,it's a real pain at the moment. Saving & you get sod all return but god forbid you want to borrow !!!!!!!!!!!!. Never bring those rates down.:wall:


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## NickP

DrEskimo said:


> I have a Marcus Savings account (Goldman Sachs). It was offering 1.5% APR, which included a 0.1% bonus for 12months. However it's now been reduced to 1.2%.
> 
> Only a saving account, so very quick and easy to open. Also has a minimum deposit of just £1, as apposed to £10,000.


Yes, I've got some money with Marcus up to the covered limit, and also with Shawbrook Bank, their rates are almost identical to Marcus.


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## VW STEVE.

https://www.investec.com/en_gb.html...Viu7tCh3m-gzqEAAYASAAEgIQ9fD_BwE&gclsrc=aw.ds ...............just read some online reviews for these & there not good. Didn't realise there based in South Africa also?. Was going to transfer some savings but unsure now?.


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## atbalfour

FSCS Protection, you're sweet below these thresholds.

https://www.investec.com/en_gb/private-banking/regulatory-information.html


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## Marve

VW STEVE. said:


> https://www.investec.com/en_gb.html...Viu7tCh3m-gzqEAAYASAAEgIQ9fD_BwE&gclsrc=aw.ds ...............just read some online reviews for these & there not good. Didn't realise there based in South Africa also?. Was going to transfer some savings but unsure now?.


They originate from South Africa. But the entity you will be dealing with are registered in the UK and covered by the FCA here. And as point out, your savings will be covered by the FSCS scheme anyway.


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## Stoner

VW STEVE. said:


> https://www.investec.com/en_gb.html?source=google&medium=ppc&campaign=gmuk-%20-brand&term=&content=&position=&adgroup=brand-%20-bank-%20-exact&keyword=investec-%20-bank&matchtype=exact&s_kwcid=AL!10097!3!405393519248!e!!g!!investec%20bank&gclid=EAIaIQobChMIzJLgw8D76AIViu7tCh3m-gzqEAAYASAAEgIQ9fD_BwE&gclsrc=aw.ds ...............just read some online reviews for these & there not good. Didn't realise there based in South Africa also?. Was going to transfer some savings but unsure now?.


Not sure that South African banks are any worse than banks over here. As some of the other posters mention, FSCS applies as do all other UK (and European) regulation to them. Most banks we consider English are now under foreign control:

HSBC is Chinese
Barclays - biggest shareholder is American
Santander (Alliance and Leicester/Abbey National) are Spanish
TSB is also Spanish

When you consider Spain is on the brink of financial ruin, I would trust South Africa much more than I would Spain or Italy!

One consideration about FSCS is that it has a maximum of £85K but that includes subsidiary companies. For example, HSBC own Marks and Spencer Bank and First Direct. If you had £50K in each, the FSCS would only cover you to a total of £85K because it considers all three under the same protection. So you would now have £65K unprotected. If you're lucky enough to be in that position, move the money to unrelated companies to ensure all your cash is still covered.

This link gives more information:
https://www.moneysupermarket.com/money-made-easy/who-owns-who/

Cheers


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