Investec

theopticalshop

Hi folks,
I'm looking for a new home for my savings and am being luredby the 5.5% 6 month fixed rate that investec are offering.

Has anybody dealt with them previously and what are your experiences?
Thanks

KevinK

Is the 5,5% for 12 months though?

theopticalshop

no its only for 6 months

Stabshauptmann

KevinK wrote: »

Is the 5,5% for 12 months though?

Yes.

theopticalshop, what Kevin is saying is that after 6months you receive approx 2.75% i.e. half 5.5% which is the annual rate

theopticalshop

I know the 5.5% is the annual rate, however I do still think it is very competitive compared to what is available elsewhere and at the moment I am reluctant to put my cash into anything riskier at the moment given that it is nearly impossible to predict with any degree of reliability where markets are going and the yields of govt bonds, which were very attractive earlier in the year are loosing their shine a bit as interest rates decline.

I'm wondering though what people's experience with Investec is?

Stabshauptmann

Well I dont even know where there offices are

That offer though expires on 31 March and min deposit is 20k.

scano001

Dunno if this is sill active. I invested with them around the time this post started.

I placed my savings with Investec and after years I received NO return. Just got my money back. Not great and the customer service guy didn't have much to justify why there was no return, "Thats just the market" . They still took their management fee......

NIMAN

Invested with them maybe 5 or 6 years ago and they were fine. Near the end of the term they emailed me looking for a bank account to put the money into. Smooth.

scano001

Well Niman, I'm glad to hear go good story about them. I had enquired half way through the term if I could get out and I was advised I lose out on my returns. If I'd known my returns was zero I would have cashed out and gone somewhere I'd get something for my investment. Very unhappy with the dismissive nature of the customer rep. I suppose they had their fees and knew I would probably not invest with them ever again.

NIMAN

So you took your money out early, before the end of your contract term?

If so, I'm not surprised you got no returns, as all financial products have penalties for early withdrawal. It was more than likely stated in the small print.

scano001

Niman, that is not what I said. No, I didn't take my money out early, as I said I enquired and was advised I'd lose out. So I stayed in and got a Zero return anyway, at the end of the term Therefore the penalties and small print are not relevant.

NIMAN

Cannot understand how you invested and got zero return.

scano001

Niman, neither can I or indeed anyone else that I have discussed this with. Investec has not just lost my future business but also that of many of my colleagues.

JTMan

Did you put your money into a fund with Investec? Which fund? What date did you subscribe and redeem?