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Switching Accounts Couldn’t Be Easier

20-Apr-2009

Savers are extremely prudent when it comes to investing their hard-earned money. They want the security of a sound financial organisation, but at the same time, they equally want their investment to earn a good, if not the best, return.

Head of Personal Deposits at Investec in Ireland, Karen Hanlon, said “over the years we have developed an outstanding reputation for client focus, and our clients continue to benefit from our team’s specialist skills and expertise, as well as considerable resources of the Investec Group international network”.

Investec Bank plc (Irish Branch) (‘Investec’) is part of the same legal entity as Investec Bank plc in the UK, which is authorised and regulated by the UK Financial Conduct Authority (‘FCA’) and is a member of the London Stock Exchange.
Hanlon explained “being a full branch of Investec Bank plc in the UK, we are members of the UK Financial Services Compensation Scheme (‘FSCS’), and therefore all of our depositors are guaranteed by the UK FSCS for compensation up to £50,000 GBP (per person). We continue to offer extremely competitive rates to all our customers, as this is key, both in catering for our individual client needs, but also in positioning Investec to become a market leader in the personal deposits market”.

Investec currently has two market-leading deposit rates available for personal funds. The Investec 6 month fixed-term deposit account, with a fixed interest rate of 5.5% per annum (5.58% Annual Equivalent Rate (‘AER’)).

As Hanlon explains, “key features of this product include a minimum deposit of €20,000 with no maximum. Interest is accrued daily and is paid to the account at the end of the term. There is once-off access to 20% of funds during the term. The offer is limited”.

Another very competitive and attractive rate, is Investec’s 1 month notice deposit account. The account currently pays a variable rate of 4.25% per annum (4.33% AER). Again, interest is accrued to the account on a daily basis, and credited to the account at the end of the month. There is once-off access to 20% of funds on an annual basis, and the balance can be withdrawn by giving one month’s notice.

Hanlon continues to say, “since the launch of both these savings products, we have already experienced significant interest from personal depositors, with demand exceeding our expectations. Savers and investors are quite rightly anxious when it comes to investing their money, and the response to this launch has reinforced our belief that this is an attractive opportunity for serious investors. Capital protection, coupled with the best available rates, will remain the main drivers for investors. Going forward, Investec in Ireland will continue to focus on our clients’ needs and as clients continue to spread their cash and risk across various institutions, Investec will endeavour to provide serious returns for serious investors”.

Investec Bank plc (Irish Branch) has been operating in Ireland since 1999, when they purchased Gandon Capital Markets and the banking business of GE Woodchester Bank. Based in Dublin’s Harcourt Street, they are active in Savings and Investments. The Irish operation returned half-year profits to the end of November 2008 of €29m, up 20% year on year.

For further information please contact:

Karen Hanlon
Investec
+353 1 421 0104 (calls will be recorded)