Your Private bank account
Frequently asked questions
When it comes to private banking, you expect a certain level of service. And that’s exactly what a Private bank account from Investec gives you: simple and intuitive online and mobile banking, and a dedicated team available 24/7/365.
For easy navigation, we've grouped our answers into:
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Interest rates
- The interest rate on your account is 0.00% AER* variable.
- Interest, where applicable, is calculated daily and paid monthly, on your statement date into your Private bank account.
- You can use your card to spend money that you have in your Private bank account. If a payment causes you to go into an arranged overdraft (if you have one), we will charge you interest on this at the rate of 8% per annum (variable) above the Bank of England base rate (as that rate varies from time to time). If a payment causes you to go into an unarranged overdraft, we will charge you interest on this at the rate of 8% per annum (variable) above the Bank of England base rate (as that rate varies from time to time). The Bank of England base rate is available here.
- Interest will be charged daily and applied monthly until you repay all amounts due to us.
- Representative rate - based on an arranged overdraft of £1,200, the interest rate you will be charged is 13.52% EAR** (variable). This gives a representative rate of 25.38% APR***(variable).
- How does our overdraft compare? A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR. The APR shows the cost of borrowing over a year.
Fees and charges
- A £10 all-inclusive monthly fee for maintaining the account from the date your account is opened.
- You can use your card to spend money that you have in your Private bank account. If a payment causes you to go into an arranged overdraft (if you have one), we will charge you interest on this at the rate of 8% per annum (variable) above the Bank of England base rate (as that rate varies from time to time). If a payment causes you to go into an unarranged overdraft, we will charge you interest on this at the rate of 8% per annum (variable) above the Bank of England base rate (as that rate varies from time to time). The Bank of England base rate is available here.
- Interest will be charged daily and applied monthly until you repay all amounts due to us.
- Representative rate - based on an arranged overdraft of £1,200, the interest rate you will be charged is 13.52% EAR** (variable). This gives a representative rate of 25.38% APR***(variable).
- How does our overdraft compare? A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR. The APR shows the cost of borrowing over a year.
- We don’t charge any foreign currency fees when you use your Investec debit card in Europe and certain other countries to make a debit card payment in a foreign currency, receive a credit (e.g. refund) to your debit card in a foreign currency or make a cash withdrawal in foreign currency outside the UK. We charge a foreign currency fee of 2% of the value of transaction elsewhere outside the UK. To find out more click here. Local ATMs may also charge a usage fee.
- No other fees are charged to your account. If you have any questions about our charges, or charges that have appeared on your statement, please call call us on 0330 123 1966 from within the UK or +44(0)207 597 4044 from abroad.
*AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. The AER is intended to be an indicative rate to help you compare the return on different savings products. Interest is variable and is paid monthly.
**Equivalent Annual Rate is a representative interest rate that shows the rate you would pay if you remained overdrawn for a year.
***The Annual Percentage Rate shows the cost of borrowing over a year, including the interest you’ll have to pay and applicable fees. It is intended to be used to help you compare the cost of our overdraft with other overdrafts and lending products.
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