Your Private bank account

Frequently asked questions

Are your finances negatively affected by Covid-19?

During these challenging times, we would like to offer our support where possible. For Private bank account clients with arranged overdrafts we will not charge interest on the first £500 of arranged overdraft borrowing if your finances are negatively affected by Covid-19 and if you use your Private bank account as your primary account. Please call your usual private bank contact or the number on the back of your card to discuss this with us. Call times may be longer than usual but we will get to you as soon as we can.

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.

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 8.41% EAR** (variable). This gives a representative rate of 19.78% 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 8.41% EAR** (variable). This gives a representative rate of 19.78% 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 us on 0330 123 1966 (+44 (0)20 7597 4044 if calling from outside the UK). 
*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. 
 

 

 

 

Emergencies

  • How do I get in touch in case of an emergency?

    If you need help in an emergency call us on 0330 123 3655,  or +44 (0) 20 7597 4131 (if you're calling from outside the UK).

    Your Private Banking team is available 24 hours a day, seven days a week, 365 days a year.

  • Emergency cash disbursement

    If your cards are lost or stolen, we’ll make sure you’re not left without a cent, dime or ruble to your name. You can receive cash from thousands of locations worldwide including Western Union, MoneyGram and ESL. Call us to arrange an emergency cash disbursement.

  • Emergency card replacement

    You will be issued with a temporary card, which will be couriered to you within one to three business days, or can be collected from one of thousands of VISA emergency locations around the world. Call us to arrange an emergency replacement card.

  • I think my email account has been hacked

    Please call us immediately if you see anything suspicious on your account or email account.

 

 

 

Getting started

  • How do I find out the status of my account application?

    If you have applied for an account and have not heard from us, or if you would an update on the current status of your application, please call us.

  • How am I notified of my Investec card PIN?

    Your new PIN will be sent via text to your mobile number, when you activate your card. Please memorise your PIN and delete the text once you have memorised it.

  • How do I make the opening deposit into an account and move my money around?

    Initial deposit

    To make the initial deposit in order to open an account, you can use one of two options:

    1. Send us a cheque, drawn on another UK bank or building society account in your name, and made payable to “Investec Bank plc for the account of your name or the name of your organisation]”. Send the cheque to:

    Investec Bank plc
    Operations Department
    Correspondence
    FREEPOST LON9401
    LONDON
    EC2B 0ZZ

    2. Make a deposit by electronic transfer. In this case the payment must come from another account that is held in your name. The details you’ll need to send the payment are as follows:

    Sort code 40-64-34
    Account number 10010002
    Bank – Investec Bank plc
    Account name - Investec Bank plc
    Reference – your name and the reference number we provided to you on your acknowledgement email

    Paying money out of your Private bank account

    Funds and payments can be transferred and made online or over the phone on 0330 123 1966 (+44 20 7597 4044 if calling from outside the UK).

    Paying money in to your account

    Sterling Cheque/Cash Deposits

    Where we have given you a paying in book to use in connection with your account, you can make cash or cheque payments in sterling at an HSBC branch. You must complete a bank giro credit slip to pay in a cheque or cash at an HSBC branch.

    Euro and US Dollar Cheque Deposits

    Write your account number on the reverse and send it to us in a white Freepost envelope. 
    Please be aware, Euro and US Dollar cheques will be sent on collection and may take up to six weeks to receive the proceeds.

    Electronic Deposits

    Please visit our payment details page.

     

  • Transferring your salary, direct debits, standing orders

    To get your salary paid directly into your account, all you need to do is to complete our income transfer form and pass it to your payroll or HR department. Call us to request this form today.

    If you would like to transfer existing direct debits or standing orders to your account, you can do so by completing an account transfer form. Standing orders can be viewed, set up and cancelled, and your direct debits viewed, in Investec Online or in the Investec App.

 

 

 

Investec Online

  • How do I activate Investec Online?

    Once you’ve received your user ID email and password letter, please call us to activate your online banking.

  • What happens if I forget my user ID, password, or secret word, and how do I change it?

    Please call us if you forget any of your online or mobile banking log in details.

    If you enter your details incorrectly a number of times, your online and mobile banking will be blocked.

    To change your user ID, password or secret word, simply log in to Investec Online banking. All your personal security information can be changed in your settings in online banking.

  • Updating your Investec Online details

    Online banking also holds an email address and mobile number for you, and for any online users with access to your online banking. You can update your email address and mobile number, and the email address and mobile number of anyone authorised to use your online banking, in Investec Online.

    Online users are also able to change their own details. However, these details are only changed for online banking purposes and are not changed in our bank records.

  • What steps does Investec take to make sure Investec Online is secure?

    We offer online banking as it can make your banking experience easier and more convenient. As with any online activity, managing your financial affairs online carries some element of risk, such as exposure to viruses and hackers. However, we aim to make your online banking experience is as secure as possible.

    We place the highest priority on the confidentiality and security of your financial information and transactions. We invest significant resources in maintaining the security of Investec Online Banking and the Investec App. We constantly review our infrastructure and security measures, such as firewalls and encryption technology, to ensure they’re up to date and meet our stringent security
    requirements.

    If you think a fraudster has your Investec Online banking details, or that someone has accessed your account, please call us immediately.

  • What steps should I take to ensure I stay secure on Investec Online?

    We place the highest priority on the confidentiality and security of your financial information and transactions, and as part of our commitment to your security, we offer you a safe and secure environment in which to carry out your online banking. You can also help protect yourself against cyber crime by following a few precautions:

    1. Install and regularly update a personal firewall and anti-virus product on all of your computing devices (such as computers, tablets and mobile phones)
    2. Regularly update your operating system and browser on all your computing devices
    3. Do not open unsolicited emails with attachments
    4. Regularly review your ‘Sent items’ email folder for any messages that may have been sent without your knowledge
    5. Never email, write down or divulge your personal security information
    6. Don’t leave a computing device unattended while logged in to Investec Online banking, or your
      mobile phone unlocked when logged into the Investec App
    7. Always fully log off from Investec Online banking or the Investec App once you have completed your online banking activities
    8. The internet itself is also a good source of information about keeping yourself safe. Sites such as Google’s Good To Know, Get Safe Online or StaySafeOnline.org offer general advice about staying secure online. Reputable providers of antivirus software, such as McAfee, Norton and Kaspersky also offer guidance on online security on their websites.
  • What should I do if I think someone has accessed my account or details using Investec Online, or if I have lost my card/cheque book?

    You must call us immediately if you believe someone else knows your personal security information, or you believe that someone has accessed your account without your authority, or if any chequebook, card or any security device we give you is lost or stolen.

    You should check your account statements, notices and electronic messages when you receive them, and you must tell us as soon as possible if you believe that there are any errors.

  • Am I able to cancel a payment instruction online?

    If you created a payment in online banking and that payment is either awaiting authorisation or is queued, then you are able to cancel that payment in online banking. 

    Future-dated payments that are created using online banking can be cancelled in online banking at any time before 5.30pm on the working day before the payment is due to leave your account. You won’t be able to cancel on the day of the payment.

     A whole series of standing orders can be cancelled using online banking, at any time before 5.30pm on the working day before the next payment is due to leave your account. You won’t be able to cancel a standing order on the day of its payment.

  • I have made a payment using Investec Online but it has gone to the wrong account. What should I do?

    Call us as soon as possible where you believe that any instruction you have given us is incomplete, incorrect or not given in accordance with your mandate. Future-dated payments set up in online banking can also be cancelled in online banking, at any time before 5.30pm on the working day before the payment is due to leave your account.

 

 

 

Managing your account

  • How do I find out my account and IBAN numbers?

    Both your account number and IBAN number will be on your statement, which is available in Investec Online. We will send you an email to your registered email address as soon as it is ready to be viewed.

  • Can I get a specific statement or receive a paper version?

    Your statements are available in online banking. Once a month you will receive an email notifying you when your new statement is available to view. 

    If you would like us to send you a specific statement, if you need an interim statement or if you would like to receive printed versions of your statements each month, please call us on 0330 123 1966 (+44 (0)20 7597 4044 if calling from outside the UK) and we can either make this available to you online or post them to you.

    You can select the date of your monthly statement when you open your account - this will be always be the date of your statements.

  • How do I find out what exchange rate was applied to my transaction?

    When you make a currency transaction we send you a transaction advice note by post. This includes the exchange rate applied to the transaction and the charge payable, along with the amount deposited or withdrawn after the currency conversion. We send this to you on the working day the conversion is carried out. This information will also appear on your regular statement.

  • How do I set up a joint account?

    To set up a joint account, you must add both parties to your application form. You must also supply proof of identity and proof of address for both parties.

    For applicants new to Investec, we may require one of the following certified or original documents for each UK resident applicant in order to confirm identity (for non-UK residents you will need to
    send in two of the following):

    • Passport        
    • Driving licence        
    • Identity card        
    • UK residency permit        
    • Inland Revenue tax notification.

    We may also require two of the following certified documents confirming your current residential address:

    • Bank or building society statement dated in the last three months
    • Utility bill dated in the last three months
    • Mortgage or credit card statement dated in the last three months
    •  Driving licence
    •  Council tax/income tax bill dated in the last 12 months.
  • How do I add or remove someone from a joint account?

    If your account is already a joint account and you wish to add a new account-holder to the account, the new account-holder and existing account-holders will need to confirm this to us in writing.

    The new account-holder will also need to agree to the terms of the agreement, and we must complete our standard checks and procedures. The new account-holder cannot use the account or give us instructions until the above steps are all completed.

    For personal joint accounts, you can only remove an account-holder from a joint account if they
    agree to this. We will ask you all to sign a written instruction confirming this.

    If you‘re a business or a trust client, you can remove an account-holder if we receive written instructions from all account-holders confirming this. Alternatively, you must give us other legal evidence acceptable to us which sets out the removal of the account-holder. This could be a death certificate, for example, or a deed of resignation or removal of a trustee.

  • Why do I receive text notifications?

    One of the ways we help protect you against fraud is to send a text message notification to your mobile phone whenever certain activities are carried out on your account.

    You will receive a text message from us whenever the following activities are carried out on your account: a payment or withdrawal of cash from an ATM using your Investec card;

    • a new payment, transfer or standing order instruction is set up on your account in online banking or telephone banking;
    • an amendment is made to an existing payment instruction in online banking or telephone banking;
    • a new payee is created or an amendment is made to an existing payee in online banking;
    • an application is made for a new account is opened in your name in online banking;
    • any changes are made to your security information in online banking.

    The text message notification is being sent to let you know that one of the activities listed above has taken place on your account. This is so that if there is unauthorised activity on your account, you are made aware of it.

    If you receive a text message informing you that an activity has taken place on your account and you recognise the transaction, you do not need to take any action.

    If you receive a text message informing you that an activity has taken place on your account and you do not recognise the transaction, please call us immediately on 0330 123 1966 (+44 (0)20 7597 4044 if calling from outside the UK).

    If you no longer wish to receive text message notifications from us, for either activities in online and telephone banking, or for transactions made using your Investec card, please call us on 0330 123 1966 (+44 (0)20 7597 4044 if calling from outside the UK) and we will update our records.

    It will not cost you anything to receive these text message notifications to a UK mobile number.

    If you have changed your mobile number please call us on 0330 123 1966 (+44 (0)20 7597 4044 if calling from outside the UK) and we will update our records.

  • Where can I find more information on the fees relating to my account?

    Please see the Fee Information Document and the terms of your account for more information about our fees for this account.

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