FAQ Sheet

 

Deposit Questions and Answers

  • Why is Investec withdrawing from the Irish deposit market?

    Investec Bank plc (Irish Branch) (Investec) is a United Kingdom (UK) authorised entity and benefits from the UK's membership of the European Union by way of a regulatory passport that allows Investec to provide certain banking services  in Ireland.
     
    With the withdrawal of the UK from the European Union on 29 March 2019 (Brexit), Investec will no longer be authorised to provide deposit services in Ireland.

  • When is Investec withdrawing from the Irish deposit market?

    Investec will cease to provide deposit services in the Irish market from 30 January 2019.
  • What do I need to do now?

    If you have previously provided us with your bank details for withdrawals we will arrange to return your funds to those details by 30 January 2019 or earlier on your request and your account will be closed.
     
    If you have not provided us with your bank details, you need to contact us at your earliest possible convenience to instruct us by one of the following methods:
    • By sending us your payment details via a secure message on www.Investeconline.ie; or
    • By completing and returning the Account Closure Instruction in the prepaid envelope provided; or
    • By appointment at our head office at The Harcourt Building, Harcourt Street, Dublin 2
    The fastest and most secure way for us to return your savings to you is by Electronic Funds Transfer, if your bank account details including both BIC and IBAN are provided. Please note that we can only pay into another account in your name(s). 
  • Can I arrange for a third party payment?

    No, funds will be repaid to the account holder only.
  • I did not receive a letter, what should I do?

    If you hold a personal deposit account please contact our Deposit Support Team at [email protected] or contact us on 1800 466 466.
     
    If you hold a corporate or business deposit account please contact our Client Services Team at [email protected] ot contact us on 1850465 465.
  • I have a fixed term deposit account what will happen to my account/interest?

    Investec will pay interest up to the maturity date now. You can withdraw your lump sum plus maturity interest immediately.

  • I have a notice deposit account what will happen to my account?

    Investec has waived all notice requirements and you can access your account immediately.

  • I have a zero balance account. Do I have to close my account?

    There is no need to instruct us to close your account. We will close zero balance accounts.

  • I have a foreign currency account. What are my options?

    You can provide us with first party repayment instructions in any given currency or request Investec to convert your balance to euros. Following this, we will repay the balance to the designated euro account in your name. No third party payments will be permitted.

  • If I transact foreign exchange with Investec will this be affected?

    Investec will continue to provide foreign exchange services and this change will not affect that service.

  • I have a structured deposit product with Investec. Is this affected?

    You will receive a separate communication in relation to your structured product account.

  • I have a structured note product with Investec. Is this affected?

    Our structured note products are not affected by this change.

  • Do I need to talk to a financial adviser?

    If you opened your deposit account via one of our appointed intermediaries, please contact them to review your options.

  • What happens if I don’t close my account before close of business on 30 January 2019?

    Your account will be transferred to an unclaimed balances account earning 0% interest and you will no longer be able to transact on the account. You will no longer have online access and there may be extra identification and procedural requirements to withdraw your funds after this date.
  • What is the closure process for accounts that I hold?

    If you are an online user, your instruction can be submitted via www.InvestecOnline.ie messaging facility. If you are not an online user, please submit your instruction in writing by Freepost to Investec Bank plc, Freepost 4690, The Harcourt Building, Harcourt Street, Dublin 2. Please note only first party payments can be made, therefore, all payments must be returned in the name of the account holder by Electronic Transfer. 

  • How can I get a statement/interest certificate?

    A statement and interest certificate will be sent to you upon closure of your account.

  • What do I do if I have a standing order set up with another bank to pay into my Investec account?

    You must cancel any standing orders that are paying money into your Investec deposit account.
  • Will I be able to access my account online after 30 January 2019?

    No, you will not be able to access your account online after 30 January 2019.
  • Why have I received a KBC Bank Ireland flyer with my communication?

    KBC Bank Ireland plc is offering competitive deposit products as at the date of our letter. We therefore thought it would be beneficial to provide you with their contact details should you wish to consider KBC for your savings. KBC Bank Ireland plc is regulated by the Central Bank of Ireland and a member of the Irish Deposit Guarantee Scheme. Investec Bank is not recommending any specific alternative deposit provider.
     
    The Competition and Consumer Protection Commission maintain and publish up-to-date information on lump sum and regular saving accounts available from other saving providers including the rate of interest available. This useful information can be found by visiting:
     
    https://www.ccpc.ie/consumers/financial-comparisons/
  • I have a personal deposit account and further questions, who do I contact?

    If you question is not included above, or you require further assistance please contact our deposit team at [email protected] or contact us on 1800 466 466.
     
    Our deposit team phone lines are open 8am -  7pm Monday to Friday.
  • I have a corporate or business deposit account and further questions, who do I contact?

    If your question relates to a corporate or business deposit account, please contact our client services team at [email protected] or contact us on 1850 465 465.