Investec

ebendl said:
Sorry for ANOTHER necro.

I'm also considering them at the moment - but mostly for the programmable bank account. Is anybody using it? Will suck if I sign up only for them to stop it.

The rest I hope that they are on-par with FNB. Currently a Private Client (not PW, considered it but didn't feel there was enough benefit).
- I use ebucks and get quite a lot. Does Investec still have the Investec Dividends that they used to have?
- I have a homeloan with FNB as well as a Wesbank account. Assume those will stay there unless Investec offers me a better rate for the bond. I'll probably pay off the car loan (close to doing it)
- I use FNBs money maximiser account, currently get about 7% interest on it.
- I use LoungeKey quite a bit (fly to Europe once or twice a year)
- I have Y accounts for my kids (wife is with ABSA)
- I have Global accounts with some cash in them, but don't mind too much closing these.

Do they have Apple Pay (I'm really in love with it :p )?
Click to expand...

ut mostly for the programmable bank account. Is anybody using it? Will suck if I sign up only for them to stop it.
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They're pretty invested in that API - have their own community around it. So it isn't going anywhere anytime soon. I personally have not used it as yet.

- I use ebucks and get quite a lot. Does Investec still have the Investec Dividends that they used to have?
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They have their own rewards system, yes - though I don't use it yet. You can use it on flights, and shops etc.

- I have a homeloan with FNB as well as a Wesbank account. Assume those will stay there unless Investec offers me a better rate for the bond. I'll probably pay off the car loan (close to doing it)
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I tried to get my HomeLoan moved - they did come up with a pretty sweet deal and beat the rate I was getting at Nedbank. I have not started the process as yet, as some other life changing plans are simmering - so waiting on that first.

- I use FNBs money maximiser account, currently get about 7% interest on it.
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They have a Prime Saver account; you get 7% on as well - some accounts offer a little more
You can open up to 5 of these accounts. I just asked the banker to do it for me because lazy lol

- I use LoungeKey quite a bit (fly to Europe once or twice a year)
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Their LoungeKey offering is very good - I will be using it in July when I go to the UK.

I have Y accounts for my kids (wife is with ABSA)
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They offer child accounts too - child can have as much or as limited access to it as you want.

- I have Global accounts with some cash in them, but don't mind too much closing these.
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You can open an almost-full UK account with Investec since they have actual presence in the UK - thus people can actually deposit money into that UK account. It just can't be used for debit orders and such.

Do they have Apple Pay (I'm really in love with it :p )?
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Of course! Works flawlessly - I use it often.
 
I haven't enabled my account for programitical banking, but the option is available online.

I attended quite a few of the events (I have a cupboard fill of OfferZen shirts) - and its continued to develop, so I don't see it going anywhere soon. (received the newsletter at 9am this morning - and the next meet is 25 April)
 
ebendl said:
Sorry for ANOTHER necro.

I'm also considering them at the moment - but mostly for the programmable bank account. Is anybody using it? Will suck if I sign up only for them to stop it.

The rest I hope that they are on-par with FNB. Currently a Private Client (not PW, considered it but didn't feel there was enough benefit).
- I use ebucks and get quite a lot. Does Investec still have the Investec Dividends that they used to have?
- I have a homeloan with FNB as well as a Wesbank account. Assume those will stay there unless Investec offers me a better rate for the bond. I'll probably pay off the car loan (close to doing it)
- I use FNBs money maximiser account, currently get about 7% interest on it.
- I use LoungeKey quite a bit (fly to Europe once or twice a year)
- I have Y accounts for my kids (wife is with ABSA)
- I have Global accounts with some cash in them, but don't mind too much closing these.

Do they have Apple Pay (I'm really in love with it :p )?
Click to expand...
The programmable banking has been going for a while and isn't going away. It's part of a larger initiative with other big banks in SA.
 
Messugga said:
The programmable banking has been going for a while and isn't going away. It's part of a larger initiative with other big banks in SA.
Click to expand...

Do you have more details about other banks?

It's painful to switch - so if FNB is planning anything I'd possibly stay.
 
I think the local banks, excepting Investec are quite anti this sort of thing.
 
ebendl said:
Sorry for ANOTHER necro.

I'm also considering them at the moment - but mostly for the programmable bank account. Is anybody using it? Will suck if I sign up only for them to stop it.

The rest I hope that they are on-par with FNB. Currently a Private Client (not PW, considered it but didn't feel there was enough benefit).
- I use ebucks and get quite a lot. Does Investec still have the Investec Dividends that they used to have?
- I have a homeloan with FNB as well as a Wesbank account. Assume those will stay there unless Investec offers me a better rate for the bond. I'll probably pay off the car loan (close to doing it)
- I use FNBs money maximiser account, currently get about 7% interest on it.
- I use LoungeKey quite a bit (fly to Europe once or twice a year)
- I have Y accounts for my kids (wife is with ABSA)
- I have Global accounts with some cash in them, but don't mind too much closing these.

Do they have Apple Pay (I'm really in love with it :p )?
Click to expand...
I have investec I know this can be done but what do you actually wanna use it for.
 
Snyper564 said:
I have investec I know this can be done but what do you actually wanna use it for.
Click to expand...

I had a couple of use-cases - automate transfers based on certain actions, e.g. if my credit card drops below a certain balance, transfer funds from my bond.

Keep a rounded balance in my account by transfering the difference in transactions and balance to a savings account.

Prompt me to buy prepaid electricity and do it automatically if my prepaid is low.

Limit spending on certain categories of expenses - or alert me when a threshold is met.

Authorise transactions on my spousal card if the transaction is above xxx. (this is purely because she doesn't know the balance - not because I don't trust her :D )

--

Side note - never got round to any of it.
 
xrapidx said:
I had a couple of use-cases - automate transfers based on certain actions, e.g. if my credit card drops below a certain balance, transfer funds from my bond.

Keep a rounded balance in my account by transfering the difference in transactions and balance to a savings account.

Prompt me to buy prepaid electricity and do it automatically if my prepaid is low.

Limit spending on certain categories of expenses - or alert me when a threshold is met.

Authorise transactions on my spousal card if the transaction is above xxx. (this is purely because she doesn't know the balance - not because I don't trust her :D )

--

Side note - never got round to any of it.
Click to expand...
yeah as nice as it sounds in theory its still lots of work to execute.
 
Snyper564 said:
yeah as nice as it sounds in theory its still lots of work to execute.
Click to expand...

Pretty much this. I took a look at the API and what needs to happen. Your code also needs to be fast for card actions as they give you a very short window in-between swiping the card and the instruction landing up at the bank.
 
Priapus said:
Pretty much this. I took a look at the API and what needs to happen. Your code also needs to be fast for card actions as they give you a very short window in-between swiping the card and the instruction landing up at the bank.
Click to expand...
That's actually a requirement from the card provider - VISA et al. It's a problem for the bank as well, when looking at things like fraud. Fun fun.
 
Snyper564 said:
yeah as nice as it sounds in theory its still lots of work to execute.
Click to expand...

Yeh - some of the stuff I wanted to do wasn't possible when I starting attending the meet-ups - I see it is now. I read through the documenation and the code required initally, the stuff that was possible wasn't really rocket science.

It all has to start somewhere though - and won't happen overnight.
 
xrapidx said:
I had a couple of use-cases - automate transfers based on certain actions, e.g. if my credit card drops below a certain balance, transfer funds from my bond.

Keep a rounded balance in my account by transfering the difference in transactions and balance to a savings account.

Prompt me to buy prepaid electricity and do it automatically if my prepaid is low.

Limit spending on certain categories of expenses - or alert me when a threshold is met.

Authorise transactions on my spousal card if the transaction is above xxx. (this is purely because she doesn't know the balance - not because I don't trust her :D )

--

Side note - never got round to any of it.
Click to expand...
Lots of these same ideas. I know the Smart Budgets in FNB does some of it, but they suck.

Want to stop certain transactions from going through (e.g. takeaways).

Also irritated that I have to continue downloading transaction history by hand (and FNB doesn't even email me CSV / PDF files any more) -- having API access to the stuff just feels better.

Having some real-time access to certain transactions coming through will also be nice - there's a bunch of places where we buy things which can be a multitude of different categories on my budget (e.g. Woolworths can be food or clothes). Having to reconcile that at the end of the month is a pain - so having a transaction pop up immeidately on my phone for me to assign will be cool.
 
ebendl said:
Having some real-time access to certain transactions coming through will also be nice - there's a bunch of places where we buy things which can be a multitude of different categories on my budget (e.g. Woolworths can be food or clothes). Having to reconcile that at the end of the month is a pain - so having a transaction pop up immeidately on my phone for me to assign will be cool.
Click to expand...

22Seven app is great at categorising automatically.
 
Hello all,

I’ve recently opened an Investec account.. and a Cash Management account was opened automatically.

Could you clarify the difference between that and the Prime Saver account?

From what I can tell, both are instant-access accounts. However, the Prime Saver offers a 7.3% nominal interest rate, while the Cash Management account offers a 5.5% nominal interest rate.

So should I just close the Cash Management account and then open a Prime Saver account?

- Cash Management PDF Link

- Prime Saver PDF Link
 
Hate to say it but the fact they even have this question and confusing overlapping products shows Investec isn't really a private bank.

Did speak with and have a meeting with their wealth division. They gave good advice, but 1-1.5% on going fees is just too much. The private bank did not impress me with their inability to call me or read emails properly. Started off bad and got worse. They couldn't even articulate why I would want it (better rates on debt I don't have...)
 
ace119 said:
Hello all,

I’ve recently opened an Investec account.. and a Cash Management account was opened automatically.

Could you clarify the difference between that and the Prime Saver account?

From what I can tell, both are instant-access accounts. However, the Prime Saver offers a 7.3% nominal interest rate, while the Cash Management account offers a 5.5% nominal interest rate.

So should I just close the Cash Management account and then open a Prime Saver account?

- Cash Management PDF Link

- Prime Saver PDF Link
Click to expand...

Prime saver has a limit on how many transfers can go in or out, cash management does not.
You can keep the cash management account and open a prime saver, you don’t need to choose.

You can also have multiple of either account as well, if you need to separate savings purposes.
 
When I queried my rate with Investec as I asked if they could compete with ABSA. The private banker sent a one line email back with the effective rate opposed to nominal, which oddly was still less. Their email correspondence, and my banker were useless, but their call centre is by far the best in SA for banks. ABSA rates vs 7.3%

Cash Invest Tracker​

BalancesStandard Rate
R0.01 - R12,500,000.008.10%
R12,500,000.01 +8.30%
 
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