How Your Account Works

How do I make deposits into my account(s)?

Important Information

(a) by cheque drawn on another UK bank or building society. To do this, you must complete your account number on the reverse of the cheque(s) and send the cheque(s) to us with a completed paying-in slip in the brown reply-paid envelope provided or another envelope provided by us for this purpose;
(b) by cheque drawn on another Investec Bank plc account. To do this, you must complete your account number on the reverse of the cheque(s) and send the cheque(s) to us with a completed paying-in slip in the white Freepost envelope provided or another envelope provided by us for this purpose;
(c) by electronic transfer from another account held with us;
(d) by electronic transfer in sterling
(e) by electronic transfer in a foreign currency, provided we accept payments in that currency; or
(f) by cheque drawn in a foreign currency, provided we accept payments in that currency. To do this, you must complete your account number on the reverse of the cheque(s) and send the cheque(s) to us with a completed paying-in slip in the white Freepost envelope provided or another envelope provided by us for this purpose.

In relation to paragraphs (a), (b) and (f) above, please note that if you send a cheque to us using some other method or in the wrong envelope, it may take longer to reach our cheque clearing team and this may delay clearing of the cheque.

The payment information you must use in order for a sterling payment to be transferred to us by sterling CHAPS is as follows:

(a) Sort code – 18 50 08
(b) Account number – 00562785
(c) Bank Identifier Code (BIC) – IVESGB2L

The following information must also be included in the instruction:

(d) Bank – Citibank, London
(e) Account name – Investec Bank plc
(f) Reference – the account name and number of the account you hold with us to which the funds are to be transferred.

The payment information you must use in order for a sterling payment to be transferred to us by electronic transfer other than CHAPS is as follows:

(a) Sort code – the sort code printed in the paying-in book provided by us for that account
(b) Account number – the 8-digit number of the account
(c) Beneficiary name – the account name.

The payment information you must use in order for a payment in euro to be transferred to us by electronic transfer is as follows:

(a) Bank Identifier Code (BIC) – COBADEFF
(b) Bank – Commerzbank, Frankfurt
(c) Beneficiary name – Investec Bank plc, Bank Identifier Code (BIC) IVESGB2L
(d) Beneficiary bank – Investec Bank London
(e) Reference – the name and International Bank Account Number (IBAN) of the account you hold with us to which the funds are to be transferred (we will give you this information when you open the account).

The payment information you must use in order for a payment in US dollars to be transferred to us by electronic transfer is as follows:

(a) Account number – 36010841
(b) Bank Identifier Code (BIC) - CITIUS33

The following information must also be included in the instruction:

(c) Bank – Citibank, New York
(d) ABA number – (Fedwire) 021000089
(e) Beneficiary name – Investec Bank plc, Bank Identifier Code (BIC) IVESGB2L
(f) Reference – the account name and number of the account you hold with us to which the funds are to be transferred.

In the case of electronic transfers in any currency other than sterling, euro or US dollars, please call us for information about the currencies we accept and the payment information you must use in order for the payment to be transferred to us.

You cannot deposit cash into an account. Any cash payment will be returned to you at your expense. Neither we nor any clearing bank used by us from time to time will be responsible for any cash that is lost in transit.

Deposit clearance

(a) a deposit by cheque in sterling will start earning interest no later than the second working day after it is received for clearing (so if it is received on Monday the amount received will start earning interest no later than Wednesday). The amount of the cheque will be available for withdrawal on the fourth working day after it is received (so if it is received on Monday you can withdraw the funds on Friday). A cheque received for clearing into the account may still be returned unpaid at any time up to the end of the sixth working day. If this happens we will inform you. If you have withdrawn funds in the meantime you may have to repay these;

(b) in the case of a transfer from another account held with us, provided we receive the instruction by 4:30pm on a working day, the funds will be paid into the account (which means they will start earning interest and funds will be available for withdrawal) on the same working day. If We receive the instruction after 4:30pm on a working day, or on a day that is not a working day, the funds will be transferred on the next working day;

(c) electronic transfers will be paid into the account (which means they will start earning interest and funds will be available for withdrawal) when we receive them from the paying bank.

(d) electronic transfers in a foreign currency will be paid into the account at different times depending on where they originate from and/or who the paying bank is. On the working day on which the payment clears into our receiving account we will give you the value of the payment, in the currency in which your account is denominated; and

(e) cheques drawn in a foreign currency will be sent to the paying bank for payment on a collection-only basis, meaning that they will only be paid into the account when we actually receive the funds. On the working day on which the payment clears into our receiving account we will give you the value of the payment, in the currency in which your account is denominated. We can provide further information about payment times for particular cheques drawn in a foreign currency on request. A collection charge applies. Please see the Charges Sheet for more information.

How do I withdraw funds from my account?

Transaction accounts

Unless otherwise stated in the account-specific terms, funds can be paid from an account in any of the following ways:

Electronic transfer in sterling to a UK bank or building society

• The amount to be transferred will be debited from the account on the working day we are treated as having received the instruction (even if your instruction is not processed until the next working day because we received it after the relevant cut off times), provided we receive the instruction by 2:30pm on a working day (or 3:00 in the case of instructions given using Online Banking), the funds will be received into the payee’s bank on the same working day.
• If we receive the instruction after 2:30pm on a working day (or after 4:30pm in the case of instructions given using Online Banking), or on a day that is not a working day, the funds will be transferred on the next working day.

We will use the Faster Payments Service to process payments provided:
(1) the payment is below our payment limit for the Faster Payment Service (currently £100,000); and
(2) the receiving bank is a member of the Faster Payments scheme.

If these conditions are not met, we will send the payment by CHAPS, A charge may apply in these circumstances. Please refer to the Charges Sheet for details.

Electronic transfer to another account held with us

• Provided we receive the instruction by 4:30pm on a working day, the funds will be received into the other account on the same working day.
• If we receive the instruction after 4:30pm on a working day, or on a day that is not a working day, the funds will be transferred on the next working day.

Electronic transfer in a foreign currency (provided we make payments in that currency)

• Please call us for information about the currencies we make payments in and how long it will take for the money to be transferred.

By cheque drawn on the account (where the account has a cheque book)

• We will treat a cheque drawn on an account as being out of date six months after the date on the cheque. If the cheque is presented to us for payment after then, we will return the cheque to the collecting bank unpaid with the notice “out of date”.

By standing order

• Money paid by standing order will be debited from the account on the date you agree with us or, if this is not a working day, on the next working day.

By direct debit

• Money paid by direct debit will be debited from the account on the date you agree with the originator (payee) of the direct debit or, if this is not a working day, on the next working day.

Rules on electronic transfers

Notice accounts and fixed term deposits

• Unless otherwise stated in the account-specific terms, electronic transfers can only be made to another account in your name (or in the case of an account that is held by more than one of you, transfers can be made to another account held in either of your names).
• Notice accounts are not subject to the payment limit on electronic transfers using Online Banking.

Transaction accounts and structured deposit accounts

• Unless otherwise stated in the account-specific terms, electronic transfers can be made to an account in your name or in the name of another person.
• Where you wish to instruct us to transfer funds to an account in the name of another person, you must give us your instructions by post or using Online Banking.
• We will only accept fax instructions to transfer funds to an account in the name of another person if that person is a UK solicitor.

All accounts

• Where you hold money in the account as trustee, as agent or in a similar legal capacity, the account to which the money is to be transferred must be held by you for the benefit of the same underlying beneficiary/ies.

Withdrawal restrictions for notice accounts, fixed term deposits and structured deposit accounts

Notice accounts
The account-specific terms set out the amount of prior notice you must give us in order to withdraw funds from the account.

Fixed term deposits and structured deposit accounts

• No withdrawals are permitted during the deposit term set out in the account-specific terms.

We will only consider whether to allow withdrawals from a notice account, fixed term deposit or structured deposit account on shorter notice, or before the end of the deposit term or the payment date, where you are able to demonstrate to us that exceptional circumstances apply which directly affect your personal or business financial situation. Even in these circumstances we are not obliged to agree to allow an early withdrawal.

If in exceptional circumstances we do allow an early withdrawal, we can apply a charge for agreeing to this. In the case of notice accounts, please refer to the charges sheet for more information. In the case of fixed term deposits or structured deposit accounts, the account-specific terms will confirm what charge is payable.

Payment information

The payment information you must give us in order for the funds to be transferred by electronic transfer in sterling or by standing order is as follows:

• The sort code of the bank or building society to which the funds are being transferred
• The account number of the account to which the funds are being transferred
• The account name
• The name of the bank or building society to which the funds are being transferred should also be included

The payment information you must give us in order for the funds to be transferred by electronic transfer in a currency other than sterling is as follows:

• The Bank Identifier Code (BIC) of the bank to which the funds are being transferred
• Where this is available, the International Bank Account Number (IBAN) of the account to which the funds are being transferred, or in all other cases the account number of the account to which the funds are being transferred
• The account name
• The name of the bank to which the funds are being transferred should also be included in the instruction