Out of the ordinary
Investec
Refer a friend
These terms and conditions comprise the agreement between Investec Private Bank, the Referred Client and the Client in connection with Investec Private Bank’s cash investment referral campaign.
 
1.Definitions
 
1.1"Account" means a cash investment account opened by Investec in the name of the Referred Client, which account has a minimum 90 (ninety) day maturity date or is subject to a minimum 90 (ninety) day notice period
 
1.2"Client" means an existing Investec cash investment accountholder with a minimum account balance of R50,000 at the time of the referral
 
1.3"Referred Client" means a potential cash investment client who is referred to Investec by a Client and who has never held an investment account with Investec or who has not held funds with Investec on deposit for 12 months prior to the referral by the Client.
 
2.Agreement
 
2.1Investec agrees to pay R500 (inclusive of value added tax) to a Client and R500 (inclusive of value added tax) to a Referred Client, 4 (four) days after:
 
 
2.1.1the Account is opened;
 
2.1.2a minimum deposit of R100,000 has been made into the Account, in immediately available funds; and
 
2.1.3the Client and the Referred Client have complied with the provisions of the Financial Intelligence Centre Act No 38 of 2001.
 
2.2The amounts set out in clause 2.1 above, will be paid by Investec into the Client’s cash investment account and into the Account.
 
2.3The Client and the Referred Client acknowledge and agree that Investec shall be entitled to suspend or terminate the referral campaign or change the terms and conditions applicable to the referral campaign at any time without having to give prior notice of such change to the Client and/or the Referred Client. Investec shall not be liable howsoever to the Client and/or the Referred Client for any loss occasioned by the Client and/or the Referred Client as a result of the suspension or termination of the referral campaign and/or any changes to the terms and conditions applicable thereto.
 
2.4The Account and the Client’s account and any and all transactions effected in respect thereof shall be subject to the terms and conditions applicable to Investec’s cash investment accounts(the “Terms and Conditions”), which can be viewed at www.investecmoney.co.za.
 
2.5Notwithstanding any provision to the contrary contained in the Terms and Conditions, the Client and the Referred Client agree that Investec shall be entitled to charge and recover from the Client and/or the Referred Client, as the case may be, a fee in respect of any early withdrawal from or termination of their respective investment accounts, in an amount equal to 4% of the sum withdrawn over the remainder of the fixed or notice period, subject to a minimum fee of R1,250 plus VAT.
 
2.6The Client and the Referred Client acknowledge and agree that they are responsible for obtaining legal, tax and other advice as to the nature and effect of the referral campaign and these terms and conditions and Investec shall not be held liable for any claims or losses which the Client and/or the Referred Client may suffer or incur as a result of their participation in the referral campaign.
 
2.7The Client and the Referred Client shall not cede, delegate, make over or transfer any of their rights or obligations in respect of, or arising out of, these terms and conditions without Investec’s prior written consent.
 
2.8The Client warrants that:
 
 
2.8.1it has the necessary approval and consent of the Referred Client to make the referral and it indemnifies and holds Investec harmless against any claims or losses which may be made against Investec in relation to the referral; and
 
2.8.2it is acting for its own account as principal and not as agent of any third party.
 
2.9These terms and conditions will be governed by the laws of the Republic of South Africa.