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Regarding feeling more secure with a foreign bank that does NOT operate under the UK Passport Exemption Scheme, remember that Kaupthing Edge did not operate under that stupid scheme, but the government performed a massive slight of hand by transferring deposits to ING which does!
I have 4 accounts, all chosen from MSE top picks and so far ICICI is the only one not to have got into trouble (the others were kaupthing and two RBS subsidiaries).
I suppose by definition the top payers are the most vulnerable as they have the narrowest profit margins. However they were all saved and there has been no impact on me so I think it's still worth going for the best deals even if they are a tiny bit more risky. (I'm still glad I never got round to opening an Icesave ISA).
I have some money with ICICI, but I'm not moving it unless I hear something in the news about them not doing well. I thought the Indian economy was going pretty well at the moment? Anyway, I'm enjoying my monthly interest, so I'll wait and see!
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"It's all very well them being covered by a garantee but what about the time, worry, hassle"
Not to mention the loss of interest.
I think Martin's asking the wrong question. It shouldn't necessarily be, how much interest do you want, but how important is the money to you? Is it so unimportant that you're prepared to take a risk for an extra 0.5%?
"I suppose by definition the top payers are the most vulnerable as they have the narrowest profit margins."
Wrong. It's much worse than that. It's because they need the money. I mean, really need. A bad bank is like a Ponzi scheme, always having to attract new money to sustain the illusion of success. BCCI was technically bankrupt for more than a decade before it was closed down - it was able to keep going simply by offering a higher interest rate on deposits, hence attracting enough money to keep ticking over. All the while the money is in the bank, it's just a number, not real money.
That's why the Icelandic banks offered such good rates of interest. That also accounts for Halifax's 10% rate that closed in June, also recommended by Martin.
If a bank (or, indeed, anyone) needs your money that badly - is it wise to give it to them?
The bottom line is that if your money is important, put it in the Nationwide (5.05% - 6.5%), Co-op Bank or somewhere equally safe - any bank that in recent years has not become over-reliant on international funds (which have since dried up) to fund its UK lendings (ie. like B&B, Northern Rock, Halifax etc).
Personally, I wouldn't touch ICICI with surgical gloves, although I did go for the Halifax 10%, figuring that it ain't much money that I am putting in and that as it's UK, I'll know how to get it back again if the worst comes to the worst.
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I have money at Kaupthing Singer & Friedlander in the Isle of Man. This is on the FSA approved list but as it is in the Isle of Man does anyone know if this is covered by the Financial Services Compensation scheme?
I have put some money into icici uk's fixed rate 1 year bond. I got cold feet after reading about possible problems with foreign banks and tried to transfer the money back to the Nationwide Building Society. I was told that I am not able to transfer the money out as I have signed up for the higher interest non withdrawal option. I foolishly believed that I could transfer out and just lose the interest since opening the bond. Is it true that I cannot access my money at all for a year?
I have put some money into icici uk's fixed rate 1 year bond. I got cold feet after reading about possible problems with foreign banks and tried to transfer the money back to the Nationwide Building Society. I was told that I am not able to transfer the money out as I have signed up for the higher interest non withdrawal option. I foolishly believed that I could transfer out and just lose the interest since opening the bond. Is it true that I cannot access my money at all for a year?
When you opened this account you were able to choose fixed with option to access early (lower rate) or fixed with no option to early access (higher rate). It is quite clear on the list of interest rates for different accounts and you have to choose specifically which one you want.
I would cheerfully put some money away with ICICI for a year at their high interest rate (but obviously only if I was sure I didn't need it until 12 months hence). Unfortunately due to the snail-like pace another financial institution - an insurer not a bank - I won't be able to do it before ICICI's rate goes down next week.
A couple of weeks ago when the current banking crisis was in full swing I asked ICICI to transfer some cash out of my savings account for me. They took a day longer than expected to do this (probably because they were busy fending off worried punters) but emailed me to apologise and gave me £50. Seems pretty good to me!
I have money at Kaupthing Singer & Friedlander in the Isle of Man. This is on the FSA approved list but as it is in the Isle of Man does anyone know if this is covered by the Financial Services Compensation scheme?
I don't think ICICI UK are offering the best easy access; monthly interest; no withrawal penalties saving account.
Alliance & Leicester: 6.41% - inc. 1 year bonus - but switch to a better one after that or just re-apply.
Birmingham Midshire: 6.33%
Bradford & Bingly: 6.32%
NatWest: 6.31% - inc. 1 year bonus - but switch to a better one after that or just re-apply.
ICICI bank UK: 6%
In today's volatile financial markets, I'm afraid that most countries will look after their own citizens first. I want to sleep at night, and so, for peace of mind, I will stick with UK only banks, and will choose these as carefully as is possible.
Does anyone know if ING will still pay the high interest rate that ICICI offered on the fixed rate savings?
I'm happy to risk leaving my savings with them but only if I'm still going to get the 7% promised by ICICI (not sure if I have any option on the 12 month fixed deal anyway, but I'll check this if I find out I'm not going to get everything as promised).
I've e-mailed ING more than once and haven't had the courtesy of even an acknowledgment that my query will be answered in due course.
I haven't been keeping up in the last few days, but as far as I know ING have acquired Kaupthing's business, not ICICI's. So for ICICI it's business as usual.
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Thanks for your reply and sorry, my error when typing. My question still applies, though, will ING honour the high interest rate promised by Kaupthing? Has anyone been able to get through to ask them?
Ok folks , if you are interested in depositing £ funds for 12 months with ICICI at the very highest rate and have one hundred percent safety : you can get currently 7.75/7.80 percent interest , ten percent more interest than in the UK
AND IN ADDITION safer than in the UK as your deposit will be guaranteed by the Triple AAA rated government of the REPUBLIC OF SINGAPORE .
Dont all rush or pass the word around too freely as your interest payment will not be reported to the UK tax authorities (as it would have to be in the Isle of Man/Channel Isles if you are an EU resident ).
ps No I do not work for ICICI but am a saver.
As the article states, ICICI Bank has a UK base therefore Govt can nationalise them if they were to go bankrupt and 50k would be guarenteed, Icesave were not full residents of the uk so to speak.
I have about 10k in the one year fixed bond (if u didnt select early release option u cant take it out), however i think we are the lucky ones, as a rate of 7%+ after today will seem amazing plus we get it for the whole year and imo ICICI as India's second largest bank will not be allowed to fail by the Indian govt as it has massive stakes in all big corporations and even though its stocks have fallen 50%, last few days they have been on the up. Plus the Indian economy is still growing above 6/7% and alongside high inflation which shows its resolute.
All in all nothing to worry about, and the small risk taken up those who opened 1yr bonds will be well worth it!
Ok folks , if you are interested in depositing £ funds for 12 months with ICICI at the very highest rate and have one hundred percent safety : you can get currently 7.75/7.80 percent interest , ten percent more interest than in the UK
AND IN ADDITION safer than in the UK as your deposit will be guaranteed by the Triple AAA rated government of the REPUBLIC OF SINGAPORE .
Dont all rush or pass the word around too freely as your interest payment will not be reported to the UK tax authorities (as it would have to be in the Isle of Man/Channel Isles if you are an EU resident ).
ps No I do not work for ICICI but am a saver.
Nothing you said really makes sense, firstly the rate isnt 7.8% but actually below 7% as of last week, secondaly where has singapore come into this?
The only thing you said which makes sense, is the fact that the deposit is guarenteed 100%, only my opinion but I wouldnt have put own money in without advice of top city analysts.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps. Take care over copyright. Use excerpts and links rather than copying long text. This site asserts copyright on all comments posted on the board.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
'ICICI: Is it safe?' blog discussion
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