5.4% Instant Access Saving Account

MSE_Martin · 7 June 2005 at 5:46PM

A new 5.4% savings account has launched (as i know has been discussed elsehwere here)

http://www.icicibankukpromotions.com/popup_hisave_highinterest.html

It's an Indian bank with a UK arm. I know it has a link up with Lloyds TSB on sending money overseas.

As its a new bank to mainstream UK products, I am going to be taking a proper look at it, its regulation and safety going forward, just in case anyone is wondering why it isnt in the article yet

martin

pin · 7 June 2005 at 5:52PM

http://forums.moneysavingexpert.com/showthread.html?t=58366

MSE_Martin · 7 June 2005 at 5:55PM

Don't worry Pin, I know its elsewhere on here, but this is more a note about why its not in the article.

If i'm going to recommend it full on (whcih i think i prob will) i want to make the checks myself, and also talk to it about 'future rate policy' - as its only 0.05% higher than A&L i don't feel there's a rush

martin

pin · 7 June 2005 at 5:58PM

Just so people know where the discussion has bene :-)

Walletwatch · 10 June 2005 at 2:55PM

MSE_Martin wrote:

Don't worry Pin, I know its elsewhere on here, but this is more a note about why its not in the article.

If i'm going to recommend it full on (whcih i think i prob will) i want to make the checks myself, and also talk to it about 'future rate policy' - as its only 0.05% higher than A&L i don't feel there's a rush

martin

Martin

I appreciate where you are coming from, when you say you want to first take a close look at it before endorsing it on your articles. I must add however, that this is one of the biggest private banks in India, and as such, is far from some of the fly-by-night operators around.

Am going to apply for the account right away...

Cheers
WW

ReportInvestor · 10 June 2005 at 4:24PM

If anyone's worried about the Indian Bank side of things, you can get 5.4% from a Midlands' Building Society.

The West Bromwich BS is doing this offer with a 0.9% introductory bonus that lasts until Jan 2006, and a lesser 0.5% bonus until June 2006. The underlying account rate is 4.5%.

The Premium Bonus Tracker account is available from Monday 13 June.

Although it's variable, there is no scope for sneaky cuts in the underlying rate other than those authorised by the Bank of England.

MoneyExtra

MSE_Martin · 10 June 2005 at 5:25PM

As for checking it out. Don't worry I know ICIC is a big bank, yet it is not one with known UK operations.

As such while regulated by the FSA - which means it is part of the Ombudsmen scheme and Financial Services Compensation scheme, it isn't signed up to the Banking Code - a voluntary scheme - and i'm looking to see the impact of that (though nor is Liverpool Victoria from memory) - some listings won't include it for this reason

It's less "I don't trust it" more I want to be able to say wholeheartedly "this is the best and there is absolutely no issue that its a bank you havent heard of", many people will be sceptical

martin

Walletwatch · 11 June 2005 at 2:04PM

MSE_Martin wrote:

As for checking it out. Don't worry I know ICIC is a big bank, yet it is not one with known UK operations.

As such while regulated by the FSA - which means it is part of the Ombudsmen scheme and Financial Services Compensation scheme, it isn't signed up to the Banking Code - a voluntary scheme - and i'm looking to see the impact of that (though nor is Liverpool Victoria from memory) - some listings won't include it for this reason

It's less "I don't trust it" more I want to be able to say wholeheartedly "this is the best and there is absolutely no issue that its a bank you havent heard of", many people will be sceptical

martin

Point taken. Will look forward to reading your inputs when they come up.

Cheers
WW

AP · 11 June 2005 at 8:10PM

Reporter wrote:

If anyone's worried about the Indian Bank side of things, you can get 5.4% from a Midlands' Building Society.

The West Bromwich BS is doing this offer with a 0.9% introductory bonus that lasts until Jan 2006, and a lesser 0.5% bonus until June 2006. The underlying account rate is 4.5%.

The Premium Bonus Tracker account is available from Monday 13 June.

Although it's variable, there is no scope for sneaky cuts in the underlying rate other than those authorised by the Bank of England.

MoneyExtra

I downloaded the form last night and sent off the application with my cheque today. Being an existing West Brom BS customer, I find that they do come up with some good value products every now and then.

Comparing this account with the ICICI Bank one, at least West Brom have prepaid envelopes and a Freepost address which ICICI do not have. If you open an account with ICICI Bank, they will require you to send them a cheque in the post as opening deposit - which is going to cost you a stamp and an envelope!

muddyfox470 · 11 June 2005 at 8:37PM

Hi all,

Just a slight concern, hearing all these rumours about the possible drop in alliance and leicesters interest rates i decided to go open this account incase the drop is substantial. As basically seeing the bank in the high street does give you some security

Ok so i signed up to ICICI and well this error message came up, now, i know some things can be slightly different, but i have never had anything of this sort with any other financial institutions website(s). SO martin if possible are you able to look into this aswell.

IMAGE : http://usera.imagecave.com/muddyfox470/Forum/icicibank.jpg

Keep up th good work, it is a cool community you have hear, and i keep learning new information all the time, and try to help where i can, lol!

Ian

$17mma · 9 June 2006 at 12:04AM

Are their any updates on this acct or bank as yet?

I note Martin saying that they do not subscribe to the banking code.. is this a concern or has this now change?

5.4% Instant Access Saving Account

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