ICICI Bank HiSAVE 5.40% AER

empfun · 28 May 2005 at 12:13PM

Hi folks,

Just noticed this instant access savings account. Seems like the best rate right now for a non-regular instant access savings account.

http://www.icicibankukpromotions.com/

Probably a good place to drip feed your regular savings accounts from after your egg 5.5% is up.

djblamire · 28 May 2005 at 2:53PM

Anyone know much about this bank ??

I have done a search on the fsa.gov.uk website and it shows this bank, and says:

"Notices: Unable to hold client money."

Anyone know what this actually means ??

Thanks
Daniel

esalan · 28 May 2005 at 3:19PM

Never heard of this Indian-based bank before, but -- for what it's worth -- this may reassure you:

Is my money safe with HiSAVE?
ICICI Bank UK Ltd. is an FSA regulated Bank and is a member of the Financial Services Compensation Scheme, established under the Financial Services and Market Act, 2000. In the unlikely event that we are unable to repay the funds in your Account, compensation may be available from the Financial Services Compensation Scheme. The scheme affords 100% protection to the first £2,000 of a depositor’s total deposits with the Bank and 90% of the next £33,000 amounting to a maximum payout of £31,700. The scheme covers deposits made with offices of the Bank within the European Economic Area and applies to deposits in all currencies.

djblamire · 28 May 2005 at 3:26PM

esalan wrote:

Never heard of this Indian-based bank before, but -- for what it's worth -- this may reassure you:

Is my money safe with HiSAVE?
ICICI Bank UK Ltd. is an FSA regulated Bank and is a member of the Financial Services Compensation Scheme, established under the Financial Services and Market Act, 2000. In the unlikely event that we are unable to repay the funds in your Account, compensation may be available from the Financial Services Compensation Scheme. The scheme affords 100% protection to the first £2,000 of a depositor’s total deposits with the Bank and 90% of the next £33,000 amounting to a maximum payout of £31,700. The scheme covers deposits made with offices of the Bank within the European Economic Area and applies to deposits in all currencies.

But are they really genuine ?? - Especially with the FSA website saying "
Notices: Unable to hold client money." - Isn't that a bit worrying ??

Daniel

Sun · 28 May 2005 at 4:04PM

ICICI bank is the largest bank in India.

pin · 28 May 2005 at 4:11PM

ICICI bank are very real. They are HUGE in India.

They have also recently linked up with Lloyds TSB to provide mortgages for UK based NRI's (non resident indians):

http://news.bbc.co.uk/1/hi/business/4457113.stm

djblamire · 28 May 2005 at 4:17PM

What about what the FSA say though, about them not being allowed to hold clients money ??

Daniel

Gambler · 28 May 2005 at 4:57PM

I work for an Indian company and we have loans with ICICI.

Paul_Varjak · 28 May 2005 at 5:52PM

Their website is only about six weeks old and the bank (UK part) itself is only two years old!

Paul_Varjak · 28 May 2005 at 6:15PM

One of their directors (Richard Michael James Orgill) was, apparently, on the board of HSBC. Unless there are two people with the same name!

pin · 28 May 2005 at 9:28PM

Paul_Varjak wrote:

Their website is only about six weeks old and the bank (UK part) itself is only two years old!

Might be new in the UK, but has been around for ages in India.

ICICI Bank HiSAVE 5.40% AER

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