The Top Easy Access Savings Discussion Area

After reading of some of the problems that people have been having in this thread with ICICI, I just thought I would highlight a problem I came across which was my fault because I didn't read the terms and conditions thoroughly.

ICICI won't allow you to make direct debits out and you can only transfer money out to your nominated account.

I wanted a bit more flexibility than that but I was attracted to the rate last November and closed a savings account with a lesser rate that did what I wanted it to and now I have opened a can of worms.

If I had paid more attention to the small print, I would be having an easier life right now.

Don't do what I did!

sulo wrote: »

Hi

New to this want to open an Icici account, started filling in the form and online it insisted I read the conditions etc. I did this and then lo and behold it timed me out Arrrhhh after doing all that form filling! So they dont give you time on line to read the small print.:rolleyes:

Yes this happened to me too yesterday. I persevered and have (so far) succeeded in being accepted. I noticed that the confirmation email gives you the opportunity to read the conditions. Assume they realise there isn't time when logging on initially, and perhaps the time out is for some security reason?

I've decided that with all online transactions patience is necessary, otherwise you end up screaming at the machine!

Last year, due to the high interest rates offered by ICICI, I started the registration process to open an account, and printed off the "conditions" instead of reading them during the registration process. Afterwards, I read them, and was horrified to find they offered (at that time), no protection for loss of savings due to fraud of any kind, (this might have changed since, but well worth checking). I wrote to them after checking with the three UK banks who currently hold my savings, (and was pleased to confirm I was covered, subject to common sense precautions, that I did have cover), and ICICI replied confirming their conditions, but stating "look at the interest rate".
I cancelled my registration.
As a mainframe engineer for many years and having worked at most of the major banks and building societies throughout the UK, I am well aware of the possibilities of loss by fraud, which can be of no fault of the customer, so I personally now check the conditions carefully of banks that hold my savings to make sure my savings are safe from fraud. I would rather lose some interest than my savings.

hamandeggs wrote: »

EdInvestor asked if anyone had knowledge of opening an account with ICICI.

I've tried. Sent verified copies of Utility Bill plus driving licence. Verified by my neighbour who is an accountant. They now want me to take these documents to one of their branches , the nearest of which is 75 miles away.

Over and out as I have just told them. Opened an IceSave account the same day and smooth as that.

ICICI? Don't bother. Others pay marginally less.

All I wanted to do was deposit my pension lump sum of £22500. Hardly Al Qaeda funds!!

I sent them in 4 forms of ID, all signed and stamped by my doctor (at a charge of £7) they sent me an email yesterday saying that a doctor is not an acceptable verification. Stuff em!!

tjfs wrote: »

On their website: http://www.fscs.org.uk/consumer/key_facts/Limitations_of_the_scheme/Compensation_Limits/

it says the limit is £35k per person, not per deposit taker.

So does this mean if several deposit takers fail (e.g. Firstsave, ICICI) you only get a total of £35k back?

Tim

It's per person, per institution. So if you save £100k with Firstsave and £100k with ICICI and both institutes fail, you only get a total of £70k back - £35k for each institution.