The Top Instant Access Savings Discussion Area

[rekd]

I opened an account with ICICI and their service is appalling. I tried to change details of my account with them via email and they said I had to call their call centre. So I called them and the person I spoke to had a terrible understanding of English and told me to email them - at the address that had said that I had to phone.

So I emailed again, several times, and just kept getting a standard 'scripted' reply back that didn't answer my question.

After about 10 emails I gave up and told them I wanted to close my account and wanted my money back.

That was 2 weeks ago and I've still not seen my money, or had a reply from them.

They may have a great interest rate, but in the experience I had with them, that's the only good thing about this company.

[murphydavid]

Martins Bradford and Bingley warning had me going for a while but as far as I can tell I'm still getting 6.4% from their internet saver account (no longer available) so mine was not cut.

[isasmurf]

If you don't look at the article too regualrly, just to inform you that the following has been posted at the top of the article by Martin

STOP PRESS! Rate Drop Leveller active: On 6 Dec, Bank of England cut UK base rate to 5.5%
After such a fall, it usually takes the savings account market up to a month to stabilise. This article will be updated as regularly as possible, and any rate announcements for products (or whether it’s changed) will be included in a small graphic after the product. Yet for the time being you should double check rates yourself before applying, or wait until the market has stabilised – I’ll let you know in my Weekly Money Tip.

[hamandeggs]

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!!

[murphydavid]

ICICI Recently became members of the UK Banking code of practice. Don't let them get away with shoddy workmanship. Report what happened to the UK Banking code of practice board.

[allean01]

Hi

I have a small business, and as I only pay myself a small salary, I have some savings - which will pay "sick-pay" and redundancy if necessary.

Can anyone suggest a high interest business savings account please.

[ojock]

...you probably won't want to mess with them if you're borrowing

http://en.wikipedia.org/wiki/ICICI_Bank#Controversy

[leoleo73]

The Bank of England are offering 6.49% variable with instant access on its Tracker Online account through its Northern Rock brand/subsiduary. As far as I know this is the best instant access rate currently available and of course your money is fully guaranteed.

http://www.northernrock.co.uk/savings/online-savings/

You will probably want to switch accounts after a year because the rate includes a bonus that expires after a year, but the same applies to pretty much any account. The terms of the tracking are ambiguous, but is unlikely to be worth much in the current environment. It is probably worth noting that the 100% guarantee from the Bank of England is likely to be lost at some point through the year, but they'll be plenty of notice if this concerns you.

Also, Halifax are offering 7.05% fixed for 3 months: http://www.halifax.co.uk/savings/fixedwebsaver.asp

[ragdoll]

Will shortly need to put the equity from house sale into an account, am thinking of the AA account but as it is a single applicant account could both my dh and I both open accounts?

[rachel-285]

I want to open a savings account, and have a payment made to me by a 3rd party, but I am having problems finding one that will take payments from 3rd parties: only accepting payments from linked current accounts. Is what I am expecting impossible?

[Aegis]

Why not have the third party pay in to a current account for you and then transfer the money from there to a savings account?

[tightasabulls]

ICICI were terrible for me,

Two long months of trying to open the account,

I dont think these people need by 10k as someone else will,

I DITO what someone else said earlier, other may pay less but it is actually more!!

ICICI = NO

????? = YES

[Struggling learner]

With info from Martin's savings article late Sept I opened an internet saver account with Bradford and Bingly at 6.4%. This rate stayed up when other accounts dropped and when I saw the recent posting I thought they must be opening up the account for new investers. Not so. My account dropped to 6.15% at the end of Dec, the bank will not transfer my funds, I have to apply online for the new one, take out the funds from my old one and deposit it in the new one when it is open. Do you have to keep checking interest rates? It is not easy to find out what interest your account is getting with so many names. This one certainly looks like a trick to me.

[murphydavid]

Originally Posted by Struggling learner

With info from Martin's savings article late Sept I opened an internet saver account with Bradford and Bingly at 6.4%. This rate stayed up when other accounts dropped and when I saw the recent posting I thought they must be opening up the account for new investers. Not so. My account dropped to 6.15% at the end of Dec, the bank will not transfer my funds, I have to apply online for the new one, take out the funds from my old one and deposit it in the new one when it is open. Do you have to keep checking interest rates? It is not easy to find out what interest your account is getting with so many names. This one certainly looks like a trick to me.

Same for me. On seeing your reply I just applied for the new one. They all have their tricks. I always think that thoes who get caught pay for thoes who don't. I expect to make at least 2 new applications a year. ICICI are the only one I have seen that have had a consistent best interest rate but unfortunately I'm one of those who can't seem to get myself set up with them. I think I will give it another try.
After the government stepped in with Nothern Rock I wonder if they would do the same for foriegn owned companies like ICICI or Icesave?

[neilp]

I was wondering why this article does not mention the FirstSave account (First National Bank of Nigeria). This pays 6.5%, which in theory is market leading (especially given that it is not an introductory rate). Is there something wrong with this account, or some kind of catch I haven't noticed?

Incidentally, this is not a criticism, but a genuine question. I am thinking about looking at this account, but want to be sure I am making the right move before losing several days interest transferring funds from ICICI (via my current account).

[murphydavid]

Originally Posted by neilp

I was wondering why this article does not mention the FirstSave account (First National Bank of Nigeria). This pays 6.5%, which in theory is market leading (especially given that it is not an introductory rate). Is there something wrong with this account, or some kind of catch I haven't noticed?

Incidentally, this is not a criticism, but a genuine question. I am thinking about looking at this account, but want to be sure I am making the right move before losing several days interest transferring funds from ICICI (via my current account).

Thanks for that. It's the first time I ever heard about them and looking at their web site it looks fine to me. I also would like to hear more. I checked that they are registered with the fsa and they are.

[Primrose]

Jazzygirl - I think wherever you put your money the issue of 100% safety protection is going to be an issue for anybody who is seriously worried about a financial institutuion crashing. You can separate it out into different savings banks, but when you come to buy another house you're eventually going to need it all welded together again in your current account for paying to a solicitor, so that too could still be a potential risk. I would think that ICICI or ICESAVE would be the best bets.

[neilp]

I agree that the fact that FirstSave is FSA regulated and subscribes to the Banking Code means that holding deposits there is no more dangerous than any other bank. My concern is whether it is worth losing around 5 days interest while moving funds via a current account, only for FirstSave's rates no longer to be competitive. ICICI are a known quantity, frequently raise rates in response to moves from competitors, and have a market leading rate guarantee. This makes me inclined to keep my funds there. The fact that I have had a good experience of their service, and it is possible to make deposits by BACS as well as direct debit also go in their favour.

Having said that, I would welcome any feedback on FirstSave. I am also interested in what the "official" MSE.com view of this account is.

[hanzi]

hi i just want a little help im saving to go traveling in feb 09 and iv got £3000 in a isa with natwest and im also saving £500 a month in a reserve account with them. could some1 tell me where to put my money to get a better rate?? any help would be great thanx hanna

[neilp]

Hanzi, your best bet is probably a regular savings account. Skipton Building Society has a very good account, which allows you to deposit up to £250 per month, for 1 year, at 7.55%. You can have up to three of these accounts, so there is nothing to stop you opening two (£250 per month in each). Alternatively, Yorkshire Building Society pays a slightly lower rate, but allows you to save up to £500 per month. The main downside with both is that withdrawals are somewhat tricky. If that is an issue, your best bet is an instant access account (see the article on this site for more info).