Are my ICICI saving safe?

Spursman100

Hello

Im new to the forum. I tried to search for the answer but couldnt find it.
I read in the paper today that the ICICI Bank are covered FSCS but because its a foreign bank it would be more difficult.

This is the bit from the mail today..............



"Some foreign banks, such as Kaupthing and ICICI, operate under the British protection scheme. But where they subscribe to their own depositor protection schemes, UK savers would need to apply to these first for refunds in the event of a collapse

The process could be lengthy and difficult. As many foreign schemes offer less protection than our own FSCS, savers might need to 'top up' their compensation claims with the FSCS after they have exhausted the foreign scheme's procedure. Icesave, whose parent is Icelandic, is notable among these banks. Savers are warned not to invest large sums with these institutions if it might be needed at short notice. "

http://www.dailymail.co.uk/money/article-1068469/Banking-Crisis-The-survival-guide-worried-savers.html

fatpig_2

No.

But as the world's due to end next week your ICICI savings should be the least of your worries.

j0nathon2

It's safe.

moanymoany

Safe, but I'd move them into a British bank or NS&I.

KingL

Spursman100 wrote: »

Hello

Im new to the forum. I tried to search for the answer but couldnt find it.
I read in the paper today that the ICICI Bank are covered FSCS but because its a foreign bank it would be more difficult.

This is the bit from the mail today..............

"Some foreign banks, such as Kaupthing and ICICI, operate under the British protection scheme. But where they subscribe to their own depositor protection schemes, UK savers would need to apply to these first for refunds in the event of a collapse

You are covered by the UK scheme, it's just that the article isn't written very clearly. It is saying that ICICI is covered by the UK scheme, but some other foreign banks aren't. Have a squint (literally) at the third table in the article you linked to. It's stated correctly and more clearly there. Also in the table in Martin's article here: http://www.moneysavingexpert.com/savings/safe-savings#foreign

.

Stavros_3

Or Germany, Greece or Ireland - but not the UK pmsl.

sadabbott

its an indian bank. The indians that I know are very wise with their money and so I would say that your money is safer there than anywhere else.

luvpump

Are they safe ??? nope in a word

DocProc

£1 in every £5 of British savers' money is held in HBOS accounts of one sort or another. In total this amounts to about £278bn.

Should be a lot safer soon than it ever was, because Lloyds TSB is going to take it over.

Doesn't ICICI Bank (UK) Ltd own Lloyds TSB? I'm not sure. Anyhow, somebody owns it.

ad44downey

DocProc wrote: »

Doesn't ICICI Bank (UK) Ltd own Lloyds TSB? I'm not sure. Anyhow, somebody owns it.

Yes, very true, someone does own it. Suprisingly for you at least, Lloyds TSB owns Lloyds TS and nobody else.

gozomark

ad44downey wrote: »

Yes, very true, someone does own it. Suprisingly for you at least, Lloyds TSB owns Lloyds TS and nobody else.

no, Lloyds TSB is owned by its shareholders