ICICI Bank

bob2007

How safe is it to consider savings here as it seems to have the UK FSCS guarantee?

Baldur

At least as safe as Kaupthing Edge was, prior to the events of the last couple of days. ICICI Bank is fully authorised by the FSA, so comes within the scope of FSCS £50,000 compensation limit.

GeorgeHowell

But if it were to fail you might have to wait a considerable time to get your money back and the issue of accumulated interest remains open.

MadSage

Considering their recent CDS rating, I would by wary. I posted a list of CDS ratings earlier to compare banks:

http://forums.moneysavingexpert.com/showthread.html?p=14830681

As for their credit ratings, they aren't brilliant, but are apparently stable. Most banks list their ratings on their website with explanations. ICICI mention their ratings on their About Us page, but with no explanation, or dates.

bob2007

Thank you so much! Going to avoid all foreign banks. Do you think the AA bond is good instead? Just so confused about what to do with money and I'm not very smart about things like this.

prudryden

Their ratings are certainly not investment grade. Why speculate for a little extra interest when you can get 6 3/4% with the Royal Post Office with virtually no risk?
Greed usually comes with a price to pay.

maveli

b!!!007 wrote: »

How safe is it to consider savings here as it seems to have the UK FSCS guarantee?

As safe as any other UK bank. Atleast it is from a country which is showing a 7% annual growth when UK is in -ve growth.

Buster_Danog

prudryden wrote: »

Their ratings are certainly not investment grade. Why speculate for a little extra interest when you can get 6 3/4% with the Royal Post Office with virtually no risk?
.

#

Isn't this guranteed by the Irish government, and do we know for sure they would pay up?

wattapain

I had some money ( a lot less than 5k:rolleyes: ) in Icesave but decided to withdraw it for various reasons about 3 weeks ago.
Was a lot more difficult withdrawing than depositing ( nothing new there I suppose) but finally had it back in my Smile account about 10 days ago. Phew - talk about lucky - so glad I did this.
Anyway, it's now back in good ol' smile - not the top payer by any means, but hopefully as it's part of the Co-op (no shareholders) it should be safe (touching wood).
Terri

purplevamp

After reading this thread and being stung by the events of the week I've just requested my balance from ICICI. Hopefully it should arrive in my linked account on Tuesday. Although it's backed by the FSCS I'm afraid it's a case of once bitten and all that.

tasty_snacks

not that i want to panic people, but aren't all ICICI deposits/withdrawals made by direct debit? i know mine is.

as such they're covered by the direct debit guarantee, which in turn allows the remitter (icici) to recall the funds directly from the beneficiary's (mine, yours) account, even after the funds have been sent.

hypothetically, i believe they could do this.