ICICI Bank

wagdog

JimmyTheWig wrote: »

It's like trying to guess the fastest moving queue at a supermarket checkout, or continually switching lanes in motorway conjestion.

Except that we do have the option of splitting our shopping trolley into half a dozen smaller ones, try all queues simultaneously so that we'll at least have something to eat by dinner time. With money frozen in Iceland, Cahoot suffering power failure, we can no longer afford to leave savings in just two or three places.

Those who criticise us in hindsight say we should've been paying more attention to risk, even in the knowledge-poor environment that is the mainstream media. To me playing the risk game means splitting your saving accounts as much as possible. (How much you put where depends on your risk tolerance.) Then use software such as Keepass to mitigate the additional risk of having to manage so many login details and passwords. It's the strategy that squirrels employ - multiple caches and a realistic expectation that not all will be recoverable throughout winter.

stphnstevey

Steve_xx wrote: »

Realistically, it's as safe in ICICI as it is in HBOS or RBS. It is guaranteed upto 50k, currently. What more does one need guarantee wise?

Moving huge amounts of cash out of these banks in itself causes their instability. In the end, if this continues on as it has, we will be left with a single state owned bank. That would be disastrous for competition and for interest rates.

I think you need to think the next step after your money just being covered by the 50K limit. Even if it is and the bank goes under, it could take alot of time (and stress wondering if you will actually get it back) to get your money back.

So saying it's just as safe as HBOS just because it has the same 50K garantee is not really true. I know where only guessing, but I don't want to be the one going through the claiming back.

As I said, I really don't want to be the scare monger and add to ICICI withdrawals, but I think you have to make the best guess based on gut feeling. And right now, an Indian Bank seems more risky than one on our soil.

Each to there own though


Looking today, my best rates are the 10% Halifax RS and also the 7% Yorkshire BS RS I set up a while ago. Even beats the best fixed rates today.

light

Reading Martin's blog on ICICI it seems safe as any another UK bank. I have savings elsewhere and a fixed rate bond with ICICI so I might as well stay where I am.
If it is a UK bank surely you must follow the same process as say Barclays for claiming?

May be I am totally wrong !!

EalingSaver

KingL wrote: »

funny that, sadabbott, just last week all your life savings were locked up in Icesave

http://forums.moneysavingexpert.com/showpost.html?p=14766019&postcount=12

http://forums.moneysavingexpert.com/showpost.html?p=14791401&postcount=79

Nicely spotted KingL. Maybe its Zammo under a different login ID? Or maybe just a twin.

KingL

Or just sadabbott's father's son ? :

http://forums.moneysavingexpert.com/showpost.html?p=14765589&postcount=12

Steve_xx

stphnstevey wrote: »

ISo saying it's just as safe as HBOS just because it has the same 50K garantee is not really true. I know where only guessing, but I don't want to be the one going through the claiming back.

But that is what I am saying, ie that your money in ICICI upto 50k is as safe as it is in HBOS or any other UK bank. There is no better guarantee available at the minute.

KingL

Steve- to be fair there are two questions being asked here :

1) if my bank goes bust, will I be able to get my money back?

and

2) what is the probabilty of my bank going bust ?


They are entirely different questions.. Answering question 2 with the answer to question 1 is starting to get a bit thin.....

.

light

Based on previous Martin's blog:

Money back : YES

Going Bust : read the various reports attached to Martin's Blog I have and ICICI seems to have good ratings.

It's the banks merry go round !!

Steve_xx

KingL wrote: »

Steve- to be fair there are two questions being asked here :

1) if my bank goes bust, will I be able to get my money back?

and

2) what is the probabilty of my bank going bust ?


They are entirely different questions.. Answering question 2 with the answer to question 1 is starting to get a bit thin.....

.

Yes I understand that there are two questions. The answer to the first, in the case of ICICI is yes, as long as you have not more than 50k in there.

The answer to the second is not known at this point and this same answer could be applied to many other UK banks at present. Therefore you could almost argue that the risk is pretty equal.

However, it is reasonable to say that unfounded remarks could potentialy cause a run on what might otherwise be a stable institution, thereby destabilising it.

KingL

agreed, but question 2 (ur answer: "not known at this point") (arguably,
the only useful part of this thread), is worth picking out.

Protection is nice, but unreliable. Probabliity of default is still woth discussing.


(i think that the mse has less impact on bank runs than it thinks it has)