ICICI Bank

CHR15

I have no regrets clearing my ICICI account after this Iceland hassle,

I never considered my savings at risk with Icesave, much the same as I never considered my savings at risk with ICICI, but I do know I feel better knowing my money is on my shores.

DocProc

Add this site to your browser's 'Favorites' for stuff on ICICI Bank:

http://finance.google.co.uk/finance?q=BOM%3A532174

nilrem_2

Regarding ICICI bank. Your money is protected upto 50k, just as it is with any other UK registered bank. Therefore you are no more or no less protected.

I would also take the opportunity to point out that HBOS, RBS, LloydsTSB, Barclays, HSBC and Standard Chartered Banks' shares are continuing their slide downwards. So these are hardly what a reasonable thinking person would consider to be the ultimate in safety nets.

I was saying these sort of things about Icesave just over 2 weeks ago and how totally wrong I was, I have no doubt that ICICI is safe but given the worry I have experienced over the last 2 weeks I would not consider saving with ICICI now.

Yes I agree the British banks shares are not buoyant but they do have a massive amount of cash available if needed and the government will not let them fail.

I was wrong about Icesave and I have learnt my lesson, it will be a long time if ever that I will save with a non UK bank again.

bristolleedsfan

Says "by yet an unspecified amount".

http://www.guardian.co.uk/money/2008/oct/26/ing-iceland-firstsave-icici-bank

Baldur

bristolleedsfan wrote: »

Says "by yet an unspecified amount".

http://www.guardian.co.uk/money/2008/oct/26/ing-iceland-firstsave-icici-bank

This has been on the ICICI Bank website for around two weeks:

With effect from October 30, 2008 the interest rate on our 1 year HiSave Fixed Rate Account (without early access) will be reduced. The new rate for this account will be announced on October 29, 2008 and accounts opened up to and including October 29, 2008 will still qualify for the current 7.20% AER/ Gross.

light

They are giving notice that the rates are going down like I have recieved the same message from my other internet accounts.

bristolleedsfan

Baldur wrote: »

This has been on the ICICI Bank website for around two weeks:

Sorry, my post was aimed at people who are considering opening a fixed rate account somewhere and might not neccesarily visit ICICI Bank website before the impending rate decrease.

easteregg_2

nilrem wrote: »

I was wrong about Icesave and I have learnt my lesson, it will be a long time if ever that I will save with a non UK bank again.

I have [had] savings with Icesave and Kaupthing Edge and after the grief I've had getting my money back from ING Direct (who still owe me £40) I will also not be investing in foreign banks for a long time (except for Santander who owns Abbey, B&B and A&L). Most of my money will go in NS&I and the rest in a Building Society.

JimmyTheWig

nilrem wrote: »

I was wrong about Icesave and I have learnt my lesson, it will be a long time if ever that I will save with a non UK bank again.

So who is getting the majority of your savings? Who do you condifer safe enough? How much interest are you happy to sacrifice for this safety?
[Sorry if that sounds a bit confrontational - it's not meant to. I'm just interested.]

alchemistkevin

JimmyTheWig wrote: »

So who is getting the majority of your savings? Who do you condifer safe enough? How much interest are you happy to sacrifice for this safety?
[Sorry if that sounds a bit confrontational - it's not meant to. I'm just interested.]

For me, most of the money is with ICICI (under £50k) rest with a Santander bank (A&L, CA, etc)

I've never trusted a bank not completely covered under the FSCS scheme and steered clear of any other foreign banks.