ICICI 7.2% fixed rate account

Ancient_George

Is this a safe account to open? I have a lot less than £50000 to invest, mainly because I've got money trapped in IceSave.
I welcome any comments/information,
Thanks

Baldur

Ancient_George wrote: »

Is this a safe account to open? I have a lot less than £50000 to invest, mainly because I've got money trapped in IceSave.
I welcome any comments/information

Already being discussed, see http://forums.moneysavingexpert.com/showthread.html?t=1209471

Paul.J.M

I would not put a single penny in there bank. The customer service i have received has been dire.

apt

Having had your money trapped once, have you not learnt anything from the episode? The Indian economy is much larger than Iceland's but ICICI's service isn't great and in my opinion the few pounds extra interest isn't worth the risk.

opinions4u

6 months at 7% AER in Halifax (online only) seems to have a little more comfort in it.

coincounter

I've not had any problems with ICICI customer service. I think they are great. They give a great rate of interest and are a strong institution based in a country that is not as affected as the UK, and the money is backed by the UK FSCS in the same way as UK banks. What is the problem? Why avoid all foreign banks because of Iceland? You cannot compare the Icelandic economy with India's. The UK economy is heavily reliant on banking and may be a closer comparison, so I would have thought the UK savers would be flocking to the UK arms of strong foreign banks. Yes, the UK banks may be safer than Iceland's, but are they really safer than the rest of the world?