'ICICI: Is it safe?' blog discussion

runciblespoon

garths wrote: »

I have money at Kaupthing Singer & Friedlander in the Isle of Man. This is on the FSA approved list but as it is in the Isle of Man does anyone know if this is covered by the Financial Services Compensation scheme?

No, but it's covered by the IoM's weaker scheme. See:
http://forums.moneysavingexpert.com/showthread.html?t=1203227

Senator

I don't think ICICI UK are offering the best easy access; monthly interest; no withrawal penalties saving account.

Alliance & Leicester: 6.41% - inc. 1 year bonus - but switch to a better one after that or just re-apply.
Birmingham Midshire: 6.33%
Bradford & Bingly: 6.32%
NatWest: 6.31% - inc. 1 year bonus - but switch to a better one after that or just re-apply.
ICICI bank UK: 6%

source: moneysupermarket.com

Kathyl

In today's volatile financial markets, I'm afraid that most countries will look after their own citizens first. I want to sleep at night, and so, for peace of mind, I will stick with UK only banks, and will choose these as carefully as is possible.

gssellars

Does anyone know if ING will still pay the high interest rate that ICICI offered on the fixed rate savings?

I'm happy to risk leaving my savings with them but only if I'm still going to get the 7% promised by ICICI (not sure if I have any option on the 12 month fixed deal anyway, but I'll check this if I find out I'm not going to get everything as promised).

I've e-mailed ING more than once and haven't had the courtesy of even an acknowledgment that my query will be answered in due course.

runciblespoon

I haven't been keeping up in the last few days, but as far as I know ING have acquired Kaupthing's business, not ICICI's. So for ICICI it's business as usual.

gssellars

Thanks for your reply and sorry, my error when typing. My question still applies, though, will ING honour the high interest rate promised by Kaupthing? Has anyone been able to get through to ask them?

eeja

Ok folks , if you are interested in depositing £ funds for 12 months with ICICI at the very highest rate and have one hundred percent safety : you can get currently 7.75/7.80 percent interest , ten percent more interest than in the UK
AND IN ADDITION safer than in the UK as your deposit will be guaranteed by the Triple AAA rated government of the REPUBLIC OF SINGAPORE .
Dont all rush or pass the word around too freely as your interest payment will not be reported to the UK tax authorities (as it would have to be in the Isle of Man/Channel Isles if you are an EU resident ).
ps No I do not work for ICICI but am a saver.

cashbackproblems

As the article states, ICICI Bank has a UK base therefore Govt can nationalise them if they were to go bankrupt and 50k would be guarenteed, Icesave were not full residents of the uk so to speak.

I have about 10k in the one year fixed bond (if u didnt select early release option u cant take it out), however i think we are the lucky ones, as a rate of 7%+ after today will seem amazing plus we get it for the whole year and imo ICICI as India's second largest bank will not be allowed to fail by the Indian govt as it has massive stakes in all big corporations and even though its stocks have fallen 50%, last few days they have been on the up. Plus the Indian economy is still growing above 6/7% and alongside high inflation which shows its resolute.

All in all nothing to worry about, and the small risk taken up those who opened 1yr bonds will be well worth it!

cashbackproblems

eeja wrote: »

Ok folks , if you are interested in depositing £ funds for 12 months with ICICI at the very highest rate and have one hundred percent safety : you can get currently 7.75/7.80 percent interest , ten percent more interest than in the UK
AND IN ADDITION safer than in the UK as your deposit will be guaranteed by the Triple AAA rated government of the REPUBLIC OF SINGAPORE .
Dont all rush or pass the word around too freely as your interest payment will not be reported to the UK tax authorities (as it would have to be in the Isle of Man/Channel Isles if you are an EU resident ).
ps No I do not work for ICICI but am a saver.

Nothing you said really makes sense, firstly the rate isnt 7.8% but actually below 7% as of last week, secondaly where has singapore come into this?

The only thing you said which makes sense, is the fact that the deposit is guarenteed 100%, only my opinion but I wouldnt have put own money in without advice of top city analysts.

astreix

eeja wrote: »

Ok folks , if you are interested in depositing £ funds for 12 months with ICICI at the very highest rate and have one hundred percent safety : you can get currently 7.75/7.80 percent interest , ten percent more interest than in the UK
AND IN ADDITION safer than in the UK as your deposit will be guaranteed by the Triple AAA rated government of the REPUBLIC OF SINGAPORE .
Dont all rush or pass the word around too freely as your interest payment will not be reported to the UK tax authorities (as it would have to be in the Isle of Man/Channel Isles if you are an EU resident ).
ps No I do not work for ICICI but am a saver.

Don't think may people would consider putting their money in ICICI Singapore, but nonetheless I would like to point out that unlike the UK deposits of ICICI which are covered under the UK compesation scheme, the Singapore deposits ARE NOT COVERED by Govt of Singapore as has been stated earlier. So if anyone is considering doing so beware of the risk.

Please see (No.7 - Deposit insurance in the link below)
http://www.icicibank.com.sg/sg_disclosure.htm