'ICICI: Is it safe?' blog discussion

jicms

I am considering putting my money in the high paying ICICI Fixed Rate Account.

I attempted to open an account a few years ago but then abandoned it as I never received a password! I phoned the call centre to reinstate my account and was asked my user ID. I am not sure whether this is appropriate and felt a bit alarmed when he told me to transfer the money in from my linked bank account and they could would then issue me with a password. On top of that I was told that all customers' user IDs had been changed and was given a new ID.

I was feeling very uneasy about the whole security issue when I went back on the site to see the rate has now reduced from 7.10% to 6.60% after the call centre assuring me there would be no change for 15 days!!!

Has anyone else had security worries or am I being paranoid?

I have now applied for the Anglo Irish Bank 7.05% rate and feel a lot happier although the loss of interest seems greater for early withdrawals. (I was going for the early access option with ICICI at 6.65%.) They said "hopefully" the rate would be secure as long as I printed off the rate offered on the website.

Update - Just looked again and this now seems to have dropped!!

ianramage

ICICI are not an easy bank to deal with. As cheques are no longer in general use, I have a chequeless current account with Coventry Building Society that pays a good interest on all the cash in it. ICICI would not open my savings account without getting their hands on an actual paper cheque. No other form of verification was accepted.

eeja

kthaker wrote: »

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

Your information is way out of date and totally incorrect. All savers deposits at Singapore licenced banks is guaranteed up to the full amount of the deposit whether it be £100 or £100 million. Herewith copied and pasted evidence of this in writing . ICICI Singapore office is licenced by the MAS ( Monetary Authority of Singapore...the Singapore government ).
It would be very noble of tthaker were he to withdraw the false statement he made that deposits in Singapore are not guaranteed as it could influence readers to rely on that incorrect information and decide to place their deposits elsewhere incurring thereby a serious loss of savings interest

The Deposit Insurance Scheme administered by Singapore Deposit Insurance Corporation is still in force. The Singapore Government guarantee is over and above the limit covered by SDIC and cover the full amount of all deposits.

Regards,

Loh Chock Piew
SDIC

manhar

jicms wrote: »

?

I have now applied for the Anglo Irish Bank 7.05% rate and feel a lot happier although the loss of interest seems greater for early withdrawals. (I was going for the early access option with ICICI at 6.65%.) They said "hopefully" the rate would be secure as long as I printed off the rate offered on the website.

Update - Just looked again and this now seems to have dropped!!

What is this account called? I cant find anything above 5.25% at their site.

jicms

Unfortunately this rate crashed on the 7th November, the date I applied. Luckily I did as they suggested and printed off the previous rates from their website as "evidence". The website now says they will honour application requests before the increase on the 7th if they receive completed application forms (which they sent out in the mail) by the 17th.

bintheredunthat

I was re-reading Martins articles on ICICi. I must first say I have had no issues with the bank and have always found it easy to transfer money around,in & out, and on the occassions I ring them they are very helpful. I particularly like the 'virtual keyboard' security feature when logging in. So to my point, my Wife & I have 3 accounts with fixed rates of interest locked in till April & October 09. Accordingly these have the higher rate of interest.

But I am slightly confused by Martins use of 'promise' when he says.........

What would happen if it went bust?
The FSCS compensation is actually the secondary level of protection; after the crisis of the last year the government has shown its intent (though it hasn’t promised) to protect ALL savers cash .................

he then seems happy to say that if they were to go bust,which I don't think they will, :money: the Government would pay up. If they were to go under I don't need access to my money immediately and would wait three months AS LONG AS I GET IT ! albeit without the interest I presume? But will I get it? Or does the 'promise' not apply ?

MSE_Martin

bintheredunthat wrote: »

I was re-reading Martins articles on ICICi. I must first say I have had no issues with the bank and have always found it easy to transfer money around,in & out, and on the occassions I ring them they are very helpful. I particularly like the 'virtual keyboard' security feature when logging in. So to my point, my Wife & I have 3 accounts with fixed rates of interest locked in till April & October 09. Accordingly these have the higher rate of interest.

But I am slightly confused by Martins use of 'promise' when he says.........

What would happen if it went bust?
The FSCS compensation is actually the secondary level of protection; after the crisis of the last year the government has shown its intent (though it hasn’t promised) to protect ALL savers cash .................

he then seems happy to say that if they were to go bust,which I don't think they will, :money: the Government would pay up. If they were to go under I don't need access to my money immediately and would wait three months AS LONG AS I GET IT ! albeit without the interest I presume? But will I get it? Or does the 'promise' not apply ?

The FSCS covers the first £50,000 per person per individual and that is a promise. The government has shown intent with the collapse of the icelandic banks to cover amounts above that - yet this isn't guaranteed (under £50,000 is)

Steve_Warren

Yesterday I tried to log on to my ICICI account and had problems with my password and was locked out after three attempts. I tried to reset it by telephoning ICICI, but was told that the particular application they needed to access was unavailable due to planned routine maintainence. I phoned again tonight and was told the same thing. Admittedly my calls were late in the evening, and they suggested that the timing had been brought forward from the usual midnight.

Am I paranoid, but I now wonder why I was locked out as I think I used the right password on at least one of the three occasions.

With two failed attempts to get to my account, and the fact that I have a £10,000 fixed rate bond maturing tomorrow, I am worried that this is stalling tactics from a bank that is about to collapse.

Am I just being completely paranoid? I have £20,000 in Icesave, and so am now more cautious...

dipswitch

Dont panic. I have been with ICICI for 2 years and found them accommodating, but hiccups can take a bit of sorting. As has been said - for less than £50,000 you are covered by the FSA guarantee, but you might have to wait a while to get your money back if they did go. Personally i think it unlikely having followed some of martin's links to assessments of the liquidity of ICICI and ahve topped up substantially in the last few weeks.

tuggy12

ICICI have implemented the last BOE 1% cut in full, on their HiSave accounts, from 10/12/08

HiSave Account cut from 5.5% to 4.5%
One Year fixed cut from 5.75% to 4.7.5%

This is the first time BOE cuts have been passed on in full.