ICICI 32K@4.4% Net paid monthly

meatandtwoveg

As the title suggests, my father in law has just, or will soon be getting his ICE Save stash back, would you feel safe with putting it in the Hi Save account, he needs the monthly income to pay his council tax?

ICICI [EMAIL="32K@4.4%"]32K@4.4%[/EMAIL] Net paid monthly

Would you sleep at night is it safe, cheers! Its just if he pops off his perch, do not want any hassle getting it back, or if he wants it out, are they a problem institution to withdraw that kind of sum in one go by BACS?

Thanks very much for any help!:beer:

meatandtwoveg

Not one reply?:o

Baldur

I've got a few annually-paid fixed rates with them, never had any real problems - they are covered for up to £50,000 per depositor by the FSCS, the same as any other UK bank/building society (other than those directly under the Government's wing).

Can't help on any withdrawal limitations, as I have never withdrawn more than £10,000 at a time.

KingL

Have a search on threads with ICICI in the title and you will find pages and pages of information and opinions on them.

As Baldur said, they are covered by the UK govt guarantee to 50k so are well protected, although if the FCSC were ever required to bail them out, it would likely result in a couple of months without income or access to the account, as Icesavers are experiencing at the moment.

Have a read of Martins' blog from 17 October for a view on ICICI safety http://blog.moneysavingexpert.com/2008/10/17/icici-is-it-safe/


If you are talking about the ordinary Hisave (as opposed to the Hisave Fixed term) yes, there's no problem BACsing out funds at short notice. I have take out £15k in one hit in the past. They don't do CHAPS (1 day) transfers out, so you will have to wait the standard 3 days for BACs.

They dropped their rates again yesterday, so your rate may have changed since you researched it.


Have a check for who is offering better rates, as well. e.g.
http://www.moneysavingexpert.com/savings/fixed-rate-savings

http://forums.moneysavingexpert.com/showthread.html?t=1287557&highlight=wire


the info you are after is all here if you hunt around a bit

CHR15

A couple of Months ago I would have thought it fine.

I am happily amongst the panic mongers and while I am waiting for my stash to come back from Icesave I have cleared out my ICICI account.

I've lost faith in the promises of security, all I know now is that when Icesave went down, I had absolutley NO mechanism to access my account or even speak to anyone, couldn't log on at all, it was gone!

At least if my stash is on home soil I feel as if I will always have an avenue to persue to get access.
I'm sure if I had to pay a solicitor to help, I would have more success fighting a high street bank, than something a thousand miles away.

meatandtwoveg

Thanks for all the replies folks!!!

KingL wrote: »

If you are talking about the ordinary Hisave (as opposed to the Hisave Fixed term) yes, there's no problem BACsing out funds at short notice. I have take out £15k in one hit in the past. They don't do CHAPS (1 day) transfers out, so you will have to wait the standard 3 days for BACs.

Just for info!

16.I want to initiate a CHAPS transfer from my HiSAVE Savings Account to nominated current account. How do I do this?
CHAPS transfer from the HiSAVE Savings Account is available with a charge of £20 per transaction. You may initiate this request by visiting “Service Request” section in your logged in section and selecting “Initiate CHAPS transfer”. Enter the required details and submit. We would require you to initiate this request on or before 11.45 AM on a working day for execution of the transfer on the same day. Any request received after 11.45 AM or received on a bank holiday will be executed on the next working day. Any request received by us with a request for transfer with a futuristic date or with unclear details will not be executed. All requests will be executed subject to availability of funds in your HiSAVE Savings Account.:beer:

KingL

Thanks. I've double checked on the user interface, there is some text on the 'make a transfer' screen saying withdrawals are limited to £50k per transaction, but it doesn't say anything about there being any limits on number of transactions per day.

Alt, for 'large amounts' you can personal-message the Account Manager who will initiate a transfer within 48 hours.


HTH

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