ICICI not under Best Buys?

houmie

Hi,

I was just checking Martins Best Buys for easy access saving accounts. I was surprised not seeing ICICI listed. Unless I am wrong they offer right now a 5.5% rate after drop:
http://www.icicibank.co.uk/hisave_HiSaveBenefits.html

The highest Martin's Best Buys have some 4.5% ish though? Why is ICICI not listed?
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#bestbuys

Cheers
Houman

Baldur

They appear in the fixed rate section but not easy access - http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#fixed

See also http://blog.moneysavingexpert.com/2008/10/17/icici-is-it-safe/

exel1966

houmie wrote: »

Hi,

I was just checking Martins Best Buys for easy access saving accounts. I was surprised not seeing ICICI listed. Unless I am wrong they offer right now a 5.5% rate after drop:
http://www.icicibank.co.uk/hisave_HiSaveBenefits.html

The highest Martin's Best Buys have some 4.5% ish though? Why is ICICI not listed?
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#bestbuys

Cheers
Houman

I would think it's because the site needs updating or because MSE think their credit rating is risky.

You're right about the 5.50% AER. ICICI HI-Save is indeed still one of the best cleanest accounts available which offers the same protection as any other UK account.

Short_Seller

ICICI Credit default swaps are trading around 700bp.

HSBC & Lloyds TSB trade around 94/95bp for a comparison.....

earlgrey_3

Martin Lewis took a lot of stick, including from Ch4 News, for the lack of warnings in what he called his best buys and the amount of promotion Icesave got on these forums so is probably being a little more cautious now.

eeja

Short_Seller wrote: »

ICICI Credit default swaps are trading around 700bp.

HSBC & Lloyds TSB trade around 94/95bp for a comparison.....

Perhaps but yesterday I was offered some of their shortdated bonds at a yield of 14 percent. Worth the risk for India's largest and no 1 private commercial bank don't you think ?

houmie

earlgrey wrote: »

Martin Lewis took a lot of stick, including from Ch4 News, for the lack of warnings in what he called his best buys and the amount of promotion Icesave got on these forums so is probably being a little more cautious now.

You are right about this. However it was not Martins fault. He always mentioned that IceSave is not covered in full. It was people's choice.

However ICICI is fully covered as any other UK bank. The comparison is not fair at all! Look at Kaupthing, it was fully covered and everyone got the money back after all, so whats the problem?

earlgrey_3

houmie wrote: »

You are right about this. However it was not Martins fault. He always mentioned that IceSave is not covered in full. It was people's choice.

However ICICI is fully covered as any other UK bank. The comparison is not fair at all! Look at Kaupthing, it was fully covered and everyone got the money back after all, so whats the problem?

"Mentioned" yes. If there had been any warnings about Icelandic banks such as those given by Ch4 News way back in April 2008, or they had at least been passed on, then I'm sure many of the users of this site would not have invested so heavily.

I also think it was unfortunate that a PR representative employed by Icesave was allowed to post their false claims on this forum shortly before they failed without any intervention or balancing comment from those who run the site. The stable door was not closed until well after the horse had bolted and the tax payer had to pick up the bill.

But that's history. It's far better to invest in banks you expect to be sound rather than those that might be less sound and then relying on a compensation fund when they fail.

Andrew64

I expect Martin is just playing safe! As well as ICICI being covered by the FSCS - no Passport Scheme here - it even has a few physical branches in Britain. I think no more than 10, but it isn't just an Internet bank.

Stormy

Yeh, I was wondering what to do as their variable rate savings is better than everyone else. I have just emptied my Hisave account and wondering if I should risk putting money back in there, am I daring enough to store my Icesave ISA cash there until I get my certificate, I am not so sure.