ICICI HiSAVE - How Safe?

twins_2_Be

I have started a ICICI HiSAVE account without problem and am using it for a temporary location for money while I sell my house and buy another one. I would anticipate have having over £100,000.

How safe is my money at ICICI?

T&Cs of the web site say that the FSA will effectively insure money up to £33,000 (well 90% at least). That is pretty standard I assume and I guess would be the same for most high street banks. Problem is ICICI might not be as stable as our high street banks. Anyone recall BCCI and their bancruptcy?

Any thoughts?......Am I worrying too much?

MSE_Martin

Hi if you look in my latest article on savings Instant Access you will see this discussed there

free4440273

i would not touch them with a barge-pole...

anticlaus105

free4440273 wrote:

i would not touch them with a barge-pole...

I wouldn't even touch them with someone elses.

innovate

There are quite a few of us who quite happily have a few grand in ICICI.

kenshaz

Yes but only a few grand, is that all you would risk?

innovate

Anything up to the FSA limit, just like with any other bank.

free4440273

i remember seeing the MD of the company on Working Lunch not so long ago - did not inspire confidence... :eek:

kenshaz

innovate wrote:

There are quite a few of us who quite happily have a few grand in ICICI.

OK ,so £33000 ,not a few a grand,you have convinced me

nilocmac

As Martin says

"How safe are your savings?

Banks almost never collapse. In fact, ‘almost’ isn’t strong enough; ‘ridiculously unlikely but possible’ is better. Still if it’s your life’s savings it’s a worry. Any UK savings institution should be registered with the Financial Services Authority (the FSA). If they are, that means they’re signed up to the Financial Ombudsman complaints service and more importantly the Financial Services Compensation Scheme.

This means if the bank collapsed, the first £2,000 and 90% of the next £33,000 would be paid out to you. Personally I simply shove all my cash where it pays the most, yet if you worry, you could make a rule that you never put more than £35,000 with one institution."

Of course if you are met with incompetance all the time then it probably isn't worth the hassle...

innovate

nilocmac wrote:

Of course if you are met with incompetance all the time then it probably isn't worth the hassle...

Couldn't agree more, that's why I have just cut all my ties with Alliance and Leicester, regardless of their good interest rates. I seem to have always had the bad fortune to get hold of a vegetable rather than a person when I called their Customer Services.

My experience with ICICI is quite different - the one problem I had to date was solved in a single 3-minute phone call with an ICICI lady who definitely knew her stuff. From the other two ICICI threads on the board, however, I gather that some people made hair-raising experiences with ICICI.

I suppose it's like with all call-centres - sometimes you are lucky and get decent or superb service, other times you just despair.