ICICI Bank

Rover

Following on from recent news about First Direct's e-savings rate reduction. Has anyone experienced ICICI bank, currently offering 5.15% ?

http://www.icicibank.co.uk/personal-banking/savings-account.html

Seems a good rate and a straight foward account, but not what you'd call a 'household name'.

Can anyone recommend them ?

dang

Take a look at this thread -

http://forums.moneysavingexpert.com/showthread.html?t=96029

lisyloo

I suggest you search the site and you will find PLENTY of info.

There have been quite a lot of bad experiences.
This may be down to the fact that it was a new operation and they were overwhelmed.
Some people have got on OK.

I am currently trying to open an account with them but I am prepared to have a bit of hassle for a great rate.

As for not being a household name.
Doesn't matter if you have less than £31,700.
They are in the usual compensation scheme so if they did go out of business you would be covered.
They are part of a HUGE group so this is a negligeable risk in my opinion.

Some people have had hassle sending off certified copies of documents (because you don't want to put your passport in the post).
If you know someone who can help it's easy, but if you don't it can be difficult and of course there are no branches.

Rover

Thanks for the replys.
Another question, does the ICICI account incurr loss of interest penalties for withdrawal activities. Like the first direct e-savings account, were if you withdraw you lose your interest for the month in which the withdrawal was made ?

joolsay

Rover wrote:

Thanks for the replys.
Another question, does the ICICI account incurr loss of interest penalties for withdrawal activities. Like the first direct e-savings account, were if you withdraw you lose your interest for the month in which the withdrawal was made ?

No loss of interest penalty on withdrawals.

Rover

As someone once said:
'I thank you'

joolsay

Please click on the thanks button on my entry - much appreciated.

Rover

Did that for your first reply joolsay, don't why it hasn't registered.
Anyway, only happy to oblige.

elisebutt65

I applied for this on Thursdary - Got the emial with instructions and mailed of cheque for £1.00 on Friday.

When do they ask for proof of ID??? When I set up ING - they asked for proof of ID when I sent cheque in??

Titan

elisebutt65 wrote:

I applied for this on Thursdary - Got the emial with instructions and mailed of cheque for £1.00 on Friday.

When do they ask for proof of ID??? When I set up ING - they asked for proof of ID when I sent cheque in??

If they are satisfied that you are who you say you are by your credit record then they don't need proof of ID, I have opened various online accounts and never needed proof of ID.

Cheers

Bisoy

Titan I had my account nearly a year now and back then they don't require any proof although the whole process was very slow but in my opinion it is due to the numerous applications they had recently being the top paying instant access savings account.