ICICI bank and linked account

organzola

I've been trying to setup a BACS payment for paying into ICICI , but I need a sort code for them... Where can I find it??!

MarkyMarkD

I don't agree that their DD system is a shambles - I transfer money into ICICI by DD without any problems.

DD is ALWAYS better than BACS as a transfer method as it avoids lost days of interest during the transfer period.

masonic

MarkyMarkD wrote:

DD is ALWAYS better than BACS as a transfer method as it avoids lost days of interest during the transfer period.

If the interest rate of your linked account is, say, 0.1% and DD takes a day longer than BACS, then surely it pays to get your money in as quick as possible and lose out on 3 days at 0.1%, rather than earn 0.1% instead of 5.15% on day 4?

masonic

organzola wrote:

I've been trying to setup a BACS payment for paying into ICICI , but I need a sort code for them... Where can I find it??!

The sort code is 30-00-81. They don't seem to publish it, but will tell you if you ask them.

MarkyMarkD

masonic wrote:

If the interest rate of your linked account is, say, 0.1% and DD takes a day longer than BACS, then surely it pays to get your money in as quick as possible and lose out on 3 days at 0.1%, rather than earn 0.1% instead of 5.15% on day 4?

Masonic

You are quite right, in those exceptional circumstances.

If you are just doing a normal transfer from your current account (which should be earning at least 3% unless it's got a cap at say £2,500) to ICICI, it's better to lose one day at (5.15% - 3%) than to lose 3 days at 3%.

If you have an account which caps at (say) £2,500 and you are making a large deposit, it's better to do the BACS method I suppose.

Looking at our ICICI account we've actually done all of the deposits by BACS, because they've come direct from Cahoot rather than from the linked current account and hence BACS avoided faffing via the current account. But, if I did want to add money (like £500 or something) to ICICI, I'd definitely use DD.

All our money is currently with Standard Life and hence we have no cash deposits ANYWHERE at all (ISAs excepted).

masonic

MarkyMarkD wrote:

You are quite right, in those exceptional circumstances.

Exceptional? I know we should all have current accounts paying a decent rate of interest, but I'm sure many don't.

MarkyMarkD wrote:

your current account (which should be earning at least 3% unless it's got a cap at say £2,500).

One of my current accounts pays exactly 0.1%. It was my main account until recently. There are reasons for having such an account, for example, it might have a four figure interest-free overdraft associated with it that is being stoozed elsewhere.