icici bank yes or no?

need_advice_6

I need to invest quite a large sum of money (about £150 K from an inheritance) which I will need easy access to for when we buy a new house soon.

I have heard a lot of negative comments on the ICICI bank, however their interest rate (5.15%) seems to be about the best there is!

Has anyone out there got any advice for me on should I or shouldn't use ICICI? - Or are there any other good interest rates around elsewhere?

Thank you

grumbler

NEW ICICI Feedback Poll - Has it got any better?

Lowtrawler

Look at my previous thread:

http://forums.moneysavingexpert.com/showthread.html?t=174384

As you intend buying a house, you will need quick access to the funds and preferably a formal CHAPS facility. You will also want monthly interest so that you don't need to wait a year to get hold of it.

I wouldn't discourage you and your wife each depositing £40k to ICICI. It will give you the best rate available. However, you will lose about 10 days interest (5 days in, 5 days out) because of the lack of a CHAPS facility. You should also follow my do's and don'ts relating to the account.

Personally, knowing what I do now, I would deposit everything with Bradford & Bingley. The rate is only 4.85% but they have a good CHAPS out facility. While they don't officially support CHAPS inwards, they will accommodate this with a phone call. Their telephone support is excellent.

equitydealer

need_advice wrote:

Has anyone out there got any advice for me on should I or shouldn't use ICICI?

Thank you

£150k in ICICI :eek: