NEW ICICI Feedback Poll - Are the problems all cleared up?

Paul_Herring

giggs11 wrote:

hi, i'm just in the process of opening an account and have got to the direct debit details, why do i need to fill in a direct debit mandate to open a SAVINGS ACCOUNT??? i'm really not sure about this as it means they could take money from my current account whenever they like and i don't leave enough money in there to cover unplanned payments so it would make me go overdrawn!

I've covered this elsethread - but the quick answer is you can cancel it after it's setup if you really feel that nervous. See http://forums.moneysavingexpert.com/showthread.html?p=2523267#post2523267 for a fuller explanation.

murphydavid

exel1966 wrote:

ICICI is still probably the best highest paying, non-restrictive account of this nature on the market.

Yes it is. but
We were talking a 5 figure sum at one point. The highest 5 figure sum is £99999
A standard tax payer would get £4119.96 interest on this in a year from ICICI,
A standard tax payer would get £4079.96 interest on the same sum from a Coventry current account.
The difference is £40.00 a year on £99999 and how many have savings of £99999?
If in ICICI you also get a sort of nagging doubtful feeling (for some) and a need to visit once every 6 months (or more often).
If in Coventry you also get a need to move £1000 in and out each month (by direct debit) and for your £40 or less loss of interest you get a cash card with which you can get your money any time anywhere in the world (ATM) in any currency. And you will no longer have any need to pop in and out of your current account to keep the balance just over zero putting the excess in your savings account to maximise the interest. (You can easily loose more than £40.00 a year in interest on the positive balance in most current accounts). All your money all the time getting very close to top whack. (If ICICI is top whack then it’s 0.04% net under top whack actually)

Paul_Herring

murphydavid wrote:

A standard tax payer would get £4119.96 interest on this in a year from ICICI,
A standard tax payer would get £4079.96 interest on the same sum from a Coventry current account.

So why on earth would I move it from ICICI to Coventry and not only incur the 40 quid difference but also the 3 days interest lost?

If in ICICI you also get a sort of nagging doubtful feeling (for some) and a need to visit once every 6 months (or more often).

I log onto all my online accounts at least once a month to verify that all of them match up with what I'd expect to be in there from MSMoney.

If in Coventry you also get a need to move £1000 in and out each month (by direct debit) and for your £40 or less loss of interest you get a cash card with which you can get your money any time anywhere in the world (ATM) in any currency.

For ICICI there is no requirement for any sort of regular funding. It's a savings account. If I wanted to withdraw money in any currency I'd be using a Nationwide account that doesn't hide a 2.5%, or whatever it is these days, on foreign currency transactions.

masonic

murphydavid wrote:

Yes it is. but
We were talking a 5 figure sum at one point. The highest 5 figure sum is £99999
A standard tax payer would get £4119.96 interest on this in a year from ICICI,
A standard tax payer would get £4079.96 interest on the same sum from a Coventry current account.

On any balance, you would also lose approx £13 interest from transferring £1000 out and back into the account every month to satisfy their funding limit (on a balance of, say £5000, that would take the effective rate down to 4.8%) - unless, perhaps, if you went to a branch, withdrew the cash at their ATM, then immediately paid it back in at the counter.

murphydavid

masonic wrote:

On any balance, you would also lose approx £13 interest from transferring £1000 out and back into the account every month to satisfy their funding limit (on a balance of, say £5000, that would take the effective rate down to 4.8%) - unless, perhaps, if you went to a branch, withdrew the cash at their ATM, then immediately paid it back in at the counter.

Yes, but being practical. If you are using coventry as a current account as well as for saveings then you will use it to pay off your credit card and your mortgage and household utility bills and have your salary or pension etc paid into it. Thus for the average person the £1000 a month is not actually being moved in and out but being processed out of necessity. And the big advantage is 5.1% interest on your salary from the moment it is paid in.
P.S. sorry to have taken the thread away from ICICI, but just this once I thought I might reply.

[Deleted User]

At a slight tangent, I have enquired of ICICI by email, what its response is likely to be to last weeks base rate rise.

The good news is that I received a prompt reply within 24 hours. The bad news is that the response was very non-committal - in essence that if there was any change it would be publicised on their web site. Make of that what you will.

masonic

murphydavid wrote:

Thus for the average person the £1000 a month is not actually being moved in and out but being processed out of necessity. And the big advantage is 5.1% interest on your salary from the moment it is paid in.

Sure, if you use the Coventry account as your main current account and you have a monthly salary of >£1000 to be paid in and you don't already have that money committed to, say, another current account paying 5% with a linked 10% regular saver.

murphydavid

masonic wrote:

current account paying 5% with a linked 10% regular saver.

This sounds good. Which accounts are they?

masonic

murphydavid wrote:

This sounds good. Which accounts are they?

A&L's Premier Direct current account, with linked 10% Premier Regular Saver.

You should probably have a look at this thread before applying.

Littlejoan

I have got as far as sending my £1 opening deposit and receiving a password by post. Unfortunately, because I don't see too well I think I've misread one of the letters in my password and after having 3 abortive attempts to log in to my account access was witheld. I sent an e-mail which was returned unread (by postmaster) I've also written a letter by post but still no reply. Any suggestions how I can contact them as I want to deposit money with them? OAP Joan

MSE_Martin wrote:

I thought it may be useful to give my own personal experience. I have money with ICICI - and some with ING Direct on its 6% bonus account. My own experience has been smooth - and a substantial portion of my savings are with the bank.

The banking code issue doesn't bother me, they are an FSA registered subsiduary of a massive world bank. The compensation is the same as Barclays or HSBC and their credit rating is high.

Now the article is my official public opinion - as always everyone needs to weigh up the risk - yet I thought it may be helpful to let people know that I personally have my money there and am happy with it.

martin