ICICI High Sav 5% - small print -

lb1971

Can anyone help as I wanted to sign up to this 5% 5 year bond and then went through the small print on the terms and conditions and read that ICICI can effective transfer the deposit and loan it to other parties that they see as suitable - made me very concerned and terminated the application - I know that ICICI is covered under the FSA regulation and so £50k is safe if they keep the deposit but what if they transfer the deposit to an unregulated bank or institution - I know these rates are good but is there a hidden risk in the legal terms and conditions - please calm my fears - thanks.

Sceptic001

lb1971 wrote: »

Can anyone help as I wanted to sign up to this 5% 5 year bond and then went through the small print on the terms and conditions and read that ICICI can effective transfer the deposit and loan it to other parties that they see as suitable - made me very concerned and terminated the application - I know that ICICI is covered under the FSA regulation and so £50k is safe if they keep the deposit but what if they transfer the deposit to an unregulated bank or institution - I know these rates are good but is there a hidden risk in the legal terms and conditions - please calm my fears - thanks.

What do you think any bank does with money that you deposit with it?

Sceptic001

Onawingandaprayer wrote: »

Please find somewhere else to post this. :mad:

Don't reply to spam, click the "Abuse" button and report it. The quicker it is reported the quicker it is removed. Replying just clutters up threads and confuses subsequent readers who don't see the original spam message.:(

KingL

lb1971 wrote: »

I know that ICICI is covered under the FSA regulation and so £50k is safe if they keep the deposit but what if they transfer the deposit to an unregulated bank or institution

Your contract is with ICICI UK, so you are covered by the FSCS protection, end of story.

97trophy

I have been a customer for 2 years. I think they are a great bank.

Onawingandaprayer

Sceptic001 wrote: »

Don't reply to spam, click the "Abuse" button and report it. The quicker it is reported the quicker it is removed. Replying just clutters up threads and confuses subsequent readers who don't see the original spam message.:(

Agree 100%. This what i normally do until I read the MSE Spam item as follows:

Forum users mustn't post the same forum post more than once on the forum (the only exception is members of the MSE team; when needed). It's called spamming and most internet forums forbid it. Where spam is reported to the Forum Team posts are deleted and the user's Posting Privileges may be removed. Please don't quote any post that you believe is spam, as this causes the team more work
Several boards on our forum have a spam button. If enough forum users click the spam button on a thread, that thread will automatically be deleted. The Forum Team may choose to leave it deleted or re-instate it.


As there's no spam button on this particular board, I wasn't sure what to do about it.

KingL

Onawingandaprayer wrote: »

As there's no spam button on this particular board, I wasn't sure what to do about it.

There is - it's at the top left of the first post.

that thread will automatically be deleted

seems a bit harsh (as it's the post, not the thread that's at fault). I imagine that there's an official policy to cover this, but I'd go with the abuse button (which relates to an individual post) if in doubt.

humphrey12

I deposited some money with ICICI as Martin had posted it as high interest. Firstly I am not getting the interest rate advertised and secondly Im not actually getting any interest which I should be getting monthly! I would never deposit money with them again. I received emails asking for statements they still aren't satisfied with ones Ive sent, Ive had to complete Direct debit forms as they say they need these to pay money into my account. Ive had bonds, ISA's and every other savings you could imagine and never had a problem, I wouldn't touch ICICI with a barge pole. Beware. Id like to withdraw my money but its tied in for 5 Years!