ICICI or IceSave for monthly interest?

EagerLearner

Hi all - just a quickie - is it better to save with IceSave rather than ICICI if you prefer monthly interest?

Hugeass304

ICICI have been a bit of a shambles lately. I'd stay well clear until they sort themselves out!:cool:

DocProc

ICICI's site is indeed a shambles - but they should surely be sorting themselves out any month now.

Hopefully...? Surely hopefully? Most probably? I think they must know about it? Hopefully? Well, I told them it is a bit flakey. I think they know what flakey means, surely? We found out what 'upgradate' meant so 'flakey', similarly.

EagerLearner

Is the ICICI rate the best for monthly interest? Sorry, not my forte!

gelato_cat

Icesave is slightly better - 5.2% as opposed to 5.15%. Also, if there is a rise in the base rate this month, the Icesave rate will go up.

My money's with Icesave!

HTH

Suze

PS Been following your other thread - hope you can bank the LL's money soon! :beer:

EagerLearner wrote:

Is the ICICI rate the best for monthly interest? Sorry, not my forte!

masonic

Suzey wrote:

Also, if there is a rise in the base rate this month, the Icesave rate will go up.

So will the ICICI rate - they could end up being the same!

There probably won't be much between them for the next 12 months, so go with the account with the best feedback.

Edit:

EagerLearner wrote:

Is the ICICI rate the best for monthly interest?

Just to clarify the distinction you seem to be making, the ICICI rate of 5.15% AER equates to 5.03% gross, which is paid monthly. It is therefore still less than Icesaves 5.2% AER, which has a gross rate 5.08% when paid monthly.

gelato_cat

Thanks - I didn't realise that!

I've never really fancied ICICI - too much dodgy feedback.

My bf, whose mother keeps telling me "he's so good with money" saves £200/month in an ING account :eek:

Suze

masonic wrote:

So will the ICICI rate - they could end up being the same!

EagerLearner

Thanks all - my tiny maths section of brain had thought ICESave might be better - just wanted to check!

Thanks for the support Suzey - the landlady will get her commeuppance - I hope it's soon but I have bad days and good days! I will be calling the legal helpline today...

Milarky

I'm not familiar with ICICI's interest rate guarantee (if there is one!) but Icesave must now stay at least 0.25% over the BOE rate till... (whenever).

Query: will Icesave raise rates (and by how much) assuming one or more BOE base rate raises?

Answer: Well, unless the BOE put up rates by 0.2% instead of the usual 0.25% they will have to - and if there is a second rise (also of 0.25%) they would have to then also. Let me show you that with figures

BOE.................BOE+0.25%.............Icesave

4.75%.............5.00%.....................5.20% (today)

5.00%.............5.25%.....................5.25%+ (min increase '0.05%')

5.25%.............5.50%.....................5.50%+ (further min increase '0.25%')

So on the assumption of at least two increases in the BOE rate, Icesave's rate has to increase by not less than 0.3% - and has to increase on each occasion also. So a rise of '0.15%' per rise looks a minimum likelihood - and a rise of 0.2% the first time and 0.1+ the second seems an obvious response from them if/when BOE rates do next change

[Deleted User]

Milarky wrote:

I'm not familiar with ICICI's interest rate guarantee (if there is one!)...

As per my post on another thread and their FAQ No 41

'We guarantee that the gross interest rate will be at least 0.25% above the Bank of England Base Rate, until 31st December 2007. During this guarantee period we promise to implement any applicable increase in our rates within thirty business days of an increase in the Bank of England Base Rate.'

i.e strictly speaking they would be within their rights to pay 5% atm, with a base rate of 4.75%, rather than the current 5.15% gross aer.

FWIW I have shipped out of ICICI, and not just for interest rate reasons....

DocProc

I would now urgently like to see some acknowledgement or admittance from ICICI Bank UK Ltd that the HiSAVE web site has some problems and that matters are in hand as a matter of some urgency to rectify them.

It is my opinion that when we don't see such an admittance or any communication about the HiSAVE web site problem from ICICI Bank Ltd themselves, well, this in itself creates an indirect communication of.....

Well, take your pick from some or all the following:

The HiSAVE web site is quite OK and functioning at as a good a standard as we, the management, hold as being satisfactory.

We, the management, are not aware of any problems. Period.

Our CS Staff have not passed on to us any negative information about the web site problems and we have not seen any of them for ourselves.

Can you tell that we, the management, don't do tests on our flakey web site?

For all you, the customers, know, the web site isn't properly secure either!

Indeed, in the absence of this acknowledgement and announcement, I have to date reduced the balance of one of my accounts down to almost zero and halved the balance in another. My wife has similarly halved the balance amount with her account.

If matters have not improved by the end of this week then, 'We will be outa there completely!'

Our removal of funds from this bank is not merely to go to a different bank with a higher rate of interest. We are generally concerned about our funds being in an internet bank, which has a flakey web site and does nothing about it.

At this level of competence, one day is going to come for sure, when we are not going to able to get at our funds!