icici now 5.45%!

stevemcol

Very happy I decided to stick with ICICI.
Bear in mind though, it's a real increass of only 0.05%. Watch the rest I suppose.

interest_Ted

Bernie wrote:

...
Very pleased to see they raised their interest rate immediately - not like some of the other home-based laggards. Personally, we can't fault them...

:beer:

Raised immediately ??
they were 5.15% when the BOE was 4.50%. So they've raised it 0.30% when the BOE has risen by 0.50%.

Can't fault them ?? ....just wait - I would think that you will almost certainly wish to retract that at some stage, unless you happen to be very lucky.

My wife opened an account - no problems and I wondered what all the hoo-ha was. Built up the savings, and then I decided that perhaps I would invest some of my larger sums into an account of my own with them. I eventually gave up trying to open an account with them - they 'lost' my ID documentation, failed on all occasions to respond to my emails or correspondence. My wife has now removed all her money, (in small amounts at a time) and has closed her account.

She did query why they had issued two direct debit mandates to her external account (two different numbers) but got no response. That seemed a bit suspect at the time, and I was surpised why they could not provide an answer.

I know the bank itself does not appear to be a risk, but their systems are nowhere near what is required to offer a reliable service. I would hate to suddenly need £5k out of my savings, and then find that the instructions did not get actioned or that I could not get onto their website to make the transaction, or some other nightmarish situation transpired.

I cannot give financial advice, but would suggest anyone with an ICICI Hi-Save bank account (or considering one) think very carefully about the feedback currently circulating.

Ted

[Deleted User]

The IceSave base rate guarantee is much better, though. Not to mention other factors, discussed at great length on numerous other threads...;)

stevemcol

In general folks seem happy with ICICI.
http://forums.moneysavingexpert.com/showthread.html?t=228930&page=8

lisyloo

I am another one that is totally happy with ICICI but "interest Ted" is correct in that they didn't put up rates in August.
I think Icesave have fored their hand and they put it up quicjly to avoid a mass exodus.

Meatballs

My account summary is still listed as 5.08%...

fairplay3

I suggest if you want worry free nights do not use ICICI bank uk. I don't
think there is deliberate fraud here, but their inefficiency and lack of
prompt and applicable help to their customers does cause much concern. The
loss of interest due to their inefficiency whilst carrying out transactions
is not compensated by their slightly higher interest rates offered.

I opened an account with them in September this year. I tried to transfer
more money to them on 3rd Ocober 2006 but they used wrong details to my
linking bank and so the money was not transferred. I did not like this and
my lack of contact with them, so I arranged to close my account and have
the funds returned to my linked account via accounts manager email 9th
October 2006. They had in the meantime tried again to transfer money from
my uk account.

I did not receive my money until 1st November 2006 and then only with
assistance from my uk bank. ICICI had sent my money to a number which was
not my account number and to a name only using my surname - no initials. It
was only by my uk bank investigating thoroughly that this was brought to
light. I have therefore lost potential interest in the interim period and
despite my efforts being made to trace my money and being told someone
would telephone me on two occasions, I have not received
any calls from ICICI.

I have complained to ICICI complaints department but to date have received
no reply other than the matter will be looked into and I will receive a reply within 3 days.

The only ways to raise a query are by call centre, who do not have relevent
information to be of help and by email to Accounts manager, which takes 3
working days for him to acknowledge receipt and then inform you that he
will respond within another 3 working days with a reply which in any event
in my case, was not relevent to my initial query. The only help offered was
to contact my uk bank.
This is not what we would expect from a Bank and I suggest your readers
stay well clear and those that still have accounts be aware when you want
to draw your money out and close your account.

Unfortunately I had not read your findings on ICICI until after I had opened
my account.

Hope this may be of help to potential future victims.
Ps. Just received email from ICICI to say they are increasing their rates!

YorkshireBoy

lisyloo wrote:

I am another one that is totally happy with ICICI but "interest Ted" is correct in that they didn't put up rates in August.

Neither did they lower them (straight away) when the BOE cut rates in August 2005. They were retained at 5.40% for a couple of months before being cut to 5.15%.

So, I'd say that makes it pretty even so far.

BTW, I don't have (nor will I ever have ) any connection to ICICI.

pksaraf

i think the general consensus is that if you want a new savings account or want to use your account frequently without risking waiting for your money to appear - definitely go with icesave, otherwise stick with icici for the time being. both icesave & icici have the same returns at the moment. we will have to wait and watch how icesave performs in the long run before we all run towards icesave only to know they perform worse than icici.

valiant

Another tale of ICICI myopia:

I've been with them for the past few months. I'd registered a Natwest current account with them but decided to change it to a Cahoot account because I wanted to transfer some money to Icesave.......and at least Cahoot pay a (half) decent interest rate on balances. Even if the money was in my current a/c for 24 hours then I figured the interest was worth having.

The problem is that I have a 'non chequebook' account with Cahoot because they pay a slightly higher rate of interest on that. ICICI require that you send them a cheque (which I can't do.).......so I rang them asking if there was another alternative. I got the kind of 'jobs worth' response that's pretty indicative of the kind of organisation they are:

Me: "I'd like to change my nominated current a/c to Cahoot, but my Cahoot a/c doesn't come with a chequebook. Is there another alternative"

Tubbie: "You must send us a cheque for £1 from your current account"

Me: "Hang on.....let me repeat......I don't have a chequebook......natter.....repeat.....natter......."

Tubbie: "Sorry....you must send us a cheque...security....waffle.....security 'reasons'"

Me: "OK.....I understand the security issue, but most of your competitors don't require this. Can I speak to a supervisor?"

Tubbie "Sorry Sir......there's no supervisor to take your call".

Enough said. I have a policy that's served me well so far. I have no problem with call centers. I don't even have a particular problem with Indian call centers. But if you find yourself dealing with an organsiation that doesn't even have sufficient respect for its customers to allow you to 'escalate' your problem to someone that's able to speak 'off-script' then it's time to say goodbye.........if you can. Thank God for Icesave!