ICICI and ICESAVE - Worth moving from Egg for?

Graham_Devon

Been a Egg savings account holder for a while. Have circa 25k sitting in there, 5k in premium bonds and 3k in an ISA.

I decided to do something about it, at the end of the december draw, sell my bonds as they seem to be a waste of capital really. Had the full 30k and went two months without a penny.

So, is it worth, for the sake of 0.45% on roughly 30k going through the labourious process of opening an ICESAVE or ICICI bank account?

I got the the stage of opening an ICESAVE and now they want my passport or driving licence, neither of which I'm happy with sending off to be honest. Lost my driving licence already when I have done this in the past. ICICI just want a cheque sending off, so going to open an account with them anyway.

My question is, is it really worth it. ICESAVE seemed great at the start but I sat back and waited for other people to test the water and now reports are begining to come in negative again!

With Egg I simply transfer the money to and from my bank account, they pay me my intrest each month into my savngs account and everythings done.

Egg are currently paying 5% gross.

Help me make up my mind....please!

IESAVE send your intrest straight to your bank account I believe? So you then need to send it back? Seems a waste of a few days intrest?

prudryden

£135 before tax. Is it worth it considering the teething problems that they are having in getting settled into a new market? Prudential will always be here, can't say the same for ICICI and Landsbanki however.

chesky369

"and now they want my passport or driving licence," read it carefully, they only want a photocopy of your passport.

Graham_Devon

So £105 a year. Plus the fact they don't pay interest straight into your savings, so every month doing a transfer and losing a week's interest on the interest (if not more, 3 days for it to hit your account, then however many days sending it back, plus non business days). Hmmmm.

So seems to me, that way I'd be losing about 9 days interest on the interest per month. On quick maths, based on 30k, I'd loose another £24 per year in the lost interest period), so brings it down to £75 better off per year. Plus, those 9 days are taking into account me actually doing the transfer the day it hits my account!

It's not seeming worth it really. I just feel really left behind with everyone talking about ICESAVE! Gotta admit, pretty put off by ICICI but as the account opening is easier may aswell, it's just send a cheque off.

I'm really hoping someone can come and say 'actually your wrong and you won't lose any interest on the interest!!!

Graham_Devon

chesky369 wrote:

"and now they want my passport or driving licence," read it carefully, they only want a photocopy of your passport.

True, just read the original document bit, I'm like that!

Will be interesting to sit back for say 3 months and see how people are doing with their ICESAVE accounts.

prudryden

Graham_Devon wrote:

True, just read the original document bit, I'm like that!

Will be interesting to sit back for say 3 months and see how people are doing with their ICESAVE accounts.

Remember to get it certified as a true likeness. Not difficult to do.

Graham_Devon

prudryden wrote:

Remember to get it certified as a true likeness. Not difficult to do.

Not a problem work in surgeries!

Would like to hear others thoughts though, especially on the lost interest bit, am I correct, or incorrect?

tom188

Graham_Devon wrote:

So £105 a year. Plus the fact they don't pay interest straight into your savings, so every month doing a transfer and losing a week's interest on the interest (if not more, 3 days for it to hit your account, then however many days sending it back, plus non business days). Hmmmm.

So seems to me, that way I'd be losing about 9 days interest on the interest per month. On quick maths, based on 30k, I'd loose another £24 per year in the lost interest period), so brings it down to £75 better off per year. Plus, those 9 days are taking into account me actually doing the transfer the day it hits my account!

You can have the interest paid directly to your Icesave account.

It's not seeming worth it really. I just feel really left behind with everyone talking about ICESAVE! Gotta admit, pretty put off by ICICI but as the account opening is easier may aswell, it's just send a cheque off.

I'm really hoping someone can come and say 'actually your wrong and you won't lose any interest on the interest!!!

There you are ive said it.

tom188

prudryden wrote:

Remember to get it certified as a true likeness. Not difficult to do.

Not necessary in this case.

thumshie

Icesave pay interest direct into your savings account if it's annual doesn't it? and http://forums.moneysavingexpert.com/showthread.html?t=93631 infers than annual has a marginally better return..

prudryden

tom188 wrote:

Not necessary in this case.

LOL - Dang! You caught me before I could delete my post.:)

That is interesting. I wonder if the FSA would think they are doing enough to combat money laundering. One incident could close them down.