ICICI and ICESAVE - Worth moving from Egg for?

tom188

prudryden wrote:

£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.

With compounding thats £830 over 5 years if the rate differential remains the same. The question is do you want your money to work as hard as it can for you or not?

tom188

prudryden wrote:

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.

This is the case of several providers now. Usually this is done in combination with an electronic check. This happened when i opened a mansfield bs account recently.

Since the requirements are tailored to the individual i would not be suprised if they asked for certification if they found no record of them.

Graham_Devon

So if you get it paid annually, then you get it paid into the savings account. If paid monthly, into your linked bank account? Is this correct?

I want my money to work as hard as it can, but I also don't want the problems that people seem to be having. So at the moment, am sitting safe in something that works, but losing out a bit on the interest rates.

I want the money easy access, so investments are not for me.

I would want it monthly, just because I'm inpatient and like to see the money build up! Also, I would NOT sit there and have my money with someone like ICESAVE, especially ICICI who have had interest problems. Wait a year to find out your interest is a problem...not for me, don't like the risk.

tom188

Both types of interest payment can be paid into the icesave account or away. I understand your concerns about these new banks but believe that the likelihood of a major bank within the uk going bust is extremely negliagiable and myself am happy to take take this risk in better returns.
Just because these are 'new boys' it does not mean they have anymore risk attached to them than many old UK institutions.

holloholloway

I am telling you straight : do not use icici they are a bunch of muppets who have bungled my account for the last four months.

I haven't been able to access my account for the last four months and have contact them a lot in that time. After another request for a new password it finally arrived today and guess what, i am still being rejected with my username and password when i try to log on.

AAAAAAAAAGHHHHHHHHH

Muppets.

chesky369

Graham - get a grip, ducky, I don't think you've read any of the T& C properly. Have a nice cup of tea, sit down and do a quick read and you'll see that it's no different from any other savings account. The interest is paid in the same way, into the account. and as another poster says, you don't need the photocopy of your passport certified. That way you won't have to keep thanking people.

Graham_Devon

LOL thanks, yer, gonna send it off as soon as I have been able to photocopy my passport!

prudryden

holloholloway wrote:

I am telling you straight : do not use icici they are a bunch of muppets who have bungled my account for the last four months.

I haven't been able to access my account for the last four months and have contact them a lot in that time. After another request for a new password it finally arrived today and guess what, i am still being rejected with my username and password when i try to log on.

AAAAAAAAAGHHHHHHHHH

Muppets.

Complain here::)
HeadquartersICICI Bank Ltd.,
ICICI Bank Towers,
Bandra Kurla,
Mumbai India
Key peopleChairman N Vaghul

Chris357

"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"

I have recently opened an Icesave account. You don't have to send anything off. You just enter the numbers of your passport and driving license on the online application form. It is only if you have no credit history ( no loans or credit cards) that they may want you to send more evidence of your identity through the post.

The application process went smoothly with the first payment of £250 by BACS from my bank account. Further deposits are done by direct debit - you can choose up to 3 bank accounts. I haven't tested this yet. I chose the option where interest is added to my account annually - it is not sent to my bank account.The only problem I have found so far is the Icesave website works rather slowly - much slower than ING - but I can live with that. A possible catch for some is the new rule that you can't withdraw new deposits until a week has passed. This seems to me like an antifraud measure and is a good thing.

As for ICICI, they have not signed up to the banking code and are therefore more of a risk. Icesave also guarantees to keep its interest rates high for a longer period. However, I have no illusions. Icesave are likely to become uncompetitive eventually, like ING, and it will be time to move again.

tom188

I have recently opened an Icesave account. You don't have to send anything off. You just enter the numbers of your passport and driving license on the online application form. It is only if you have no credit history ( no loans or credit cards) that they may want you send more evidence of your identity through the post.

This is not necessarily true. I have a shed load of credit history and still had to send in proof of identity. Mind you I didnt put these pp/dl numbers on the form (didnt have it to hand), so dont know what effect this would have had.

From previous posts it seems some people have not needed to send in any information at all, whilst others have had to send in proof of identity and address. Its an individual thing.