Icesave account ... Account holder opinions/experiences would be greatly appreciated.

Cobertizo

Spangled wrote: »

... (you need a minumum of £200 in your Icesave account I believe).

Close enough, however you need a minimum of £250 if you want to qualify for the 5.7% rate. If you go below that then they pay you 0.5% until you go over £250 again.

Lakeuk

Tommaso46 wrote: »

It takes a minimum of 10 days to transfer money in/out. So if you need money in a hurry you're sunk unless you pay extra for the quick transfer method.

Takes me 5days to move cash from a savings account into a current account and then onto Icesave

chardonnay_2

masonic wrote: »

Your parents did give them the wrong account number to transfer the money to, didn't they?

yes but icesave have still not returned the money to them almost a month later:eek:

masonic

chardonnay wrote: »

yes but icesave have still not returned the money to them almost a month later:eek:

If I am reading your thread on that subject correctly, you don't know whose fault that is. Cahoot may have paid it into someone elses account and have not yet retrieved it and returned it to Landsbanki, for example.

chardonnay_2

sorry didn't mean to thank you meant to quote. cahoot have confirmed it has not been credited to an account as they do not have any 9 digit account numbers.

icesave manually changed the sort code (to a completely different one) and account number to be the correct length but still wrong. luckily cahoot have confirmed the account icesave sent it do does not exist either

icesave have taken a month to send the trace to allow cahoot to investigate the issue.

icesave have lied to my parents
icesave have dragged their feet sending out the trace
icesave have told them contradictory information
icesave have denied the existance of a complaints officer although this is who you have to complian to per their website
icesave have not followed their own complaints procedure and therefore have failed in their commitments

masonic

Can I ask why you're willing to accept Cahoots blanket denial of having ever received the funds? I'd be just a little sceptical of that. After all, they made that statment before receiving the trace from Landsbanki - were they just telling you what would happen, in theory, based on what Landsbanki were assumed to have done? You won't know what has really happened until the investigation is complete.

Obviously, Landsbanki have not communicated with your parents well, for example, I'm sure no single named person exists with the title of 'compaints officer', but you can still write a letter addressed to the complaints officer. You also don't know whether or not Landsbanki changed the account number and sort code in any way. It could be that an adviser was trying to explain what sometimes needs to be done to some banks internal account numbers (for example, with A&L, the first digit of the account number is actually the last digit of the sort code) and it didn't, in fact, apply to your parents at all.

Other than the fact their customer services department have given your parents the runaround over this, I don't think you have much cause for complaint, at least not yet. To be honest, I think your parents can still count themselves very lucky, because when you screw up the account number you are sending a large sum of money to, the situation can become a lot worse than this.

deshg

Hey everyone, i have just been reading through the posts about ICICI and it all seems very positive. I have just opened a HiSave Account (they hae been extremely efficient so far) as i have just sold my house and need somewhere to put just over 100k while i buy another one. It is all ready for me to transfer money into but i wanted to ask what everyone's opinion's on amounts are? The issue of bankruptcy has never really concerned me with HSBC however obviously you are only guaranteed about 30k should the bank go under and i'm wondering if this should be a concern. I understand ICICI is a big bank anyway and so perhaps i am being paranoid, i wondered if you guys could let me know what your thoughts are and also what size/how reliable they are as a corporation?

Thanks so much for your help and your previous posts, most helpful,

Dave

kingmonkey

deshg wrote: »

Hey everyone, i have just been reading through the posts about ICICI and it all seems very positive. I have just opened a HiSave Account (they hae been extremely efficient so far) as i have just sold my house and need somewhere to put just over 100k while i buy another one. It is all ready for me to transfer money into but i wanted to ask what everyone's opinion's on amounts are? The issue of bankruptcy has never really concerned me with HSBC however obviously you are only guaranteed about 30k should the bank go under and i'm wondering if this should be a concern. I understand ICICI is a big bank anyway and so perhaps i am being paranoid, i wondered if you guys could let me know what your thoughts are and also what size/how reliable they are as a corporation?

Thanks so much for your help and your previous posts, most helpful,

Dave

Welcome to MSE.

I think there are withdrawal limits on the HiSave account. I doubt that they will go bankrupt but who knows?

You're post is way off topic. You may get a better reply if you open a new thread.

codetown

chardonnay wrote: »

icesave manually changed the sort code (to a completely different one) and account number to be the correct length but still wrong.

I think we should be careful and not accuse people without knowing exactly what happened.

What is sure is that:
a) ICESAVE seems reliable and offering good services.
b) Everything goes smoothly if you use the correct coordinates for your linked account.
c) ICESAVE might be not very prompt in dealing with customers errors or with non standard procedures (I assume the case of a customers inputting a wrong number for their account represents less than 0.01% of the cases, as everyone is extra careful on that!!!!).

I am sure that once your case is cleared whoever had the money for the last month will give it back with interests, and next time your family will be more careful with dealing with important numbers!

But let's not accuse ICESAVE (or Cahoots for what matters) to steal money as this is certainly not the case!

home_alone

codetown wrote: »

I think we should be careful and not accuse people without knowing exactly what happened.

What is sure is that:
a) ICESAVE seems reliable and offering good services.
b) Everything goes smoothly if you use the correct coordinates for your linked account.
c) ICESAVE might be not very prompt in dealing with customers errors or with non standard procedures (I assume the case of a customers inputting a wrong number for their account represents less than 0.01% of the cases, as everyone is extra careful on that!!!!).

I am sure that once your case is cleared whoever had the money for the last month will give it back with interests, and next time your family will be more careful with dealing with important numbers!

But let's not accuse ICESAVE (or Cahoots for what matters) to steal money as this is certainly not the case!

Good post codetown a bit of sense at last.

gary