The 'Top Two' Savings Accounts: ICICI and Ulster Bank

Ologhai

A bonus interest rate is about to come to an end, so I'm looking for a new savings account. I looked into the two top savings accounts (not including the Santander current account) as listed on this site, and have the following to report:

I applied online for the ICICI account, and my experiences so far are:

• They said they'd contact me by email confirming references numbers and such within a 'couple of hours'. The first thing I heard from them was an email that took twelve hours.
• It wasn't the 'reference number confirmation' email they said it was going to be. Instead: "We wrote to you asking for some documents to help us confirm your identity and address. Since we haven’t heard from you, we were wondering if there is anything we could do to help you proceed with your application further." (I did check my spam folder, and this really was the first email from them.)
• Apart from being asked (allegedly 'again'), I was pretty surprised anyway at being asked for further documentary evidence at all as I've lived at my current address for over five and half years. It's been a long time since any financial institution has asked for documentary evidence, and I do open new accounts fairly often in moving various pots of money around.
• Because I was a little suspicious that things weren't quite turning out as they'd said they would, I thought I'd call the freephone number supplied in the email to see if things seemed legitimate. I got a recorded message saying that this freephone number is no longer current, and would I like to ring this other chargeable 08 business rate number instead? (Like hell I would.)

All in all, I'm not overly impressed by ICICI so far. I've emailed them with my concerns to see what they say, but this made me look into the Ulster Bank savings account as the next best alternative. However:

• Skimming through their T&Cs, I noticed that the 1.7% they're offering (if you abide by their conditions, and fairly stringent conditions too) is due to drop to 1.45% on the 16th of August. As it's a variable rate account, it's hardly worth opening it for one month of 1.7%.

Anyway, there we are. I still need a savings account, and it doesn't look like these two are much good. And even though ICICI is the best, when it comes to handling my money, I could do with a little more competence than they've displayed so far.

Ologhai

Forty eight hours later... and still no reply from ICICI. Maybe they don't want my business after all.

AndyPK

I would go with

Www.thecoventry.co.uk

Then. 1.6% from memory.

Ologhai

AndyPK wrote: »

I would go with

Www.thecoventry.co.uk

Then. 1.6% from memory.

Thank you.

At least one item from their T&Cs is of concern to me:

"... we will let you know of changes to the interest rate [where] the rate reduction is... greater than 0.25%."

MarkWatson

This bank is appalling at Customer Service!

I have endeavoured to open an account and operate it but have been mired in password problems (not accepted) Unique Reference Numbers (nowhere to enter them) account numbers that cannot be cut and pasted into the relevant fields and phone operators who pass you around from one to the other while they cash in on the cost of the call.

I don't care what rate they are offering - DO NOT GO THERE!

redmalc

Virgin money on line account is 2% with easy access,i have been with them for some time and it works well

ColdIron

redmalc wrote: »

Virgin money on line account is 2% with easy access,i have been with them for some time and it works well

That's probably an early issue E-Saver which isn't available to new customers, the current Issue 6 only pays 1.55%

redmalc

Coldiron,apologies you are correct the interest rate has just dropped,i think from 2,35% to 2,0%

WobblyDog

I too have just applied for an ICICI HiSAVE SuperSaver account. The email that was supposed to take a couple of hours arrived after 18 hours. I think it would be more customer-friendly to send an immediate email response, even if it just says "we are considering your application".

I'll see how it goes, but I don't have a good feeling at present. I will look around for alternative accounts. Hopefully the account will eventually get set up, so I can recover the £10 initial direct debit I selected.

Ologhai

WobblyDog wrote: »

I too have just applied for an ICICI HiSAVE SuperSaver account. The email that was supposed to take a couple of hours arrived after 18 hours. I think it would be more customer-friendly to send an immediate email response, even if it just says "we are considering your application".

I'll see how it goes, but I don't have a good feeling at present. I will look around for alternative accounts. Hopefully the account will eventually get set up, so I can recover the £10 initial direct debit I selected.

Luckily, I set my initial deposit at the minimum: £1. However, as their initial response to me was to request documentary evidence of my address, and as I currently have no intention of providing them with that (having pretty much decided that I'm not prepared to trust them with my money), I suspect (and hope) they won't take it.

I will keep an eye on my list of DDs on my bank account, and if ICICI pops up at any point, I'll delete it ASAP just to reduce the chances of their making a 'mistake' and taking a wedge.

Ologhai

redmalc wrote: »

Coldiron,apologies you are correct the interest rate has just dropped,i think from 2,35% to 2,0%

No. As ColdIron said, VM's Virgin Easy Access E-Saver Issue 6 is currently 1.55%.