To ICIC or not to ICIC?

IGK

equitydealer wrote: »

Why does ICICI not meet the Banking Code standards then? I believe the only bank operating in the UK not to do so.

I have to admit I wouldn't feel comfortable putting my money in such an institution, even without the potential setting-up and money-managing problems that some have experienced.

There again I haven't opened and Icesave account either - i don't really trust the Icelandic economy... but that's just me!

Bradford & Bingley eSavings pays 5.8% for instant access, and for me the 0.25% or so is worth being able to sleep at night.

equitydealer

masonic wrote: »

Actually, there are several banks that do not subscribe:

OK, fair enough there are a few that don't.

But I won't stick my cash in a bank that has not signed up to the banking code.

ashm1

http://www.icicibank.com/pfsuser/aboutus/investorelations/creditratings/creditratings.htm

Aren't they getting close to junk bond level ?

equitydealer

ashm1 wrote: »

http://www.icicibank.com/pfsuser/aboutus/investorelations/creditratings/creditratings.htm

Aren't they getting close to junk bond level ?

Yes, ICICI are rated as medium risk and could fall into junk status. ICICI's bond rating is, however, in line with India's own rating!

Burlesque_Babe

oh dear. I'd decided to set up an account with them to put 12,000 in and then move it each month into a high interest regular savings account with the Yorkshire building society.

If I read it right I can't do that? I can only transfer to a linked current account?

Fella

IGK wrote: »

I have to admit I wouldn't feel comfortable putting my money in such an institution, even without the potential setting-up and money-managing problems that some have experienced.

There again I haven't opened and Icesave account either - i don't really trust the Icelandic economy... but that's just me!

Bradford & Bingley eSavings pays 5.8% for instant access, and for me the 0.25% or so is worth being able to sleep at night.

IceSave & ICICI are both part of the FSCS though: so as long as don't deposit more than £35K with either they're relatively safe?

masonic

keren29 wrote: »

If I read it right I can't do that? I can only transfer to a linked current account?

Yes, you would need to transfer to a linked current account first, then transfer it to YBS.

Burlesque_Babe

bum. I was transferring it from my current account to ICICI and then on to the YBS.

time to think again.

masonic

Fella wrote: »

IceSave & ICICI are both part of the FSCS though: so as long as don't deposit more than £35K with either they're relatively safe?

Well this is where the difference between risk and safety comes in. Although, arguably, there is slightly more risk involved in holding your money with Landsbanki or ICICI than a high street bank here in the UK, your money is just as safe if the worst does happen. So you have a slightly less infinitesimal chance of losing no more than 10% of your deposited funds.

masonic

keren29 wrote: »

bum. I was transferring it from my current account to ICICI and then on to the YBS.

There's no reason why you can't move the lump sum to ICICI, then withdraw £500 a month to your current account to forward on to YBS.