icici versus icesave ..what's current feeling ?

pennymakespounds

looking at martins feature on saving accounts he shows icici currently at 6.3% an icesave at 6.2% .. with no comments on their current quality of service .

I recall there were various problems when they set up, but wondering how people feel about them now .. and which would be the best to go for ?

Guess their rates will also be nearly the same ... 0.1% is only £10 differrence on £10000 in a year !.

Do we know which one is the long term winner to go with ?

Ivana_B_Rich

I have both accounts, the Icesave account has been spot on from the start, the website is easy to use and very user friendly. Their transactions are also very quick and efficient.

I've had no major problems with ICICI but have seen other threads where people have had problems. However IMO their website is not as user friendly, the transactions are slower and can be random at times.

HTH

Moggles_2

When a new savings account is launched with a table-topping interest rate, the response can be overwhelming. If the provider is flooded with applications, teething problems and delays are apt to occur and the quality of service may leave something to be desired. As time goes by, demand levels off, initial problems are sorted and things should start to run smoothly. Sadly, after almost two years in the UK Savings market, ICICI still hasn't got its act together!

I persevered with HiSave for a long time because of its consistently high savings rates.

Unfortunately, transfers by direct debit from my linked a/c which, according to ICICI, should be made in 3-4 working days, have always taken 8 working days or don't happen at all!

Pushing money in with a BACS transfer from your linked account takes 4 working days IME, but if your linked a/c is a high interest current a/c, you may feel the loss of interest rather defeats the object. Some savers have reported delays withdrawing money as well!

This is a pity because HiSave is a clean, no-tricks a/c, paying a market-leading interest rate and ICICI have always raised rates promptly in response to BoE base rate changes.

Thankfully, IceSave offers all of this now without the never-ending hassle!