ICICI / Icesave - what status?

doberryfirkin

Like many, I have savings in both ICICI and Icesave. Since these are not 'British' banks, what is the status if they run into trouble?

nilrem_2

doberryfirkin wrote: »

Like many, I have savings in both ICICI and Icesave. Since these are not 'British' banks, what is the status if they run into trouble?

Not sure about ICICI (they do not comply with the UK banking code, AFAIAA) but with Icesave you have the same guarantee as with British banks and BS.

Added Just checked and ICICI Bank is regulated by the FSA which means most of your cash up to around £35,000 is protected,

exel1966

Both (in fact nearly all banks) come under the FSCS (Financial Services Compensation Scheme) regulated by the FSA.

100% of the first £2,000, then 90% of the next £33,000 is protected - inwhich means the max payout is £31,700.

sinizterguy

exel1966 wrote: »

Both (in fact nearly all banks) come under the FSCS (Financial Services Compensation Scheme) regulated by the FSA.

100% of the first £2,000, then 90% of the next £33,000 is protected - inwhich means the max payout is £31,700.

But you definitely lose 10% of anything over £2000 (upto £35000). There are a lot of posts around which makes it sounds like you will get all your money upto £35000 back. Not yours obviously, but just wanted to make it clear for anyone else who may be confused.

webdeepak

Is this FSA guarantee per account or per bank as you can have many accounts in a bank??

YorkshireBoy

webdeepak wrote: »

Is this FSA guarantee per account or per bank as you can have many accounts in a bank??

It's per person, per FSA banking licence number.

What the guarantee covers is answered at www.fscs.org.uk

Further information (members and licence holders) at www.fsa.gov.uk

Whether a provider is a member of the scheme is detailed on their respective websites - usually in the 'about us' information, but in the case of the OP's question, ICICI and Icesave both answer the question directly and specifically in their T&C's (but then again, who reads them?! :rolleyes:).