ICICI Bank HiSAVE 5.40% AER

Paul_Varjak

pin wrote:

Might be new in the UK, but has been around for ages in India.

Yes, plenty of references on the Internet to them, but the post by djblamire about them not being able to hold clients' money is somewhat worrying!

Sun

http://www.icicibank.com

p3gg

OK, so let's move this conversation on a bit........

Is there anyone out there (UK resident) who banks with them? If so, what are they like?

Paul_Varjak

Probably better to use the UK site for UK customers:

www.icicibank.co.uk

Paul_Varjak

p3gg wrote:

OK, so let's move this conversation on a bit........

Is there anyone out there (UK resident) who banks with them? If so, what are they like?

It's difficult to 'move it on' if no-one on MSE banks with them. Just have to wait and ring the FSA next week.

Personally, I would feel a little dubious. I am sure the bank is bona fide but if this foray into the UK is unsuccesful, depositors may lose out even if they are protected by the Financial Services Compensation scheme.

And there must be some doubt that they are covered by the scheme if the bank is not authorised to hold clients' money! As I understand it, banks do no normally need specific permission to hold client's money if they have permission to accept deposits, but that is not always the case. Perhaps overseas banks need that permission?

5.40% is a good rate - better than the A&L - the supposed top payer so, if I can convince myself everything is OK, I may deposit a couple of thousand.

isasmurf

They are authorised to hold deposits. They are not authorised to hold "clients money" which is why they have links with several insurance companies, including Prudential UK.

"Clients money" refers to money held for insurance purposes, not deposits in savings accounts.
http://www.fsa.gov.uk/Pages/Doing/Info/MGI/FAQs/money.shtml#clientmoney

Paul_Varjak

You are right of course, isasmurf!

djblamire

I've decided to go ahead and open an account, but having problems.

I have completed the first page of the application, I then click the button to continue, and I just get a popup that says '90074', and taken back to the first screen. I have completed all fields, and all are correct.

Anyone else tried to apply and have a problem ?

Thanks
Daniel

aanyaverma

ICICI is one of the biggest private sector banks in India. And I have been using their website for past 3 or 4 years while I am in the UK.

Debt_Free_Chick

And let's all remember, we hadn't heard of ING when they first popped up with a good rate, but I'll bet there's a few of us with money in there now

This seems to be a bona-fide UK bank (albeit, Indian owned) with all the protection of our UK banking regulations.