ICICI Bank Easy Acces

Dandytf

Is ICI bank worth possible hassle for sake of .75% Easy Access.
As much as I'de like to commit short term savings 6-12 months, I suspect my Covid delayed Service will soon match Oc't MOT time so I think 6 months is not suitable term.
Only asking as there are seriously negative reviews for ICI and I also have option of using 2% virgin Money e-saver though was looking to possibly move away from them as had some OTPC (one time passcode) issues, to be fair they could have resolved them very recently.
Considering ICI to start via H.L. Active savings, other easy access options with them seem to be .55% Coventry before 1.10 Charter (6 months)
t.i.a.
Edited -corrected ICICI title.

grumiofoundation

For easy access savings you can still get 1% so why would you be looking at 0.55%?
Current best - NSandI at 1.16% 
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccesstable

Since virgin monthly e-Saver (which I believe is easy access) offers higher interest rate seems to make sense to use this?

Albermarle

Apart from NS%I , plenty of other easy access accounts offering ( just ) over 1% as well. 
https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/

Dandytf

From my earlier post.
Considering ICI to start via H.L. Active savings, other easy access options with them seem to be .55% Coventry before 1.10 Charter (6 months)
Any thoughts on ICI or are they to be avoided.
t.i.a.

Dandytf

Mser's thanks for earlier reply's my HL Active savings question is in addition to me setting up a S.O. For this Virgin Money Account. Regular e saver issue 14  2% Easy Access.
My H.L. I.e. Hargreaves Lansdown Active savings only offers a small selection of Savings Accounts, which ever I choose will be in addition to Virgin Money savings.
t.b.h. Think I'll make a small deposit with Coventry b.s. @.55% Easy Access to start H.L. Active savings, which once funded could be used to top up investment funds held with H.L.
Thanks

Zanderman

Dandytf said:

From my earlier post.
Considering ICI to start via H.L. Active savings, other easy access options with them seem to be .55% Coventry before 1.10 Charter (6 months)
Any thoughts on ICI or are they to be avoided.
t.i.a.

I assume you mean ICICI bank.  ICI is a defunct chemicals firm.
ICICI's systems are pretty rubbish if you use them direct - but via HL you wouldn't be, so probably no problem if going via HL
But as others have said there are better rates out there for easy access so why even consider 0.75%?
You don't need to use HL.
Have a look here:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

Dandytf

Thanks @Zanderman
Corrected  it is ICICI bank, thought I'de get something deposited in H.L. Active savings, which I intend to do today, it could help with Car Maintenance costs, if and when required. MOT Sept 29th and delayed Service which I suspect could result in both Service+MOT taking place Sept'
The rate is not of any immediate concern, though could have been convenient to use to Top up H.L. Managed Investments at some point.
Thanks all reply's

colsten

Dandytf said:

Thanks @Zanderman
Corrected  it is ICICI bank, thought I'de get something deposited in H.L. Active savings, which I intend to do today, it could help with Car Maintenance costs, if and when required. MOT Sept 29th and delayed Service which I suspect could result in both Service+MOT taking place Sept'
The rate is not of any immediate concern, though could have been convenient to use to Top up H.L. Managed Investments at some point.
Thanks all reply's

For small amounts of savings, you'd do better in a current account like TSB Plus or Virgin. Aside from the much better interest rate, you have true instant access to your money. HL doesn't offer that. It always takes a few working days to get money back from HL Active Savings. 

Dandytf

Thanks @colsten
h.l. Should suffice.
Withdrawals are typically sent via Faster payments, which usually complete within one working day. Other payments can take up to three working days to complete.

colsten

Dandytf said:

Thanks @colsten
h.l. Should suffice.
Withdrawals are typically sent via Faster payments, which usually complete within one working day. Other payments can take up to three working days to complete.

Not in my experience. All withdrawals I have made from HL Active Savings took several business days.

eskbanker

Any posters trying to convince OP to do the obvious logical and rational thing are likely to be wasting their breath - as I recall they have a long history of a highly unconventional approach to financial management, such as starting off playing at investing (on a pin-sticking basis without any clear strategy) via HL while concurrently trying to stave off persistent credit card debts....