Is ICICI a good bet?

abigailw

Hello

I was wondering if anyone had looked into the ICICI account and thought it was a good savings account?

Is it not a better bet at the moment to go with a fixed rate savings account when Bank of England interest rates are predicted to fall?

I have c. £70k to invest, jointly, and it would not be touched for probably the next 5-10 years. I would be paying higher tax rate on the interest...perhaps NS&I is a safer bet?

I'd appreciate any comments.

Abigail

rrwfotr

ICICI bank are currentky going a 1 year fixed bound of 6.85 % might be worth a look as your cash would be fixed for a year at a good rate.

Lavendyr

Look around these boards for several comments about ICICI - it seems their customer service is not the best. Personally, given the number of people to have had troubles, I wouldn't give them my money at all, let alone £70k. Also since you pay higher rate, you should really look at getting the max out of your tax-free allowance.

Have you filled up your ISA allowances? If not try and do that as far as poss, especially on higher tax rate, and also look at NS&I index-linked certs which are guaranteed above RPI and are tax-free - you can put £15k per year in these.

neilp

I know not everyone on here would concur, but I have had a ICICI account for nearly a year now and my experience has been good - at least as good as any other bank I've dealt with. I would recommend them without hesitation, especially given their HiSave rate and rate guarantee.