ICICI savings account.

Dirk234

My wife and I tried to open individual savings accounts today with ICICI but tied to a joint account. We have other savings accounts with, for instance, Standard Life and ING (althought we arre closing ING as it is pathetic) and have had no problem in doing this. ICICI refused to take us on as they have no means of opening separate accounts tied to a joint account. They require each person to have a separate current account. This means that, although your site suggests that ICICI are a best buy, we are unable to invest with them and have opted for Icesave instead. Any comments?

stevie_wonder

I tried to do the same thing. Open an account for my wife (she doesnt work so pays less tax) but it was tied to our joint account. They have just sent the cheque back saying it has to come from a single not joint account. I don't remember reading thats what you had to do, but then I probably just assumed.

Can anyone tell me if the linked account for Icesave has to be an individual rather than joint account? I'm after a high interest rate and instant access - for approx £40k. We are with Egg but the interest rate has just gone down by 0.5%!!

Optimist

Some banks will allow this others wont. If you have a joint account with a bank and one of the account holders pays no tax the bank should accept a form R85 to get the interest for that account holder tax free but if they don't then you have to claim it back direct from the taxman
https://www.hmrc.gov.uk/taxback/intro.htm

palefountain_2

I have had the same problem. I wanted to set up an account in wifes name to take advantage of her non-taxpayer status. Have done it with Icesave, ING, Egg and Cahoot, but ICICI won't accept our joint account as link account (wouldn't even accept my wifes Cahoot current account - didn't recognise the sort code???). Gave up in th end and am trying Kaupthing Edge.

ps646566

Had the same experience. Absolute lunacy. Never had this from anyone else. Told them to stuff it and will place the money instead with a UK institution, especially since the FSA's recent warning about foreign compensation schemes.

cornerstone13

I had a similar problem. I have a Cahoot account with no cheque book, so I'm not allowed to link that to the ICICI account, because I can't send them a cheque for my initial deposit. No problem I thought - we've kept our old Barclays (joint) account going just for the cheque book facility, so linked that to ICICI, sent off the £1 cheque - which has been returned because it's in a joint name and I want the ICICI account in my name. Er, hello, ICICI, apart from cheques being antiquated and dying out, it is my name on the Barclays cheque I've sent (just happens to have OH initials as well)

Once again, I'll have to vote with my feet and go somewhere more accommodating - anyone got any ideas ?

ps646566

cornerstone13 wrote: »

Once again, I'll have to vote with my feet and go somewhere more accommodating - anyone got any ideas ?

Northern Rock.

harz99

cornerstone13 wrote: »

I had a similar problem. I have a Cahoot account with no cheque book, so I'm not allowed to link that to the ICICI account, because I can't send them a cheque for my initial deposit. No problem I thought - we've kept our old Barclays (joint) account going just for the cheque book facility, so linked that to ICICI, sent off the £1 cheque - which has been returned because it's in a joint name and I want the ICICI account in my name. Er, hello, ICICI, apart from cheques being antiquated and dying out, it is my name on the Barclays cheque I've sent (just happens to have OH initials as well)

Once again, I'll have to vote with my feet and go somewhere more accommodating - anyone got any ideas ?

We have a joint Cahoot current account, but with a chequebook, as there are a few situations where we still need one. We have opened separate Icesave ISA's which will be funded by transfering our ISA's from B&B to Icesave, so no joint names on cheque problem there. The Cahoot joint account is the linked one for both of us, no query there either. Hope this was of some use, good luck!:cool:

MagicBurd29

I argued with ICICI about this.

Eventually their phone people said that they would accept a cheque from a joint account provided both signatories signed it. I got this story on two consecutive phone calls, so I quoted this in a letter with the cheque. It went through.

Although I'm now regretting it as I'm trying to sort out a separate error which is *really* concerning. I'll post separately on that once it's clearer.