ICICI Applicants feedback required

masonic

glennh wrote:

I am currently looking to have the capital on my house transfered to a HISAVE account once my house sale goes through mid september as we won't be able to move into our new one. It would amount to just over 100K for about 3 months but I'm not sure what to do now. Can anyone give advise?

I should have said I'm at the process of getting my solicitor to attest to the IDs.

If it's just for 3 months, you may as well forget about the extra fraction of a % interest and go for something like B&B eSavings, which pays 5.1%, unless they've dropped their rate since I last looked. I would normally say move it across when your ICICI account is set up and working properly, but the interest you would lose during the transfer would probably amount to more than the extra you would earn in that short time.

Walletwatch

While I agree that ICICI haven't exactly been consistent with their service levels, I must say, the online statement makes impressive reading, especially after the month-end interest has been credited ;-)

HGLTsuperstar

Today received email saying its all been set up, and acount number and login ID. But told password would come in a separate email for security, so still can't login yet!

Jim_B_3

Checking the account today, the interest has been credited on time. A nice touch is that the gross interest is shown, and then the tax deducted.

snaggle

I have also had a little trouble with ICICI, It took them 3 week to deposit my opening balance, Having said that the money took even longer to leave by account so I wasnt out of pocket but I had my password before I had the money in there bank.
A strange thing is when I looked on the back of the password envelope for an address for them it says
ICICI Bank UK Ltd, 21 KINGHTSBRIDGE, London
I thought the address was KNIGHTSBRIDGE
IT LOOKS LIKE THEY DON'T EVEN KNOW THERE OWN ADDRESS.
I will take Martins advice and hold on before I send anymore cash, It's a pitty as I had my interest from my A&L a/c today and was going to send a larger sum.

terrierlady

ref my earlier post, email received re openning the account but nothing else...............
Could not say their speedy, could one.

Indispensable_Hobbes

IMO It went through smoothly and quickly

M_Thomson

masonic wrote:

If it's just for 3 months, you may as well forget about the extra fraction of a % interest and go for something like B&B eSavings, which pays 5.1%, unless they've dropped their rate since I last looked. I would normally say move it across when your ICICI account is set up and working properly, but the interest you would lose during the transfer would probably amount to more than the extra you would earn in that short time.

Are you certain of this? For 3 Months interest on 100K should be a fair amont.

masonic

M_Thomson wrote:

Are you certain of this? For 3 Months interest on 100K should be a fair amont.

Well, say the difference in interest is 0.3%, difference in interest earned would be approx 0.3%/4 x £100,000 = £75. Obviously, this is a maximum and creeps down with every day the money is not in the ICICI account.

Now say that the money is between accounts for a week (it would probably be more given that ICICI are so slow processing transfers)

That means that, assuming no interest is earned while the money is in limbo, interest lost would be 5.1%/52 x £100000 = £98.

I know I've made some oversimplifications here, but unless glennh has a very high interest paying current account linked to the two savings accounts, it doesn't seem worth the hassle of a transfer.

glennh

masonic wrote:

Well, say the difference in interest is 0.3%, difference in interest earned would be approx 0.3%/4 x £100,000 = £75. Obviously, this is a maximum and creeps down with every day the money is not in the ICICI account.

...

That means that, assuming no interest is earned while the money is in limbo, interest lost would be 5.1%/52 x £100000 = £98.

Thanks for all the feedback and it's usefull to see sums written down. How come Martin hasn't got B&B on his Top payer list? Northern Rock are down to 5.01% and Cahoot are down to 4.85% so B&B seems better although there's minimum of £1000.

I'll think I'll check to see if the interest rate will change and open a B&B account if not. One thing it does say is 'third party withdrawals are not permitted'. Does this mean I won't be able to get my solicitor to do a telegraphic transfer?