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  • FIRST POST
    • RobStaffs
    • By RobStaffs 28th Feb 18, 6:58 AM
    • 285Posts
    • 46Thanks
    RobStaffs
    Hi-Save bonus account with the ICICI Bank
    • #1
    • 28th Feb 18, 6:58 AM
    Hi-Save bonus account with the ICICI Bank 28th Feb 18 at 6:58 AM
    Has anyone opened a Hi-Save bonus account with the ICICI Bank? I have followed a link via this site and opened my account. I am just about to set up my internet banking but I am slightly nervous about transferring the funds. All communication has been by email and which includes account number info and then unique ID info via another email. Some of their graphics look very pretty basic on the emails and I just want to be sure before I transfer cash in. Anyone got any advice?
Page 1
    • bowlhead99
    • By bowlhead99 28th Feb 18, 7:14 AM
    • 7,835 Posts
    • 14,310 Thanks
    bowlhead99
    • #2
    • 28th Feb 18, 7:14 AM
    • #2
    • 28th Feb 18, 7:14 AM
    Some of their graphics look very pretty basic on the emails and I just want to be sure before I transfer cash in. Anyone got any advice?
    Originally posted by RobStaffs
    1) Rather than doing a test transfer with 50k, do it with something you can afford to lose. Transfer a pound or two. If the emails giving you the account information were incorrect or spoofed, the worse that will happen is that you have lost the pound or two.

    2) When you log in to their website using the credentials you were supplied with, do that by independently going on to their actual website and navigating to the correct section. Rather than following a link in an email you have been sent.
    • JEN22
    • By JEN22 1st Mar 18, 4:23 AM
    • 428 Posts
    • 82 Thanks
    JEN22
    • #3
    • 1st Mar 18, 4:23 AM
    • #3
    • 1st Mar 18, 4:23 AM
    ignore the above answer. I have investments with them and have done for 5 years. All online. Brilliant to deal with. Our banks could learn a thing or too off them
    • ctdctd
    • By ctdctd 1st Mar 18, 6:56 AM
    • 880 Posts
    • 700 Thanks
    ctdctd
    • #4
    • 1st Mar 18, 6:56 AM
    • #4
    • 1st Mar 18, 6:56 AM
    ignore the above answer. I have investments with them and have done for 5 years. All online. Brilliant to deal with. Our banks could learn a thing or too off them
    Originally posted by JEN22
    Whilst the ICICI bank is fine and FSCS protected, what's wrong with Bowlhead99's answer?

    Both points are basic common sense when using any online bank.
    Do Money Saving sites make you buy more bargains - and spend more money?
    • curious squirrel
    • By curious squirrel 1st Mar 18, 10:30 AM
    • 11 Posts
    • 3 Thanks
    curious squirrel
    • #5
    • 1st Mar 18, 10:30 AM
    • #5
    • 1st Mar 18, 10:30 AM
    I've opened the HiSAVE Bonus Saver Series Two with the 1.35% on balances over 750, or at least I tried to open that one and eventually after over two weeks I now have an account. But I'm not even certain if the right account has been opened. It's confusingly named and the interest rate is not displayed. I've messaged them to ask.
    • RobStaffs
    • By RobStaffs 2nd Mar 18, 7:43 AM
    • 285 Posts
    • 46 Thanks
    RobStaffs
    • #6
    • 2nd Mar 18, 7:43 AM
    • #6
    • 2nd Mar 18, 7:43 AM
    1) Rather than doing a test transfer with 50k, do it with something you can afford to lose. Transfer a pound or two. If the emails giving you the account information were incorrect or spoofed, the worse that will happen is that you have lost the pound or two.

    2) When you log in to their website using the credentials you were supplied with, do that by independently going on to their actual website and navigating to the correct section. Rather than following a link in an email you have been sent.
    Originally posted by bowlhead99
    Thanks for that. I have take your comments on board and it looks fine.
    • BRYNEL
    • By BRYNEL 5th Mar 18, 9:37 AM
    • 6 Posts
    • 1 Thanks
    BRYNEL
    • #7
    • 5th Mar 18, 9:37 AM
    • #7
    • 5th Mar 18, 9:37 AM
    The Icky,icky (ICICI) bank,is a joke.Avoid like the plague
    • mackemdave
    • By mackemdave 5th Mar 18, 12:49 PM
    • 751 Posts
    • 905 Thanks
    mackemdave
    • #8
    • 5th Mar 18, 12:49 PM
    • #8
    • 5th Mar 18, 12:49 PM
    Why is it a joke...I have an account with them
    Last edited by mackemdave; 08-03-2018 at 3:07 PM.
    • SpiraliS
    • By SpiraliS 6th Mar 18, 8:05 PM
    • 13 Posts
    • 9 Thanks
    SpiraliS
    • #9
    • 6th Mar 18, 8:05 PM
    • #9
    • 6th Mar 18, 8:05 PM
    ICICI has its headquarters in India.

    Their application process is hideously slow. I applied for their HiSave account on 19th February and have been drip-fed an email once a week with an update on their opening process, which inexplicably involves them confirming details you have already provided: Firstly, your linked account (already stated that in application process), a week later confirming my direct debit details (again, already did that when I applied). You don't need to reply to the emails or confirm anything, it's just info. Then a few days later a "test" of my direct debit with 1 coming out of my account. And finally today, 15 days later, to say my account is open..... but I can't login because they are sending my password in the post, which will arrive "within the next 7 working days".

    To be honest I've lost interest (in every sense) waiting for ICICI so I would just avoid them if you can. Opt for a rate which is similar, perhaps the Post Office savings account @ 1.30% which is UK-based and a million times quicker to open.
    Feb 2018 diary:
    Debt: 13,169.83 (all on 0% CC til Sept 2018, repaying 333 a month)
    Mortgage: 193,535.06 (on Repayment, 5-yr fix @ 2.39%)

    Savings: 8,600 in various accounts all @ 5% interest (drops to 1% in March, after which will use total to pay off some of 0% CC)
    • Aidy
    • By Aidy 8th Mar 18, 1:00 PM
    • 2,222 Posts
    • 3,209 Thanks
    Aidy
    19th century operation
    Not even 20th century!

    Account opening I sent shocking. Even quote 3 days to change a phone number

    Went to Tesco bank in the end - 0.04% less but account opened in 10 minutes
    • mackemdave
    • By mackemdave 8th Mar 18, 3:10 PM
    • 751 Posts
    • 905 Thanks
    mackemdave
    Not even 20th century!

    Account opening I sent shocking. Even quote 3 days to change a phone number

    Went to Tesco bank in the end - 0.04% less but account opened in 10 minutes
    Originally posted by Aidy
    I was able to change my address and telephone number on line..it says any changes should be affective within 24 hrs...Ive been with them nearly 18 mths and cant say Ive ever had a problem with them..worse banks out there than ICICI
    • Stompa
    • By Stompa 8th Mar 18, 3:22 PM
    • 7,706 Posts
    • 3,763 Thanks
    Stompa
    The Icky,icky (ICICI) bank,is a joke.Avoid like the plague
    Originally posted by BRYNEL
    They're certainly the most amateur bank I've ever encountered.
    Stompa
    • Aidy
    • By Aidy 8th Mar 18, 9:03 PM
    • 2,222 Posts
    • 3,209 Thanks
    Aidy
    I was able to change my address and telephone number on line..it says any changes should be affective within 24 hrs...Ive been with them nearly 18 mths and cant say Ive ever had a problem with them..worse banks out there than ICICI
    Originally posted by mackemdave
    Being online is a distant dream. I think I was weeks, if not months, from getting online!
    • SpiraliS
    • By SpiraliS 13th Mar 18, 9:06 AM
    • 13 Posts
    • 9 Thanks
    SpiraliS
    Once you login, it feels.... I don't know. Not quite right. A bit creepy... a bit "basic", as the first poster said in this thread. The long shot is, it isn't slick... the whole process and setup feels very foreign and untrustworthy.

    Avoid if you can.
    Last edited by SpiraliS; 19-03-2018 at 10:50 AM.
    Feb 2018 diary:
    Debt: 13,169.83 (all on 0% CC til Sept 2018, repaying 333 a month)
    Mortgage: 193,535.06 (on Repayment, 5-yr fix @ 2.39%)

    Savings: 8,600 in various accounts all @ 5% interest (drops to 1% in March, after which will use total to pay off some of 0% CC)
    • m1618
    • By m1618 20th Mar 18, 2:19 PM
    • 38 Posts
    • 10 Thanks
    m1618
    My experience of Account Opening
    I've persevered with ICICI because of the high interest rate, but it's not been an easy ride.

    I had an account with them years ago, and don't remember there being any problems then. They've been trading for years in this country, are covered by the FCA 85,000 guarantee, so have no reason to think they're unsafe.

    However, that doesn't mean that their system doesn't leave much to be desired!

    Getting the account open took ages. It's taken two weeks to get to the stage where I can move money in. ICICI say that they tell you it will take 9-11 business days to open an account, but I don't remember seeing that anywhere. (That doesn't mean it isn't there somewhere!)

    They take a 1 test Direct Debit from your account (presumably some sort of security/account validation check). That took some time to disappear from my linked account.

    I couldn't log into ICICI until they sent me my Username info by email, which arrived two weeks after I initially applied.

    When I called to check progress (before the email arrived) they did give me the account number that I would be using to move money to them, and I "pushed" 1 to that account, so that, when I could eventually see it online, I'd be able to check immediately that I was sending money to the right place. I was able to do that before I got the info I needed to access my account online, which speeded things up a tad.

    Today I got the info from ICICI that I needed to log on. And yes the 2 is there.

    Having logged on, I wanted to see what the current interest rate was. The information about the account led me to believe that the bonus of 0.70% was fixed, but the the actual interest rate on the account was variable (currently 0.65%), which to me meant it could change at any time.

    As mentioned by another forumite, there is no way to find the interest rate directly from my account. Clicking through from the account for interest details merely takes you to the site map for the entire website. When I did track down some pages on interest rates, I couldn't find this account mentioned anywhere.

    When I phoned, I was told that info wasn't available as part of the online system, and that I needed to look at the page about the account, which is what I looked at when I opened the account. I said that I was concerned this information would disappear when they stopped marketing the account, and then when could I find the interest ratee? I was told categorically that the original base rate of the account will not be changing until the end of the bonus period.

    This is supported by this text:
    "Get upto 1.35% AER. Rate includes a 0.70% AER fixed rate bonus from 01 February 2018 to 31 January 2019. After this date the rate will revert to our standard variable rate, 0.65% AER variable."
    from: http://www.icicibank.co.uk/personal/hisave-accounts/hisave-bonus-saver-series-two.page?

    They said they would pass on my request to be able to see the interest rate with my account details when I'm logged. I don't think I was the first to ask for this.

    My only other thought is that interest on this account is Monthly, so I'd expect there to be a statement each month. I have a vague recollection that it's now law that they have to show the interest rate on the statement, but I may have made that up!

    I notice that their customer support line is available 24/7, which is a bonus, on a local dial number. See: http://www.icicibank.co.uk/personal/faqs/online-banking-help-Faq.page?

    Not the easiest of journeys so far. Hoping for an easier ride from now on!

    Hoping this info is of use to others.

    PS Sent funds from my linked account to ICICI. Funds showed up on their system in a couple of hours. Some bits of their system work just fine!
    Last edited by m1618; 20-03-2018 at 3:26 PM. Reason: Added PS
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