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Icici Internet Savings Account

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does anyone know anything about this outfit? i know they are based in india.and as far as i know,there are no restrictions as to how much you can save.in todays climate,5.4%aer is very good.

5.4% is great, after 40% tax = 3.24%, after inflation of 3% = 0.24%, still after 25 years you'll have a nice real increase of 6%.

Index trackers return on average 7% a year after inflation.

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Ok. I have an ICICI account and the problems are:

Takes ages to set up (which is ok i guess, as you only set it up once)

Takes ages to move money from your current account to icici (using the icici website). I am still waiting for £3k to move in - I entered this on the 17th aug. I can't move this £3k out of my current account because if this is processed I will go into the red. (This is the 2nd lot of money to be moved, the 1st moved fine).

[money moves fine if you send from current account to icici]

There customer service is crap. Takes over a week to get an e-mail reply.

Website is very slow.

I will be cancelling my direct debit if this cash hasn't moved by the 17th sept.

Edited by Jason

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it's true

ICICI is one of the biggest banks in India.

They were on business lunch on BBC 2 yesterday. They said that IT costs in India are 10% of what they are over here and that's why they can afford to offer such a great rate - after all internet banking is really just IT, isn't it? They said, everyone's outsourcing all their IT over here, so why don't we offer you guys the bank account as well...

They said yes the website is slow and crappy at the moment but in the next few months they expect it to get a lot better

So maybe not worth putting money in just yet, wait till they iron out the glitches for a few months and try then. That's what I'm going to do.

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There's a lot of discussion on these guys on moneysavingexpert.com It seems as though they're overwhelmed with applications which has resulted in everyone getting a poor standard of service, missing transfers, and general frustration at their lack of good comomunication. I'd echo what others have said and give them a few more months to gear up before diving in.

Fingers

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<i>There customer service is crap. Takes over a week to get an e-mail reply.</i>

Really? You'd trust your hard earned money to cowboys like this?

One thing people may not realise is just how good UK banks are compared to many in other countries.

What are the rules if this bank goes belly up? However unlikely.

You often gets what you pays for in this world.

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You can get the same rate from Australian banks. I keep my working capital in a Commonwealth Bank "Netsaver" account. 5.4% at call with a minimum balance of $5,000. Interest calculated daily and paid monthly.

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it's true

ICICI is one of the biggest banks in India.

They were on business lunch on BBC 2 yesterday. They said that IT costs in India are 10% of what they are over here and that's why they can afford to offer such a great rate - after all internet banking is really just IT, isn't it? They said, everyone's outsourcing all their IT over here, so why don't we offer you guys the bank account as well...

They said yes the website is slow and crappy at the moment but in the next few months they expect it to get a lot better

So maybe not worth putting money in just yet, wait till they iron out the glitches for a few months and try then. That's what I'm going to do.

Is it worth it? They don't offer any interest rate guarantees. I go with Egg - it may not be the best current rate but they will match the BOE rate until August 2007 so no chance of getting suckered after a couple of months. Same reason I go for Nationwide ISAs.

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<i>There customer service is crap. Takes over a week to get an e-mail reply.</i>

Really? You'd trust your hard earned money to cowboys like this?

One thing people may not realise is just how good UK banks are compared to many in other countries.

What are the rules if this bank goes belly up? However unlikely.

You often gets what you pays for in this world.

Exactly. I see on their web site they offer a 'Debit-cum-ATM card'. Is it covered in sperm?

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Is it worth it?  They don't offer any interest rate guarantees.  I go with Egg - it may not be the best current rate but they will match the BOE rate until August 2007 so no chance of getting suckered after a couple of months.  Same reason I go for Nationwide ISAs.

They do offer rate guarantees, they offer BoE + 0.25% min. (It might be +0.50% I can't quite remember).

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Halifax are offering 10% kids account.

Both paying max limit for the grand child.

Mr Bling is not getting my hard earned cash

except for PAYE tax and NI.

Edited by E Powell

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I've just come accross another interesting piece of info on the ICICI website:

(I didn't want to start another thread as there are too many threads now-a-days).

https://www.icicibank.co.uk/personal-bankin...ns-against.html

"Loans are offered upto 75%-90% of the underlying deposit value, in GBP, USD and EUR, for a tenure of three years."

Correct me if I'm wrong, but ICICI bank are lending money keeping 10-25% in reserves (using Fractional Reserve Banking).

Its not really a question, but I thought it would be worthy of a mention.

N.b.

Still no answer from ICICI but they do promise to ring on Monday. :angry:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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