Ain't Nobody Here Posted January 20, 2009 Share Posted January 20, 2009 Following on from the worrying time some of us had with the Iceland banking fiasco, does anyone have any savings with ICICI Bank? We do but I'm starting to feel a bit nervous about it. It is regulated by the UK banking code but there is apparently some concern over the stability of the Indian parent bank. It pays a really good rate of interest but I'm wondering if it's worth the risk and I should just stick the money in Nationwide or somesuch UK institution. Any opinions? Quote Link to comment Share on other sites More sharing options...
Phoebe Posted January 20, 2009 Share Posted January 20, 2009 You can check on the internet whether it is covered by the FSCS scheme - try a google search - and if it is, then you are ok up to £50k - although it may take time to get it back if the bank collapses. If you need quick access to it, you might want to put it in the Nationwide or other UK building Society. Generally speaking, there is a reason why the rate is high (ie some degree of risk) - and very low for safe stuff like National Savings. I had money in Icesave which I got back really quickly, plus the interest due. I also had some in London and Scottish ( ) and I have filled in a form to reclaim it but heard nothing since, so I expect it to take some time. So, probably best not to take financial advice from me !! Quote Link to comment Share on other sites More sharing options...
Tessa the Duchess Posted January 21, 2009 Share Posted January 21, 2009 I considered saving with them also Anglo Irish because they both paid higher rates than other institutions. Anglo Irish is not covered by the FSCS protection scheme and I thought ICICI wasn't either, but I'm probably wrong Any bank that is covered is 'safe' and you will get your money back.....eventually should it all go wrong. I have spent some time searching for somewhere to stick my savings where I will get some decent return and unless you are prepared to take an element of risk, there really isn't anywhere Having been a prudent saver all my life I am trying very hard not to feel ticked off by this and just thanking my lucky stars that I have some savings and am not struggling to pay off debts like others are at the moment Tessa Quote Link to comment Share on other sites More sharing options...
Ain't Nobody Here Posted January 21, 2009 Author Share Posted January 21, 2009 This is a quote from MoneySavingExpert.com so I think I'm OK . ICICI is a full UK subsidiary and thus in the event the bank went bust, you have the full protection up to the £50,000 per person per financial institution. This was the line that had me a bit worried . Some concerns have been raised over its parent bank's stability, and one best buy table has stopped listing it for that reason. Quote Link to comment Share on other sites More sharing options...
Helly Welly Posted January 21, 2009 Share Posted January 21, 2009 Having no savings, i can't comment but if i did i think i'd keep them under the mattress!! It pays about the same amount of interest Quote Link to comment Share on other sites More sharing options...
Ardene5 Posted January 22, 2009 Share Posted January 22, 2009 Hi What about using the Co op bank? Best regards Ian & Valerie Quote Link to comment Share on other sites More sharing options...
