UK: High Interest Internet Savings accounts: ICICI or Icesave - any views on these banks?I've heard that ICICI (a big Indian Bank) had some system problems when they set up in the UK but are now OK. Icesave (run by an Icelandic Bank) pays a slightly better interest rate, but their website is reported to be slow because of their current popularity. Any experiences (good or bad) of these banks? | |
ICICI bank has a financial strength rating of C- from Moody's and a long-term foreign currency credit rating of Baa2 from Moody's and BB+ from Standard & Poor's.
Essentially from an investor point of view, any debt it issues is rated junk by these two ratings agencies.
For a UK bank, the FSCS provides some security (100% on first £2,000 and 90% on next £33,000).
Personally I don't think the extra interest is worth it, but it is up to you.
Icesave is rated A2 by Moody's. This acceptable I think. According to its website the Icelandic deposit guarantee is worth slightly more when combined with the UK scheme.
I have only got very good experience from ICICI Bank and I have also used the Bank in India and UK. It is one of the largest private banks in India and highly techno savy
