Icici see I see... (ICICI Instant Access Savings Account)

Member Name: Smallpotatoes

Product:	ICICI Instant Access Savings Account
Date:	28/10/08 (164 review reads)
Rating:

Advantages: Consistently competitive interest rates, great when it works

Disadvantages: Online system has issues and needs a therapist!

I was somewhat dubious when my dear husband persuaded me to open an account with Icici. For a start, there's the name, which sounds made up, the fact that it's an internet only account (my hard-earned savings, lost on the net!?), then fact that I'd never heard of them didn't help inspire confidence, and the fact that their parent bank is Indian made me wonder if their customer support would resemble that of various India-based call centres I have been redirected to lately!

However, the experience has been far from excruciating. Unlike other savings accounts (naming no names!) the interest rate, which was the strongest incentive to set up the account, has remained competitive for the two and a half years I have held the account. The account is operated online. You have a linked account (your existing current account or any other account of your choosing). Whenever you wish you simply log into your Icici account, transfer money to or from your linked account, and log out again. They don't spam you constantly, or relinquish your details to any third parties. Their support - via phone, letter or email - are prompt and helpful.

In spite of the recent turmoil in the banking world, and particularly many people's understandable concerns about foeign banks, I would have no difficulty in recommending this bank to others. It may be a subsidiary of a foreign bank, but it is operated under UK legislation and is backed by the Financial Services Compensation Scheme - so if anything bad were to happen to this bank, up to £50,000 of your money would be guaranteed safe, just like any other UK bank. In spite of starting with the same letters, this is not another Icesave waiting to happen! Furthermore, Icici is the largest private bank in a country which has not been affected by the current credit crunch nearly as adversely as Britain.

However, it's not all sunshine and lollipops for Icici customers. For a start, as I mentioned, this is an internet only account, and on their website the company make much of their 24-hour access advantage over brick and mortar accounts. Icici's servers have been less than reliable over the last couple of years, and have had a tendency to crash just when I want to access my account. This is the internet equivalent of a high street bank closing its doors to customers!

Furthermore, even when the servers are working, logging in is not without its drawbacks. The system requires you to log in every six months. Failure to do so will result in a password reset. If, like me, you prefer to just leave your money to accumulate interest and forget about it, it can be very easy to forget to log in. If you try to log in six months and one day after your last "visit", your password will have been reset. You will then have to fill in the password request form online - which can be a trial if their servers are having a slow day! - and wait around ten days for them to send you a new password by post. Sometimes they forget to change the ribbon in the printer, so the password you receive is illegible. Then you have to request it again, and wait a further ten days. This can induce high blood pressure, foot stamping and temper tantrums when you suddenly need access to your "instant access" account. Furthermore, even when you do manage to log on and instruct the rather unfriendly system to transfer funds to your linked account, the process is far from instant and usually takes at least three days.

On the whole, I've been very happy with the account. I'm in the fortunate position that I haven't needed "instant" access to my account, and I've even been able to take advantage of the very high interest fixed rate bonds they've been offering lately. If you want somewhere to dump your money and rake in the interest, with the convenience of online banking, this account can be wonderful. However, if you want genuine instant access to your money, and an impeccable system that works every time, this won't be the bank for you.

Summary: An online bank account with a high rate of interest and instant access - sort of...