Referral Required | Page 2 | ICICI Bank | Discussion forum

How are you guys sending referals just with the email address? When I try it wants email, phone number, first and last name as well.

Priscilla said:

May I have a referral please? I'm switching since HSBC lowered their rates again.

--sent--@hotmail.com

Thank you in advance.

Interesting. ICICI Bank Canada's rates are lower than even two of the major five banks including BMO's new Smart Saver Account (at 2.75%) and Scotia's Power Savings Account (at 2.60%). It is tied with RBC's eSavings account at 2.5%. As well, I should point out, HSBC's Direct Savings Account still pays much higher interest at 2.75% plus a 1% bonus on Net New Money (anything over your total combined account balances with HSBC after Nov. 21/08) until the end of March 2009.

Cheers,
Doug

hey Max,

Well, it's true. ICICI Bank is probably a solid bank overall, but with a less stringent regulatory structure in India, one can't be certain how true their Tier 1 Capital Ratio is (a key measure of a bank's fiscal health) and other important aspects. Plus, when ICICI cuts rates so dramatically from 3.15% to 2.5%, that's a bad sign. They may have trouble meeting depositor obligations way down the road, I'm just not certain. Then again, they may not. At any rate, why stay with ICICI when at least two of the Big Five Banks plus HSBC Bank Canada (the 7th largest in Canada and largest foreign-owned bank) are beating them by as much as 25 basis points?

The Direct Savings Account and Direct Tax-Free Savings Account from HSBC are just better products in every way.

One thing I will give credit to ICICI for and that's their Chequing Account. It's $5.00 per month for unlimited transactions (whereas the Big Five Banks and HSBC are at least $9.95 per month) and even that's waived if you maintain a $100.00 daily closing balance for the month, which is really easy to do. It's just their savings accounts and GICs that are totally uncompetitive.

So, have I got you convinced to move as much of your money (that's not locked in in GICs) to HSBC as possible yet, Max? 😉

Cheers,
Doug

Well Doug, you don't really have to convince me to move my money to HSBC because till the 16th of March, all my money is in the hand of HSBC investors 😉 because of their promo of 3.75%. HOWEVER, since that have been doing their "special promotion" of an extra 1% on any NEW deposit, I will probably have to money all my money away from HSBC to ING or ICICI when this promo ends to get ready for the next one 😀

About the Chequing account at HSBC, I suspect you have no interest, unlimited transactions and you have to pay to get a checkbook even if you maintain a 100$ daily balance am I right? Right now I have a totally free chequin account with 12 transactions per month till I reach 25. I'm fine with this because I transfer my paycheck once a week to HSBC and this way I can use any National Bank or BMO ATM to withdraw my money to gain access to unlimited transactions. However I always use my 1% cashback credit card so I do limit the number of transactions by this way.

Is there any way the Chequing account of HSBC would decrease my monthly fees? Even if I have none? hehe. I still have 76 checks left with Desjardins so I still got 4 years or free chequing account. I don't think you can convince me to go 100% with HSBC and close my account with Desjardins!

@Tibbets: We need your e-mail to send you a referral. And yes I have a referral left, we all do have referrals left 😉

Max