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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

ICICI 4% Fixed Rate Savings Account / Bond Review June 2009

Personal_Finance / Savings Accounts May 31, 2009 - 10:50 PM GMT

By: Shahla_Walayat

Personal_Finance

Best Financial Markets Analysis ArticleICICI Bank is currently offering a market busting 1 year fixed interest rate of 4% far higher than the competition which ranges up from just 0.5% upto 3%, with retail prices deflation there is little sign of significantly higher base interest rates for much of this year.


ICICI Fixed Savings Account Key Facts

  • 4% Fixed rate for 1 year term, other terms are available i.e. 4.35% for 2 years.
  • Minimum investment of £1,000
  • Account online opening and management.
  • Can open multiple fixed rate bonds, each bond cannot be opened to after initial deposit.
  • Option available for early access at a lower interest rate of 7.00%
  • ICICI registered and authorised by the FSA, and a member of the Financial Services Compensation Scheme that protects the first £50k of savings.

Current Selection of 1 Year Fixed Rate Bonds

Financial Institution Interest Rate Fixed Period
ICICI 4% 1 year
Abbey 3% 1 year
Investec 3% 1 year
ING Direct 2.75% 1 year

 

The ICICI is currently the highest paying 1 year fixed rate savings account on the UK market that can also be opened and managed online.Not only that but ICICI has consistently proven itself to be the highest paying bank as my analysis of August 2008 illustrated when the account was paying a fixed rate of 7.2%, those that locked in that high interest rate must be now laughing all the way to the bank now!

By Shahla Walayat
http://www.moneyforums.co.uk

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Moneyforums.co.uk is a FREE site which provides UK Money Saving Guides, Tools and Forums including - Credit Score Calculator and the Savings Calculator . Mortgage and Tax Calculators. Money Saving Guides such as Credit Card Stoozing , Savings Tree , Money Saving Guide. Personal Finance Discussion Forums open to ALL, supported by experienced moderators, to discuss any personal finance topics from The best Savings & Deposit Accounts , Regular Savers and Cash ISA's and more.

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