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ICICI 7.2% Fixed Rate Savings Account / Bond Review

Personal_Finance / Savings Accounts Aug 12, 2008 - 04:41 PM GMT

By: Shahla_Walayat

Personal_Finance ICICI Bank is currently offering a market busting fixed interest rate of 7.2%, whilst at the same time speculation is growing of UK interest rate cuts around the corner in the wake of a fast slowing economy, therefore a small window of opportunity exists to lock into a high fixed interest rate as already some banks have stated to cut rates such as Birmingham Midshires.


CICI Fixed Savings Account Key Facts

  • 7.20% Fixed rate for 1 year term, other terms available are 6, 24 and 36 months
  • 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 £35k of savings.

Current Selection of 1 Year Fixed Rate Bonds

Financial Institution Interest Rate Fixed Period
ICICI 7.20% 1 year
FirstSave 7.10% 1 year
Icesave 7.06% 1 year
Anglo Irish Bank 7.06% 1 year
Bradford & Bingley 7.0% 1 year
Cahoot 7.0% 1 year
Nationwide 6.70% 1 year
Halifax 6.60% 1 year
Abbey 6.35% 1 year

 

The is currently the highest paying 1 year fixed rate savings account on the UK market that can also be opened and managed online.

Any down sides ? - Customer support is reportedly poor.

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

Copyright © http://www.moneyforums.co.uk 2008 - All Rights Reserved

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.

This article maybe reproduced if it is reprinted in its entirety with links to http://www.moneyforums.co.uk

Disclaimer - Moneyforums.co.uk does not guarantee the accuracy of the information provided, and does not accept any liability for its accuracy, which is for general information purposes only as a starting point for your own research.

Shahla Walayat Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Brushy
18 Aug 08, 17:53
ICICI bank

This bank promised contact with details within two days.Took 8.If it is as hard to get money out as it is to put it in avoid.Also want all so much certified information to open the account that it would cost a fortune in fees for the appropriate signatures and stamps.


Pewhit
02 Sep 08, 08:14
ICICI HiSave Fixed Rate

Seduced by the high interest rate and the fact that ICICI has now signed up to the Banking Code I opted for a 1 year fixed rate of 7.2%. To date it is 15 days since they received my cheque and 8 days since it cleared but my account is still not open as at 2/9/08. Most British Banks manage this process in 3 days. Stay with them, I wish I had!


Nadeem_Walayat
02 Sep 08, 17:39
ICICI Hisave Fixed Rate Test
Hi

We are giving ICICI a test run to see how competent they are in managing account openings, and will report our findings publically.

NW. Editor MO
Shahla_Walayat
15 Oct 08, 05:56
foreign banks

 

See article of 12th October in the light of the bankruptcy of Iceland and foreign banks

Banks to Avoid as Iceland Goes Bankrupt with £10 billion of UK Deposits

SW.


MPR
18 Oct 08, 16:48
Holding foreign currency

Hi. I am currently thinking about moving some of my savings off Shore with HSBC. I was thinking about holding Canadian Dollars with the idea that its one way to beat the inflation to come in this country. The interest rates are very poor at around 1.4% through. I would be grateful for your opinion. MPR


dahuletam
29 Aug 09, 17:26
dahuletam

i think the easy answer is to build a normal static website and add a nice layout with pictures etc...


fayerose
24 Sep 09, 05:59
icici fixed rate savings account

Avoid this bank. I called them a week before my 7,000 gbp savings matured to ask if I could take it all out - the customer services said I had it on auto-renewal (must have been in the small print) so I explained I wanted it all out to which she said "yes, no problem - once it matures you can take it all out". Once it matured I logged in to remove it all and I couldn't get the 7,000 gbp out - only the 400 gbp interest. So now I am going through customer compliants who will listen to the phone conversation we had so then I can get it all out, hopefully............

Can anyone advise me what to do next if they still refuse?

Thanks in advance


TDK
05 Oct 09, 09:13
ICICI Auto-Renewal

Reference Fayerose 24/09/09.

No I did not realise I was locked into "Auto-Renewal". On taking out the Fixed Bond I gave instructions with sort code which of by bank accounts outside ICICI should receive the capital plus interest. I had the same problem only for a larger amount. As the Term Bond was expiring it took me two days of speaking with ICICI assistants to resolve this matter. The capital plus interest was then released to my nominated account.


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