The Top Easy Access Savings Discussion Area

ICICI were terrible for me,

Two long months of trying to open the account,

I dont think these people need by 10k as someone else will,

I DITO what someone else said earlier, other may pay less but it is actually more!!

ICICI = NO

????? = YES

Struggling_learner wrote: »

With info from Martin's savings article late Sept I opened an internet saver account with Bradford and Bingly at 6.4%. This rate stayed up when other accounts dropped and when I saw the recent posting I thought they must be opening up the account for new investers. Not so. My account dropped to 6.15% at the end of Dec, the bank will not transfer my funds, I have to apply online for the new one, take out the funds from my old one and deposit it in the new one when it is open. Do you have to keep checking interest rates? It is not easy to find out what interest your account is getting with so many names. This one certainly looks like a trick to me.

Same for me. On seeing your reply I just applied for the new one. They all have their tricks. I always think that thoes who get caught pay for thoes who don't. I expect to make at least 2 new applications a year. ICICI are the only one I have seen that have had a consistent best interest rate but unfortunately I'm one of those who can't seem to get myself set up with them. I think I will give it another try.
After the government stepped in with Nothern Rock I wonder if they would do the same for foriegn owned companies like ICICI or Icesave?

neilp wrote: »

I was wondering why this article does not mention the FirstSave account (First National Bank of Nigeria). This pays 6.5%, which in theory is market leading (especially given that it is not an introductory rate). Is there something wrong with this account, or some kind of catch I haven't noticed?

Incidentally, this is not a criticism, but a genuine question. I am thinking about looking at this account, but want to be sure I am making the right move before losing several days interest transferring funds from ICICI (via my current account).

Thanks for that. It's the first time I ever heard about them and looking at their web site it looks fine to me. I also would like to hear more. I checked that they are registered with the fsa and they are.

I agree that the fact that FirstSave is FSA regulated and subscribes to the Banking Code means that holding deposits there is no more dangerous than any other bank. My concern is whether it is worth losing around 5 days interest while moving funds via a current account, only for FirstSave's rates no longer to be competitive. ICICI are a known quantity, frequently raise rates in response to moves from competitors, and have a market leading rate guarantee. This makes me inclined to keep my funds there. The fact that I have had a good experience of their service, and it is possible to make deposits by BACS as well as direct debit also go in their favour.

Having said that, I would welcome any feedback on FirstSave. I am also interested in what the "official" MSE.com view of this account is.

Hanzi, your best bet is probably a regular savings account. Skipton Building Society has a very good account, which allows you to deposit up to £250 per month, for 1 year, at 7.55%. You can have up to three of these accounts, so there is nothing to stop you opening two (£250 per month in each). Alternatively, Yorkshire Building Society pays a slightly lower rate, but allows you to save up to £500 per month. The main downside with both is that withdrawals are somewhat tricky. If that is an issue, your best bet is an instant access account (see the article on this site for more info).