What happened to my ICICI Bank HiSave Interest Rate??

CHR15

Hi,
I have had an ICICI HiSave Savings account for some time (not fixed term), I have noticed this month my Interest has dropped by £20 compared to previous Months
I don't recall the interest rate I was getting before but the homepage states

Please Note: With effect from 5th March 2008 the interest rate for HiSAVE savings account will be 6.16% AER/ 6.00% Gross and would apply to both new and existing HiSAVE saving accounts.

This suggests there has been no change in the Interest rate since March. So how come I have lost over £20 in a single Month???

Thanks

Exo

Send an email to the Account Manager via your account link. Explain the situation and await their response. This happened to me a couple of months ago and was sorted in a few days.

mjmal51

From their FAQs
"We will pay interest once each month on the last day of each month, and, if the last day is not a working day, on the next working day."

And so far for me this has been correct but for Sept I had interest paid early on 26th, so if you had the same, which I assume you did from the date of your post, then this has been a short month for interest earned.

CHR15

Ahh, that explains it. Short Month, makes sense now, thanks for the replies mjmal51 and exo

CHR15

Indeed, I have just seen a notice on my account page.

Interest has been paid 1-26 Sep

Interest for 26-30 will be paid on 30 Sep

Stompa

CHR15 wrote: »

Indeed, I have just seen a notice on my account page.

Interest has been paid 1-26 Sep

Interest for 26-30 will be paid on 30 Sep

Yes, I just saw that too. I notice they didn't give any explanation of why this has happened!