ICICI fixed rates drop

Dan29

E-mail from ICICI:

"The HiSAVE Fixed Rate Account interest rate is revised with effect from the 7th of November 2008. The new interest rates are as stated below:

HiSAVE Fixed Rate Account - Without Early Access Facility
6 months: 5.72% / 5.80% AER
12 months: 6.60%/ 6.60% AER
24 months: 6.46%/ 6.27% AER
36 months: 6.43%/ 6.06% AER

HiSAVE Fixed Rate Account - With Early Access Facility
6 months: 5.72% / 5.80% AER
12 months: 6.25%/ 6.25% AER
24 months: 6.12% / 5.94% AER
36 months: 6.10%/ 5.75% AER

This new interest rate would be applied on all accounts opened by us, on receipt of cleared funds, from the 7th of November 2008."

LongTermLurker

They're not being slow about reducing rates are they? The no-notice rates seem to have stayed put, but I doubt it will be for long.

soulsaver

LongTermLurker wrote: »

They're not being slow about reducing rates are they? The no-notice rates seem to have stayed put, but I doubt it will be for long.

Yep - 2nd drop in a week. 1st was well(ish) advertised from their 7.2 which has been available for some time, then 7.01 for the week(ish). I'll speculate they planned the first cut on the basis of what they thought the BoE would do, but were surpised that it was a much bigger drop so lopped another 0.4% off.:o

I managed to grab the 6.6 early remp for 2 years and 7:0 no early for 2yr too.:cool:
I stayed headroom for interest under the magic £50k & hope they don't go mamaria verticulus now...
We could do with em around to keep the big 6 on their toes.... otherwise Gordon will force the UK ones to screw savers to give 'better' mortgage rates to home buyers. Keep it up ICICI....

Swipe

Still very good rates

LongTermLurker

soulsaver wrote: »

We could do with em around to keep the big 6 on their toes.... otherwise Gordon will force the UK ones to screw savers to give 'better' mortgae rates to home buyers. Keep it up ICICI....

Much as I dislike ICICI's cs, I have to agree with you that the competition is needed. There are few high paying accounts around at the moment and they will no doubt reduce.

KingL

Rates dropped again today 14 Nov 08 ....

ed123 wrote: »

...looks like they have dropped the rates again today 1 year 5.75% no access....

LongTermLurker

The No Notice account has also dropped

Please Note: With effect from November 14th, 2008 the interest rate for HiSAVE savings account will be 5.50% AER/Gross and would apply to both new and existing HiSAVE saving accounts.

Even B&B beats this account now :eek: Was going to put some more in there as well. Looks like my above-6% accounts are getting thinner and thinner.

chewyfat

I tried to open a 1 yr fixed rate a/c on 6/11/08 before close of business. The following day my service request was rejected because funds were not fully cleared into my early access a/c - even though it was already showing up when logged on to my account.

So i emailed them to check if I would still get the 7.10% rate if a submitted a new request. The account manager emailed back with a generic response of all a/c opened on or after 7/11/08 would get the new rate of 6.60%. I decided to go ahead anyways as my deposit is small.

On the 11/11/08 i receive an email confirm the amount of my deposit and quoting the interest rate as 7.10%! So my question is, am I getting 7.10% or was this just sloppy updating on their automated system? How can I view my interest rate without contacting them - I don't want them changing their minds if I am on 7.10% - although I feel I actually should be on 7.10% anyways.

Thanks for any help - i.e has anyone opened a fixed rate a/c in the last few days and got the same message?

LongTermLurker

LongTermLurker wrote: »

The No Notice account has also dropped
Even B&B beats this account now :eek: Was going to put some more in there as well. Looks like my above-6% accounts are getting thinner and thinner.

Stop press - no it doesn't... that's dropping to 4.41% this weekend. Looks like 4.5 will be the settling point for no-notice accounts, putting ICICI (for now) about 1% in front

Baldur

chewyfat wrote: »

How can I view my interest rate without contacting them

The interest rate is shown in the account details when you have logged in & view the account, my two recently opened non-early access accounts show 7.2% (late September) & 7.1% (end of October).

anticlaus105

I have been trying to open a fixed rate savings account for a while. I did apply when it was 7.10% but was waiting to transfer the money into the HiSave account so it has took a few days. Today received the following e-mail:

Dear Customer,

Request Number:xxxxxxxx
Type of query: Open Term Deposit
Resolution: HiSave Fixed Rate Account ****xxxx for GBP 2500 with rate of interest 7.10% has been opened on 14/11/2008.

Please note: This is a system-generated e-mail please do not reply.

Sincerely,
Customer Service Team.
ICICI Bank UK PLC.


The account does not yet show on the online banking page so I v=can't check the rate. Will I get 7.10%. or have they not updated the e-mail system yet? I thought I would end up with 6.60% (and now it has dropped to 5.75%).