icici fixed rate

ashbourne

Hi,

I'm currently looking for a good place to put my savings and thought ICICI might be the best fixed rate at the moment.??

Does anyone know what the penalty in interest is if i opt for early access on the best one is?

Also i understand that multiple accounts are allowed. Would i say be able to have 3 or 4 of the non early access ones for example? or do they have to be different accounts.

Lastly! are they safe?

Thanks

astreix

You can withdraw part of the funds (provided you choose the early access option). Whatever funds you withdraw I think would earn a reduced rate of 5% from the date of deposit instead of the term rate. So effectively you earn a lower rate of interest on withdrawn funds. The balance which is not withdrawn and remains for full term though will earn the agreed term rate.

Make sure you choose the early access option if you think you need to withdraw cash early.

Exo

ICICI are covered by the FSCS, so savings are guaranteed up to 50K.
For the best rate, you need the fixed term. They do a slightly lower rate for those that may wish early access to their fixed term.
http://www.icicibank.co.uk/hisave_fixedrate.html

I have never had a problem with ICICI. Have been a customer in excess of 4 years.
I am sure others will give you tales of woe.
Just bear in mind they are geared up for online use by customers to manage their own accounts. Do not expect 5 star service when you deviate from that and expect personal service.

Kavanne

I don't think you CAN access it early, from what their website says...

Am just applying for the fixed rate now...

KingL

As per post #2 - you can if you specifically apply for an account that lets you. But you will get a lower rate on the whole term than if it had been locked up. You will get a still lower rate on any part that you withdraw early.

soulsaver

And because they are pedantic about rules opening an account can become longwinded if they want ID proofs.... so if you haven't hot an account, don't leave it too long to get started with more rate cuts on the horizon. IMHO get an easy access ac open(good rates too, but likely to fall) and then ponder if you must.
I agree customer service was frustrating before, but service I've had lately has been first rate other than sometimes understanding their accents, but it is an Indian Bank, after all.

ashbourne

and i can have multiple accounts there too??

Exo

ashbourne wrote: »

and i can have multiple accounts there too??

Yes, no limit as far as I am aware.

Baldur

powerRIP wrote: »

I requested another new Fixed rate (no notice) last night. I have already received an email confirmation to say it is opened. Curiously it states a rate of 7.00%. It does not say if this is aer or gross etc.

I was expecting 6.6% aer.

Anyone know where they get the 7 from? Maybe the email text has not been updated. I cannot log into my account until later.

The last one that I opened, on 31st October, showed the rate as 7.10% AER prior to the drop to 6.6%

Helvetica

kthaker wrote: »

You can withdraw part of the funds (provided you choose the early access option). Whatever funds you withdraw I think would earn a reduced rate of 5% from the date of deposit instead of the term rate. So effectively you earn a lower rate of interest on withdrawn funds. The balance which is not withdrawn and remains for full term though will earn the agreed term rate.

Make sure you choose the early access option if you think you need to withdraw cash early.

Have the t&c's recently changed? As I read it the early access option only allows you to close the account early.

Loco

I`m thinking about opening an account with them also.

If worst did happen....... I take it the procedure for claiming money would be the same as with any other institution? as it`s UK protected under the FSCS even though it`s an Indian bank?