Bank of Baroda higher fixed term savings rate

Absurdity_2

This is my first post so would just like to say hi to everyone.

I was researching savings accounts using this site and moneysupermarket, but also google and I came across the Bank of Baroda which seems to have higher saving rates on their fixed term bonds than other providers.

bankofbarodauk
.com
/exchange-interest-rates/

(sorry for posting the link like that but otherwise it wouldn't let me post)

Would like to know about anyone's previous experience of using this bank. As far as I understand the first 50k are protected like other banks.

Thanks

Reaper

As they talk about Exchange Rates I assume your savings are held in Indian Rupees, so you are adding an exchange rate risk to your savings.

Furthermore Indian inflation is around 10% compared to less than half that in the UK. If the UK and Indian inflation rates stay the same then in theory the Rupee ought to devalue against the £ meaning your savings will be worth less, more than offsetting the better interest rate.

alanq

"We offer fixed deposits in GBP, USD and Euro"
http://www.bankofbarodauk.com/retail-banking/deposit-products/fixed-deposits/

Reaper

Ah, so it does. In that case it looks good but first I would double check the interest rate is the same regardless of which currency the account is in as it says:

Rate of interest depends on amount, currency and maturity period

Lokolo

Lazy so and so

On the interest rates page:

http://www.bankofbarodauk.com/exchange-interest-rates/

It says Rate of GBP

D1zzy

I'm liking this one....
GBP - BARODA BONANZA : 3.61% AER for 15 Months

Reaper

Lokolo wrote: »

It says Rate of GBP

So it does. Ignore all posts from me today as I seem to have a temporary blind spot that covers all the important bits on a web page!

Sceptic001

D1zzy wrote: »

I'm liking this one....
GBP - BARODA BONANZA : 3.61% AER for 15 Months

Yes, so why doesn't it appear in any of the Best Buy tables?

steveksullivan

I'm interested in this offer and have the same question as sceptic - its covered by the FSCS so why doesnt it appear anywhere?

VT82

Maybe it will on Wednesday? Although being 15 rather than 12 months may keep it out.

Unfortunately I don't have enough spare cash to value 0.61% over the liquidity my existing 3% access account gives me. And I would be reluctant to invest thousands in a bank which doesn't think it's worth getting a native English speaker to write the English pages on their website!

Absurdity_2

I think the reason it hasn't appeared in the best buy tables is because it is a small bank with only 9 branches and their website isn't the most user friendly for finding the interest rates or explaining exactly the terms of the account.

Either way I'm going to a branch today to find out more and even possibly open an account. As far as I understand, you can deposit for 12 months at a rate of 3.30%. Anyways I'll ask when I go to their branch today.