NEW ICICI 5.85% Savings Product

Entertainer

They may increase it to more than 5.5% though if they pass on the rate increase in full, who knows.

masonic

Entertainer wrote:

They may increase it to more than 5.5% though if they pass on the rate increase in full, who knows.

I think they might wait and see what Landsbanki do.

lswwong

Folks! Just looked at this today:

http://www.icicibank.co.uk/hisave_interestrates.html

Looks like ICICI has promptly upped their interest rate for the standard HiSave account to 5.65% AER. (Note - was only expecting them to go up to 5.5% in line with their guarantee but they have clearly exceeded themselves by raising the rate to 5.65% AER i.e. 0.15% better than promised!)

"Current Rate of Interest

With effect from 11th January 2007, the current rate of interest is at an annual 5.51% gross. The Annual Equivalent Rate (AER) is 5.65% and is applicable to all existing and new customers."

We were right to wait and see!

Huge respect to ICICI for upping their rates so promptly and throwing in a bit extra. Let's now see what Landsbanki does

Edited: Landsbanki still showing 5.45% AER this morning at 10am:

http://www.icesave.co.uk/online-savings.html

I will keep checking for the next 10 days or so and if they don't match ICICI, I may move my money. Don't get me wrong I am happy with Landsbanki - just an opportunity cost point.

norm_diploom

Well, I thought we'd get this rate rise in Feb - but even happier with January, and good to see that ICICI are making the effort to remain competitive. Hopefully Landsbanki will follow suit soon - I guess this also highlights ING's mistakes in not raising rates even more!

peterdowd

w.e.f 11th Jan 2007, the day the Bank of England raised rates to 5.25%, ICICI high save account has been increased to 5.65%. That's not bad for speed.
Still waiting to see when Iceland Bank increase theirs

home_alone

Martin on the radio this lunch hour expects Icesave to follow suit.

gary

Graham_Devon

The 6 month term deposit accuont has now been withdrawn, as the Hisave instant access account with no penalties now matches this.

What their reasons were for getting rid of it are I don't know, but they obviously didnt want to up the rate!

info_addict

Maybe they are going to up the rate on the Term Deposit shortly, as the last para of this e-mail just received?

Dear HiSAVER,


We are pleased to announce an increase in the HiSAVE Savings Account rate to 5.65% AER (5.51% gross), effective January 11, 2007.

This increase in our savings account rate matches the 6 month Term deposit rate announced on January 4, 2007. Accordingly we are closing the aforesaid Term Deposit product with effect from today.

We will communicate to you shortly the details of our new HiSAVE term deposit product.


Warm Regards,

The HiSAVE Team

Madiba_2

They dont make things very clear do they? What if you opened one of these term deposits? They just close it? Bizarre. I am not going to bother with it.

I think holding out for a 6.15% + bond is the way to go for longer term stuff. We had 5.9% at the begining of December after all!

usadave

Have just recieved email from icici they have raised there rate for saver account to 5.65%, also they have withdrawn new 6 monthly term offer