NEW ICICI 5.85% Savings Product

BTman

me too, well done ICICI :):)

Paul_Herring

usadave wrote:

also they have withdrawn new 6 monthly term offer

I've not had that mail - have they specifically said it's withdrawn? Or just not mentioned it? Didn't last long if it was the former...

Alfie_E

Paul_Herring wrote:

I've not had that mail - have they specifically said it's withdrawn? Or just not mentioned it? Didn't last long if it was the former...

They’ve specifically said they intend to replace it with a new one. As info addict’s post quotes, the current HiSAVE deposit account has been “closed”, and a new one will be announced shortly. Fixed-interest products are often introduced and closed quickly, although usually because they reach their desired investment amount. You can hardly blame ICICI for being caught out by the BoE.

masonic

Paul_Herring wrote:

I've not had that mail - have they specifically said it's withdrawn? Or just not mentioned it? Didn't last long if it was the former...

I must have been one of the last to receive their e-mail last time around, but I got it quite early this time ...

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

Optimist

Now another new term deposit account at 5.85%

Dear HiSAVER,


We are pleased to announce the launch of the second HiSAVE Term Deposit product.

This Term Deposit is a six month Fixed Rate deposit offering a rate of 5.85% Gross / AER. Please go through carefully all our term and conditions for this term deposit product at http://www.icicibank.co.uk/hisave_terms_condition.html before signing up.

We hope you will make full use of this opportunity. You may apply by writing to us through your account manager or calling us on 080 81 31 41 51.

norm_diploom

Have scanned this new 5.85% product quickly - looks much the same as the previous t&c's, except that anyone opening this account after 12th Jan will only get 5.25% "penalty interest" on any money prematurely withdrawn.

For me this makes it less attractive - particularly in what I believe now to be a rising interest rate environment, with every chance of at least one more 0.25% rise by the BoE in the next 6 months - I'll take my chances with the variable rate Hisave account and hope that ICICI continue to pass on most if not all of any BoE rises in good time as they have done so far. Makes no sense to lock the money away for 6 months for me.

MiserlyMartin

I don't see the point of this 5.85% latest deal. Am I right in assuming that the 5.65% one (which is now closed) is stuck at 5.65% for 6 months? When the interest rates rise again in 3 months time (Well thats my prediction) 5.85% will look low and we'll be stuck at that low rate. I think Icesave paying 5.7% is a better option and they do seem committed to having market leading rates, so I have no doubt Icesave will increase again when the time comes.

masonic

MiserlyMartin wrote:

I have no doubt Icesave will increase again when the time comes.

Rate guarantees can have that effect on you.

MiserlyMartin

Yes those too!

sarahhulk

Just wanted to see if anybody else is having problems getting in touch with ICICI bank. I recently opened an account (on moneysavingexpert.com advice) and transferred my feeble savings there last week. Changed the password when I logged on for the first time, wrote it down somewhere safe, went to log in and it's not recognised. Trying to get another one is proving tricky. Sent an email to ICICI at 2pm yesterday (Sunday 14th). No response - not even an automated one. Sent another this morning. Then tried to contact the bank tonight - it only has call centres in India but advertises 24 hr customer care in case you have lost your password (with no helpful hints on how to dial India from UK but I worked that one out). Got through - only open from 9am to 9pm. What's that all about then?

I have managed to get a new password out of ICICI before when I lost the original one they sent me but having no response from a bank for 33 hrs is a little nerve-wrecking when they have all my savings. Before when I lost the password I had only deposited £1 so it hardly mattered.

Comments / advice anybody?!