Bank of India UK Branch

kingrulzuk

Just been told by BOI UK branch that i can get 2.25% if i put the money fix for 15months.
***On GBP deposits for 15 months period, a special rate is revised to 2.25% pa and will be offered to customers till further amendment.***

Is this a good rate? And how safe is this bank?

eskbanker

It's a better rate than their one-year deposit but not as good as the two-year one, which in turn isn't as good as three and so on, see http://www.bankofindia.uk.com/english/InterestRate_Uk.aspx! There isn't a direct like-for-like 15 month comparison at http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#fixed but the BoI offering looks reasonably competitive, although, as ever, there are numerous current accounts outperforming savings accounts if you haven't already done these.

They're members of FSCS for deposit protection if that's how you measure safety....

kingrulzuk

eskbanker wrote: »

It's a better rate than their one-year deposit but not as good as the two-year one, which in turn isn't as good as three and so on, see http://www.bankofindia.uk.com/english/InterestRate_Uk.aspx! There isn't a direct like-for-like 15 month comparison at http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#fixed but the BoI offering looks reasonably competitive, although, as ever, there are numerous current accounts outperforming savings accounts if you haven't already done these.

They're members of FSCS for deposit protection if that's how you measure safety....

Thank you for ur advice