Fixed 6month Icesave 6.86%aer, Birmingham Midshire 6.82%aer or ICICI HiSAVE 6.50%aer

skiddy2k

Hi folks,
Im looking to get a 6month fixed rate savings account, and have come to the point where i am considering Icesaves 6month fixed rate savings account (6.86%aer), Birmingham Midshire's Direct 6 Month Fixed Rate Bond (6.82%aer) or ICICI HiSAVE 6month fixed account which gives 6.50%aer.

Know, apart from the marginal difference in the interest rate between icesave and birmingham midshire, which im not to fussed about, both accounts are very similar - even to the point that icesave doesnt let you withdraw money or close the account within the fixed 6month term (incase you ever need to) and i believe i read that Birmingham Midshire bank also do not let you withdraw the money during the term.

However, i have included ICICI fixed rate account due to the flexibility of being able to withdraw your funds out of the 6.50% fixed account and STILL receiving an interest rate on the withdrawal funds of 5.75%. I know its a fixed account and one should only put money into there if they know they wont need access to it - but i am just considering it incase of a rainy day...
So, i wanted to know...what would you go for out of the three - and possibly why?

Thanks in advance,
Skiddy

Exo

If you are contemplating using a fixed rate savings account, then you need to accept that you do not withdraw any funds during the fixed term or you will receive some form of penalty.
With that in mind, select the account that pays the highest interest.

If you think you may need the money for a rainy day, then just keep to a normal high interest account.
Kaupthingedge pays 6.5% AER
http://www.kaupthingedge.co.uk/

Paul_Herring

Icesave, purely because I've already got an account with them (and indeed some fixed rate bonds with them.)

Toastie

Iceave also.

They put up there fixed term bonds. Does that mean i will get that extra 0.09%?

I doubt it but just curious.

Baldur

Toastie wrote: »

Iceave also.

They put up there fixed term bonds. Does that mean i will get that extra 0.09%?

I doubt it but just curious.

The rate of fixed term bonds is, as the name implies, 'fixed' when you subscribe to them, so not unless you open another bond at the new fixed rate.

skiddy2k

There seems to be more 'noise' around Icesave on the forum and on the thread poll, so it looks like IceSave it is!

tawse57

I think if you have a choice of a good rate from a UK based bank I would take that over the foreign bank anytime. I also would take a local UK branch where I could walk in and get my money over a postal account with a branch a couple of hundred miles away.

A&L have brought out a 6 and 12 month bond today. The 6 month is in the top 5 as of today.