Friday, Nov 10, 2006
Icici increase savings rate to 5.45% AER
Motley Fool: A New Savings War!
If you're a homeowner with a variable rate mortgage, you will no doubt be lamenting yesterday's decision by the Bank of England to raise interest rates. The 0.25% rise means that UK interest rates are now set at 5%, the highest they have been for five years, and will certainly result in an increase in repayments for some borrowers and mortgage holders.
Posted by webmaster @ 02:28 PM (141 views) Add Comment
4 Comments
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1. japanese uncle said...
At least this Indian bank is regulated by the FSA, meaning you can save up to 35000 pounds that is basically protected.
2. geed said...
I get 6.0% now with my ING on-line saver in Australia and there are better deals out there which i will be researching soon.
3. japanese uncle said...
Saving your money in A$ involves consisderable exchange risk, does it not?
4. geed said...
Valid point JU. I am currently working in Australia and earn AUD's. I have savings in the UK, ISA's and shares. My ISA in the UK earns an interest free 4.55%, equivilent to 5.69% before 20% tax. So my 6.0% in Australia is favouable even after tax, but of course exchange risk is an issue. I do believe the pound is overlvalued in the long term and with Interest rates climbing quicker in Australia than in the UK I am hoping the exchange rate will work in favour over the next few years. If not I'll keep it in AUD's until the forseeable future.