Friday, Jan 12, 2007
Savings rate increased to 5.65% AER with ICICI
This is Money: ICICI savings rate up to 5.65%
The post-rate rise savings war has fired up, with Indian bank ICICI last night raising the rate on its online HiSave account to 5.65% from 5.45%, less than 12 hours after the Bank of England decision to raise rates to 5.25%.
Posted by webmaster @ 07:03 PM (161 views) Add Comment
12 Comments
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1. paul said...
If you have savings, BE A RATE TART.
It works. It sends clear signals through the savings market that rate rise lag is unacceptable, and forces banks to seek profits under contract (by raking profits from mortgagees).
2. This comment has been removed as it was found to be in breach of our Blog Policies.
3. Hyrax said...
Time for the likes of ING Direct to respond.. second rate rise and what on savings?
4. This comment has been removed as it was found to be in breach of our Blog Policies.
5. Bomberbrown said...
Done!
Fed up with ING Direct and their piddly two-tier 4.75% (no penalty) and 5.25% (penalty for moving money) savings rates. Come the 1st of February, I'm gonna move all my cash into the ICICI account which should be all set up by then.
6. thetidewillturn said...
ICICI....BCCI....(remember them)...I asume even though its an overseas bank that in the event of failure depositors are still covered by the Bank Of England despositors protection scheme...can anyone confirm as I am thinking of joining you and putting my savings there as well...(will try to get paperwork / visit any web site later today) ..that said in the event of failure does anyone know how quickly the BoE pay up...I assume there is a sizeable delay which negates the beneit of the higher rate....Banks have gone bust before and will again (especially if their lending is against overvalued property) . Still its all risk v's reward I suppose.
7. Cheekie Charlie said...
I'd avoid these lot there there customer service is terrible I put some money with them some time ago and it was a nightmare trying to get my login details. They are covered by FSA which affords 100% protection to the first £2,000 of a depositor’s total deposits with the Bank and 90% of the next £33,000 amounting to a maximum payout of £31,700. I think the icesave icelandic bank and a few more will match them over the next few days of course if rates go up again in the next couple of months then the whole game will start over again.
8. uncle chris said...
Hope ICESAVE follows suit soon. Opened up an account with them in October and moved all my Alliance and Leceister savings there. Very painless process and can check on money through the internet. They are covered by B0E scheme and an independent Icelandic scheme. Rate before recent rise was 5.45% - no penalties for withdrawels. UK banks have been left standing on these accounts.
9. sold 2 rent 1 said...
Rate tart - I must be a whore.
I am getting 17.5% in my turkish bank.
It is a curency game too so I am hoping that the Lira doesn't collapse again and the pound weakens too.
10. Surfgatinho said...
5.85% as of today! Woo hoo!
11. sirgoogle said...
I have some Euro savings.
I'm fairly patient and not greedy but even I got fed up with the Halifax International Euro Account (really good rates in 2002-2003 - but completely frozen since then). Last week pulled out 90% of savings and popped them instead into a Euro Internet saver with ABN AMRO (get Base-rate). Message I gave to Halifax at time was "why have none of the BoE IR rises been passed onto the customer since 2003?".
Was very tempted to change currency to get more interest but my philosphy is to maintain a 50:50 split between EURO and Sterling - given my positionand lack of trust in currency speculation.
12. Domski said...
sold 2 rent 1 - Please can you advise how to set up a Turkish savings accocunt and what are the risks (in addition to ER risk)?