Fantastic interest rate on term deposit - fixed tenure of 6 months - HotUKDeals
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This festive season, here is one more reason to rejoice.

For the last few months, you have seen your money grow at the HiSAVE Savings Account rate. Now you can enjoy an even higher interest rate of 5.65% (AER/Gross) for a fixed tenure of 6 months through our HiSAVE Term Deposit. This privilege is designed exclusively for HiSAVERs only.

How is it different?
The HiSAVE Term Deposit is actually UNFIXED. You may easily withdraw your money by calling us, or by writing to us online. Your request will be processed in 3-4 working days.

Would I lose out on early withdrawals?
Even if you require your money before maturity of the deposit, you would get the HiSAVE Savings Account gross rate, applicable at the time of opening your HiSAVE Term Deposit.

How to apply?
All you need to do is write to your account manager from the logged in section of your HiSAVE Savings Account. You may also call us on 08081 31 41 51, informing us of the amount you want to move into a HiSAVE Term Deposit.

Example:-

Putting £10,000 into this product will earn you £452 after tax (or £565 gross), even if you close prematurely you still get 5.45% APR
More From ICICI Bank UK plc:

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#1
About ICICI Bank UK PLC

ICICI Bank UK PLC (The Bank) is a full service bank offering retail and corporate and investment banking services in the UK and Europe. The Bank delivers its products and services through five branches located in the UK and one branch in Antwerp, Belgium as well as through internet and telephone banking.

The Bank was incorporated in England and Wales on 11 February 2003 as a private company with the name ICICI Bank UK PLC and on 30 October 2006 converted to being a public limited company. The Bank's registered office is 21 Knightsbridge, London SW1X 7LY. The Bank is regulated by the Financial Services Authority (the FSA) and is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. The Bank has a long-term foreign currency credit rating of Baa1 from Moody's, which is one notch higher than the India sovereign rating.

The Bank is a wholly owned subsidiary of ICICI Bank Limited (the Parent)
#2
The Bank is regulated by the Financial Services Authority (the FSA)

Which means the following compensation is applicable in the worst case

20. Compensation

In the unlikely event that we are unable to repay the funds in your Account, compensation may be available from the Financial Services Compensation Scheme. The Bank is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The scheme affords 100% protection to the first £2000 of a depositor’s total deposits with the Bank and 90% of the next £33,000 amounting to a maximum payout of £31,700. The scheme covers deposits made with offices of the Bank within the European Economic Area and applies to deposits in all currencies
#3
This comparison page shows the best fixed interest rates available:

http://www.moneyfacts.co.uk/savings/bestbuys/savings_fixed.aspx

5.65% is ok but not the best at the moment - plus, interest rates are expected by many to increase early this year - bonds with higher rates are likely to then follow.
#4
For what it's worth, I'm not sure this is the forum for savings accounts etc, but a quick search on moneysavingexpert shows that you can open an Alliance and Leicester account (DirectSaver) which gives you 5.64% with no penalties for withdrawing your money at any time. You can also beat this rate pretty easily with a variety of fixed rate bonds, though the interest rates are likely to go up again shortly, so
#5
this is my first post so please be patient. after reading the t&c this seemed to be an excellent proposition. firstly, 6 months is not a long time. secondly, money can be withdrawn at any time (though rate comes down to 5.45%), the ones offering above this rate will tie you in for long, don't just go by headline rate, read the full t&c. to top it up they also have a free phone number for internet-only customer as well. i still think this is a good offer
#6
May be worth waiting until next Thursday to see if interest rates increase again (MPC meeting) in which case ICICI may increase there savings account to 5.65% I agree with you everylittlehelps it is one of the best instant access deals around at the moment
#7
[SIZE=2]Do you have a link to the advertised rate of 5.65% AER[/SIZE]

[SIZE=2]According to the site, all I can see is:[/SIZE]
[SIZE=2]

[SIZE=2]Please Note: The current rate of interest on [FONT=Arial][COLOR=#a41d2a]Hi[/COLOR][/FONT][FONT=Arial][COLOR=#efa50f]SAVE [/COLOR][/FONT]Accounts, with effect from November 10, 2006 is an annual rate of 5.32% gross, Annual Equivalent Rate (AER) of 5.45% and would apply to both new and existing [FONT=Arial][COLOR=#a41d2a]Hi[/COLOR][/FONT][FONT=Arial][COLOR=#efa50f]SAVE [/COLOR][/FONT]customer accounts[/SIZE]
http://www.icicibank.co.uk/hisave.html

Or was this advised to you via email? If so, are you certain it is not a special offer only for selected existing customers?[/SIZE]
#8
This Is Money has warned about this bank several times. See article at http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=406192&in_page_id=7

The main problem is poor customer service (cash transfers take more than twice as long as with other banks) and the fact that Icici is not compliant with the UK Banking Code.

the average length of time it takes for a transfer to arrive from the saver's current account to their HiSave account is eight working days.
This is compared to three days with most online accounts, meaning that savers lose around a week of interest every time they do a transfer.

One to avoid, I'd say.
#9
Premier
[SIZE=2]Do you have a link to the advertised rate of 5.65% AER[/SIZE]

[SIZE=2]According to the site, all I can see is:[/SIZE]
[SIZE=2] http://www.icicibank.co.uk/hisave.html

Or was this advised to you via email? If so, are you certain it is not a special offer only for selected existing customers?[/SIZE]


I received an email earlier to day you must already have a Hisave account to qualify for the 5.65% account

Artful Dodger
This Is Money has warned about this bank several times. See article at http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=406192&in_page_id=7

The main problem is poor customer service (cash transfers take more than twice as long as with other banks) and the fact that Icici is not compliant with the UK Banking Code.



One to avoid, I'd say.


I've had an account since March 2006 at first took 3-5 Days to transfer between different banks now down to 2 Days which is on par with must others Customer service is slow to respond but aren’t they all
They are covered by the FSA compensation scheme, which means that the bulk of your savings up to £32,000 are protected.
#10
Right, this account is for current HISave customers (which makes a change).

It's a fixed rate of 5.65% which may be good, may not be depending on base rates and how they move, though it's pretty likely they will move up and not down or stay stagnant.

It's a fixed rate for 6 months at 5.65% Gross. So say you put 5k in there, to earn the 5.65% gross you would need to leave that 5k deposit there for the full 6 months and not touch it. If you do touch it and withdraw, it will revert back to the standard 5.45% rate you get with your standard HISave savings account.

So it won't mean much on 5k. This slight increase, to me anyway, would be more worth it for the savers with 100k plus.

On 5k, your looking at getting back £141 GROSS at the end of the 6 months using the 5.65 bond. If you use their standard savings account, £139.

These are rough figures.

However, change that to 100k, £2794 at their standard 5.45% rate and £2899 at their 5.65% rate. So it's the amount you have as to whether it's worth jumping to it.

It IS a good bond. NO penalties for withdrawing, you just lose that interest rate and revert to something 0.20% worse. However, this is at TODAY's rates.

This is not like any other bond out there. The poster about saying A&L's direct saver, well, you lose a whole months interest when you make a withdraw, don't matter if you withdraw £100 out of £100,000, you lose interest on the whole sum, so that's worse in this case.

Your money is NOT fixed.

The only downside to this for some people is the interest is added on at the end of the 6 months, not monthly.

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