Rate boost moves 1-yr savings deal into charts | Product News - Moneyfacts

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Rate boost moves 1-yr savings deal into charts

Rate boost moves 1-yr savings deal into charts

Category: Savings
Date: 10/12/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

ICICI Bank UK has amended its HiSAVE fixed rates by up to 0.30%. While the two, three and four-year deals have seen reductions, the one-year account has enjoyed a rate increase of 0.25%, pushing it into the Moneyfacts charts.


The basics…

The one-year version of HiSAVE Fixed Rate Account now has a competitive rate of 1.85% yearly (1.83% monthly), earning it a place among the top 10 of its sector.

Meanwhile, the two-year variant now pays 1.90% yearly (1.88% monthly) and the three-year deal pays 2.10% per annum (2.08% monthly). The four-year version has a yearly rate of 2.30% (2.28% monthly).


The finer details…

These accounts can be opened online and by phone with a minimum investment of £1,000. They must then be managed online. A separate HiSAVE savings account will be automatically opened for transactional purposes.

Like many other fixed rate accounts, these deals do not allow early access or further additions. Savers must therefore be comfortable with the amount they invest and the length of their chosen term.


Why we like them…

The one-year account now boasts an impressive rate, which is sure to catch the eye of eager savers. Although no further additions or early access prior to maturity is permitted, the option of earning monthly interest adds some welcome flexibility.

Four Moneyfacts Stars have been awarded.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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