Tuesday, January 15, 2008

6.41% AER saving rate from ICICI bank

I just open 1 account with ICICI. OK, besides Mini ISA/Max ISA that is tax free, elsewhere all saving is taxable and you won't be able to get the publish rate. I found ICICI Bank HiSave Saving Account is offering 1 of the best interest rate with 6.41 Annualized Equivalent Rate (AER) (6.23% Gross), althought after tax will be around 5.14%. From 1st of January 2008, ICICI AER rate is guaranteed to be 0.30% above Bank of England base rate till 31st of December 2011 :)

The good thing is there is no maximum cap on how much this rate limits to. For Alliance & Leicester, they are offering quite a high rate, but only for the initial £2.5k, exceed that you will get a crappy rate like 0.1%. In addition, Premier Current Account below required £10 per month.

Oh, if you have more money to put in you can opt for the HiSave Term Deposits, either 6 months or 1 year for better rate.

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