A new 12 month fixed rate bond will be launched this week by ICICI Bank which offers a chart-topping, guaranteed interest rate of 7.20 per cent.
Savers do not have to be an existing ICICI Bank customer in order to apply for the fixed rate bond
, and they can invest as much as they like.
The account is eligible to anyone with a minimum of £1,000 to invest. Alternatively, those who do not want to pay in the minimum amount or to tie their money up for 12 months can opt for an early access account which pays a lower rate of 6.75 per cent.
As banks and building societies cut back on mortgage lending and instead scramble to build up their savings deposits, a price war has ensued to attract new business, making a competitive time in the savings accounts industry.
"During the current economic climate savers should be shopping around to find the best interest rates." commented Deepak Varghese, head of retail and private banking at ICICI Bank
UK plc. "With so many great deals on offer there is no excuse not to make your savings work as hard as possible.
"We would recommend keeping your money safe in a fixed rate account to avoid fluctuating interest rates. ICICI Bank was the first on the market to offer savers a 7.2 per cent fixed interest rate bond with our HiSave Fixed Rate Account. We pride ourselves on offering simple and straightforward banking with no asterisks."
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