Features of ICICI Bank fixed rate bonds include:
- A range of terms from 6 months to 5 years
- Minimum deposit of £1,000
- No maximum deposit limit
- Choice of receiving interest monthly, quarterly or annually
- The security of a fixed interest rate
- You cannot make any early withdrawals or closures
- No additional deposits can be made
Because Fixed term bonds usually require you to lock away your savings for a set amount of time it’s important to try and get the best choice for you, use the tables above to compare some of the different plans available. You may also want to consider other savings plans.
Alternatives to fixed rate bonds include
- Tracker bonds – You may also wish to consider a tracker bond, Unlike fixed rate bonds the interest rates you receive can vary over the course of the bond if any changes are made to the Base Rate by the Bank of England. This means you may receive a better or worse rate of interest over the course of the bond.
- Structured Deposits – As with a bond this plan requires you to tie up your savings for a set period of time, this type of plan usually offer better potential interest rates than a bond but your return is not guaranteed. Your return is usually dependant on how a index or indices perform over the period. If over the structured deposit’s term the index or indices it is tied to fails to perform in the way the deposit states then you will get your full deposit back but you will not receive any interest gains on it. Because you risk earning no interest on this type of plan you should carefully consider if it is the right choice for you before you lock your money away in it.
- Savings Account – If you are looking into how you can earn interest on your savings but still also maintain access to them should you ever need them then an instant access savings account may be the solution to you. Although they do normally offer lower interest rates than bonds or structured deposits, they tend to offer unlimited free withdrawals meaning if you should ever need your savings you don’t need to worry about any forfeit for closing the account early.