Table-topping ICICI cuts its savings rate
by Kay Murchie
Indian bank ICICI has cut the rate on its HiSAVE account this week by 0.25% to 6.15%, to fall in line with last month’s interest rate cut.
ICICI is the latest of the table-topping foreign banks to reduce its savings rate. Last year the Indian bank was attracting 5,000 customers to the bank every month.
The move follows cuts by other foreign banks - FirstSave from First Bank of Nigeria (FBN) and Icesave from Icelandic Landsbanki.
However, Icelandic bank Kaupthing Edge, announced it would leave its rate of 6.5% untouched after the 0.25% interest rate cut last month.
In comparison, over 20 banks and building societies lowered their rate this week, a month after the base rate reduction.
Other accounts to have their rates cut include the Bradford & Bingley Internet Saver 2 account, which saw a 0.25% cut to 6.15%, and the Principality Building Society E Saver, which was cut more than base rate, by 0.3% to 6%.
Sue Hannums, financial adviser and savings expert, said savers should make sure their provider is not cutting above the rate change.
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