Savings account options for Icesave customers
November 13, 2007
As part of the first birthday celebrations of Icesave, which has enjoyed enormous popularity in its first year, savers are being offered a choice of fixed rate savings accounts available to those that want to make their money work harder for them.
The accounts will allow customers to save anything between £1000 and £2 million, and there is a choice of three of these fixed rate accounts on offer. The accounts are available on one, two, or three year savings terms, with interest that can be paid either monthly or annually.
The three year and two year fixed rate bank accounts have been praised by industry experts, who have stated that they offer a good deal. With the three year account customers can look forward to interest rates of 6.31% if paid monthly and 6.5% if paid annually. The two year fixed rate account from Icesave enables consumers to enjoy 6.41% if paid monthly and 6.6% if paid annually. However, some experts have stated that although the two and three year accounts are impressive there are better deals out there compared to the one year account.
The one year fixed rate account with Icesave offers 6.5% if paid monthly and 6.7% if paid annually. One industry expert stated: ‘The fixed-rate market is not like the variable market where you have a whole load of other factors and restrictions to consider, so the rate itself is key. On that basis, the Icesave two- and three-year accounts are the best at the moment, but you should probably look elsewhere for a one-year rate.’
Another added: ‘The one-year market is very competitive at the moment. Nottingham’s 6.83% offers a good margin over variable rates, so if you are looking for a one-year bond at the moment, that’s the one you should go with.’
Alan Wright
13th November 2007
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