ICICI Bank launches market-leading easy access account paying 1.55%
The HiSave rate beats its nearest rivals – Marcus Bank, Virgin Money, West Brom Building Society and Cynergy Bank – by 0.05 percentage points.
It is the highest easy access rate since October when Nottingham Building Society launched its 1.55% deal and then pulled it after just two days due to unprecedented demand.
Before that, the last time an easy access account paid 1.55% was March 2016, according to rate monitoring firm Moneyfacts.
The ICICI account requires a £1 deposit and allows unlimited withdrawals. It can be opened and managed online.
It comes with a 0.30% bonus for 12 months so after one year you’ll want to review the account.
Rachel Springall, finance expert at Moneyfacts, said: “It’s fantastic to see more competition in the easy access market, especially as many savers would use this type of account because of its simplicity and flexibility.
“At a time of economic uncertainty, savers may well turn to easy access accounts so that they have instant access to their money, so it’s good to see providers improving their range to accommodate demand. Whilst the account has a bonus, savers just need to make a note of when this will expire.
“It just goes to show that savers need to consider the more unfamiliar brands if they are getting a raw deal with their existing bank.”
Easy access rates
Competition in the easy access space has started to gather pace since Marcus Bank, the retail arm of Goldman Sachs, catapulted to the top of the best buy tables in September with its 1.50% rate.
Since then, Virgin Money and the West Brom have also launched 1.50% deals. Cynergy Bank also pays 1.50% but this includes a bonus of 0.50% for 12 months.
The Nottingham account, which was pulled after just 48 hours, shows that savers need to act fast if they want to take advantage of best buy rates.