Member Article

Latest blow for savers: ICICI announce rate reduction

ICICI Bank UK announced last night a reduction in the rate on their HiSave Supersaver account for existing customers from 25 April 2016. The move will see rates drop dramatically from their current level of 1.65%, to 1.15%.

Kirsty Grainger, operations manager at Dynamic Cash Management, said: “This latest rate drop is another blow for savers. It seems there is not much reward for customer loyalty in the banking world at the moment. And with speculation rife that the Bank of England rate could drop even further – dipping below their current level of 0.5% - it looks like there isn’t any brighter news on the horizon any time soon. Despite assurances from Bank of England governor Mark Carney that he has “no interest” in dropping the rate below zero, this will be of little comfort in the current climate.”

Dynamic Cash Management has launched an innovative online portal offering improved access to savings account data for clients and Independent Financial Advisers (IFAs). The service selects the most suitable cash investments by actively monitoring the performance of savings accounts at more than 165 institutions. Balances are switched when rates change and new opportunities arise, with all paperwork arranged on the client’s behalf.

For further information on Dynamic Cash Management, visit the free-to-use illustration tool and online portal at www.dcmcash.com or email DCM@DCMCash.com

This was posted in Bdaily's Members' News section by Gale and Phillipson .