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Email this12:33 am
I noticed this too. HSBC and some other banks are above this...what happened? ICICI has almost always been the interest leader. Hopefully they put the interest rate back up before they lose people to the competition!
1:37 pm
Just a thought though...\\
ICICI still offers $50 to anyone who opens a new account (thus ask for a referral on this site to get it), which is the best interest rate you can ever get for a $100 deposit! Anyone who is wondering if ICICI would be a good choice should go to their site and check the past history of interest they have given; you'll see that the interest rates have always been some of the best and hopefully will go back up next month (competitors are pushing their interest rates up right now).
10:12 pm
December 12, 2009
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One thing to consider. Because they've been so much higher than everyone else, it may be catching up to them and eating away at their profit margin that it just was not sustainable and now they need to dramatically lower rates to catch up a bit then they'll raise them in line with the leader banks. They may see slower growth in new customers at these lower rates but their loyal, growing base of Indian customers will continue and their rates are still competitive so it won't make sense to move all your money for an extra 0.25%.
I've never had an ICICI Bank Canada account but am merely playing Devil's Advocate here. I continue to recommend the HSBC Direct Savings Account. 🙂
Cheers,
Doug
12:28 am
Note that HSBC adds the extra percent to the existing insterest rate, and you know what they are going to do? HSBC will lower their base interest rate so you won't be getting the 3.25% for very long.
10:22 am
November 26, 2008
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Sorry Jeff but HSBC is at 3.75% right now with the extra 1%.
The day you become free is the day you work for fun.
11:00 am
You are correct...I was merely looking forward to when they drop their rates (yeah, that's it...I must be psychic) 🙂
1:15 pm
December 12, 2009
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Jeff,
They'll still be higher than ICICI, even with the bonus interest. HSBC is among the strongest global financial institutions in the world and, in Canada, the Canadian operations are among its best performing ones. Even if they drop the base rate by say, 0.25 or 0.5 percent, with the bonus interest, they'll still be higher than ICICI.
Cheers,
Doug
12:19 pm
I hadn't been monitoring the rates unfortunately (my mistake) and had not realized ICICI was down to 2.5% until last weekend. This week, I immediately moved almost ALL my money out, and over to Canadian Tire FS who's rates are same as HSBC at the moment. I also at the same time, opened a Tax Free Savings account and dropped in $5K immediately.
It is too bad that ICICI dropped their rate, because from all the complaints I hear about them, their past higher rates were what kept them competitive..!
Oh Well...
9:19 pm
December 12, 2009
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I'd definitely like to see a lot of money move out of ING Bank of Canada. Their surcharge-free ATM network sucks, limited to major cities like Vancouver and Calgary where ING has branches. Their interest rate sucks - right now, RBC is tied with them and Scotia, BMO, HSBC and National Bank are all beating them.
Cheers,
Doug
9:21 pm
December 12, 2009
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Oops, misread the post and spewed my thoughts on ING.
ICICI is better than ING, at least on the surcharge-free ATM network front and the free chequing account with only $100 minimum balance.
Cheers,
Doug
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