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Why is a deposit interest rate important?

Learning what the deposit interest rate of a particular bank is the best way to find out how much your money will be earning if you deposit it in a savings account.

Interest Rates at Barclays.co.uk

There are basically three types of savings accounts that you can open in Barclays. Their Monthly Savings Plan is ideal if you do not mind not being able to withdraw from your account anytime. This type of plan can help you save anywhere between £20 and £250 every month and in a 12-month period.

Interest rates can reach a maximum of 3.20% gross per annum as long as you do not make any withdrawals. If you do make a withdrawal, though, do not worry because your deposit rate is still fairly sufficient at 2.99% gross per annum. You can manage your account by phone, online or in person when you visit any of Barclay’s branches.

Once the 12-month period is up, your savings account is immediately switched to the standard type that allows for instant and unlimited withdrawals. Other types of savings accounts available at Barclays include e-savings Reward and Everyday Saver accounts.

Interest Rates at ICICIBank.co.uk

At ICICI Bank, one of their featured savings accounts is the Fixed Rate Deposit Account. With this type of account, you have the option of saving your money in euros, dollars or sterling. Savings terms can be anywhere from a week to an entire year. You can also open an account for your individual use or as a joint account with another person.

The deposit interest rate for this type of account is fixed for the entire term, hence its name. Minimum balance is £1,000.

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