We are often asked for more information on various savings providers that are less well-known or new to the savings market. In this regular series of articles, we aim to turn the spotlight on these providers to give you more information about their background and history and why they are of particular interest in today’s savings market.
Alongside these articles, you may also find our Guide to Challenger Banks useful for more information on some of the banks that are seeking to break the monopoly of the big high street names.
We hope that you find this information useful and as always, if you have any feedback or suggestions as to who should appear in a future article, please let us know.
The provider chosen this time is one of the lesser known banks - Axis Bank, following a number of requests for more information about them and regular appearances from the provider in our Best Buy Tables. Currently appearing in our 2 and 3 year fixed rate bond best buy tables paying 2.15% AER and 2.45% AER with UK FSCS protection, it could be a provider to consider, although at this point slightly better rates can be found elsewhere.
Axis Bank UK Ltd is a wholly owned subsidiary of Axis Bank Ltd, which began operations in 1994 and is India’s third largest private sector bank.
Axis Bank UK has a branch in London and commenced banking operations in July 2013, the eighth office opened by Axis Bank outside of India.
Axis Bank UK Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In addition, Axis Bank UK is a member of the Financial Services Compensation Scheme (FSCS), so funds placed with the provider would be covered up to £75,000 per person, should the provider go out of business.
For more information on the FSCS, please take a look at our handy guide or call us on 0800 321 3581 to speak to one of our expert savings advisers.
Today’s Savings Market
In terms of accounts available for savers, Axis Bank has 1, 2 and 3 year fixed rate bonds available. Whilst the 1 year bond is not competitive at the moment, both the 2 and 3 year bonds currently feature in our best buy tables. Each of the bonds offer annual, quarterly or monthly interest options for those who require them.
Below is a summary of the rates on offer currently, please click on the links for more information.
For more alternatives and to compare the accounts to the rest of the market, please take a look at our Fixed Rate Bond Best Buy Tables.
Application Process and Customer Service
You can apply for accounts through Axis Bank online or in branch, although the only branch is in London, so this option will not suit everyone.
Our Concierge department has used the provider a number of times and have commented that the application process is easy to understand and have found the provider’s customer services to be good.
We certainly have not been made aware of any negative experiences so far from any of our clients or our Concierge Department. Of course, as mentioned earlier, your thoughts and experiences about providers’ customer service are invaluable for us, so please get in touch to share any feedback you have.
A final word…
It is tempting to stick to the well-known brands when it comes to savings accounts, but in doing so, you may be missing out on some of the best rates on the market. Whilst there are some exceptions, for example High Interest Current Accounts, you can no longer rely on the larger brands and high street names to offer the best interest rates. Providers like Axis Bank and other, less well-known providers continue to drive competition in the savings market and offer some of the best rates available at the moment. The best strategy is to look at all options and take each provider on its own merits, considering alternative providers to get the best returns for your money. As long as you do your research (or ask us for more information!) and are comfortable with the provider, there is no reason not to consider them in future.
As mentioned earlier, if there is a provider that you would like to see featured in a future article, please let us know. We are also keen to hear from you if you have any feedback about any provider’s customer service, good or bad! Please contact us at [email protected] to share your experiences.