Disclosed herein is a heat transfer fluid concentrate comprising: greater than or equal to 85 weight percent of a freezing point depressant, based on the total weight of the heat transfer fluid concentrate; 50 to 2000 ppm of lithium ions; an azole compound; an inorganic phosphate; a carboxylic acid; and an acrylate based polymer, wherein the heat transfer fluid has a pH of 7.0-9.5. The heat transfer fluid concentrate can be used to make a heat transfer fluid.