icesave.co.uk

I am a customer of Icesave and have been for 2 months. Of their financial products they offer UK customers, I use half. And will be able to give my reviews on those products and IceSave overall. IceSave is the online-only UK subsiduary of Icelandic Bank 'Landsbanki', which is one of the biggest 3 banks in Iceland. Icelandic banks have recently been spreading their wings intenationally and to reach UK customers, Icesave has offered table-topping savings rates for many months to attract customers away from more traditional UK savings havens. Products Icesave offers a limited range of savings ... more

As you may be aware, this IceSave bank has been put into liquidation by the UK government. IceSave customers should be protected up to about £16,000 by the Icelandic guarantee and for £50,000 by the UK scheme (maximum claim £50,000). The UK government may cover more, and have indicated this will be the case. The Icelandics have pulled out of their 'guarantee'. So what for savers? I have spent a while looking this up and this is what we should do: 1) Log into your account and print several copies of your balance. You can log in still. Do it now, because the website could stop you logging in at ... more

With the amount of competition in todays market it is increasingly hard to keep track of where to put your hard earned cash. In the last few years more foreign banks have been trying to get into the UK market. Dutch bank ING brought us a straightforward simple to use account then Indian bank ICICI offered better rates and now Icelands Landsbanki have their Icesave account. As rates are always changing it is best to check a website such as moneysavingexpert (see my earlier review) for up to date info but at the time of writing the rate for Icesave (min deposit £250) is 5.95%. What makes this ... more