Iceland agrees to compensate UK

It has been revealed that the Icelandic government has finally agreed to repay the UK as well as the Dutch authorities following the collapse of the Icelandic banking system. Read more

Tags: uk savers, compensation, Icesave dispute, scheme, uk government

Guernsey customers angry over Icesave compensation

Customers from the UK who had money in Guernsey branches of the Icelandic bank, Landsbanki, have expressed outrage, stating that their money is going towards compensating others whilst they will receive back very little of the money that they had placed into the bank. Read more

Tags: Island, Guernsey, icesave, subsidiary, off-shore accounts, scheme

Compensation process begins for Icesave customers

Earlier this month there was widespread panic amongst consumers, charities, local authorities, and businesses when the Icelandic bank Landsbanki collapsed, leaving many people, firms, and agencies that had put money into high interest Icesave accounts wondering whether they had lost all of their money. The panic became worse after it was revealed that the Icelandic authorities were failing to honour obligations with regards to compensating UK consumers. Read more

Tags: uk, icesave, linked accounts, Business Finance, banking crisis, BACS, result

Savers worry about where to put their cash

The world of finance has been thrown into complete turmoil over the past year, not just for borrowers and lenders but also for those looking for a safe place to stash their hard earned cash. It seems that until around this time last year we all had a pretty good idea of where we wanted to put our cash in order to make it work for us, but since the chaotic situation with Northern Rock threw the banking world into turmoil many of us have no idea what to do with our savings, and seems to be running from one bank to another clutching our precious cash in the hope that we will finally find a safe resting place for it. Read more

Tags: icesave, northern rock, hbos, savings, post office, lloyds tsb

Three billion barrier smashed by Icesave

In a recent announcement Icesave, which only launched in October 2006, has revealed that since its launch it has taken over three billion pounds in deposits and has opened over eighty thousand savings accounts.

Part of Iceland’s Landsbanki, Icesave officials feel that the combination of easy, convenient online savings management along with highly competitive interest rates has helped to secure this level of success in such a short period of time.

Icesave has been offering interest rates in nearly six percent to savers, with a minimum account balance of £250 and a maximum of £1000,000. There is no penalty of loss of interest for withdrawals on the accounts, and all that is required of savers is for the account to have a t least £250 in it at all times. Those wishing to open an account with Icesave must be over the age of eighteen.

On the other hand the Dutch bank ING has seen around £3M worth of deposits withdrawn from its operations after failing to pass in interest rate rises to savers. Although ING is planning to pass on the latest interest rate rise in June, the interest rate has been stagnating at under five percent for some time, which has outraged savers, many of whom have decided to try and open accounts elsewhere in order to get a better rate of interest.

One official from the online savings operation Icesave stated: ‘In achieving this new milestone of £3bn in total deposits, Icesave has shown Landsbanki’s ability to diversify its balance sheet and develop its proposition in the UK market place.’ 

Icesave has guaranteed customers that the AER on savings accounts will exceed the Bank of England base rate by at least 0.25% until 2009.

Tom Smith
7th June 2007

Tags: invest, interest, icesave, deposits, increase, account, earn