Icesave netting thousands of new customers each month
September 19, 2007
Part of Iceland’s Landsbanki, Icesave has been hitting the financial headlines lately as a result of the impressive rates of interest that it is paying out to savers.
Icesave was launched less than one year ago, and since this time has managed to attract deposits of £4 billion from savers that want to see their money work harder for them as a result of the top interest rates that are being paid.
According to recent statistic around ten thousand savers each month are opening accounts with Icesave, placing an average of £40,000 into a savings account. Icesave has now signed up an impressive one hundred thousand customers since its launch, and the customer that opened the 100, 000th account, a woman from Hartlepool in the UK, was recently awarded £1000 as the bank celebrated its success in the savings account sector.
The savings account from Icesave, which was launched in October of last year, pays 6.20% interest before tax. Customers that make withdrawals do not lose any interest and are not faced with penalties. Icesave has also promised that it will pay an interest rate to savers of at least 0.25% more than the base interest rate until October 2009, so savers do not have to worry about interest rate rises not being passed on to them, as they have had to do with ING Direct. Furthermore Icesave has pledged to pay at least the base interest rate to savers until 2011.
The managing director of Icesave spoke of the company’s success, stating: ‘We are delighted with the strong growth and popularity of Icesave. Our consistently competitive interest rate and our customer guarantee, combined with a transparent, simple account with no strings attached, no notice period required or penalties for withdrawals has proved attractive for customers.’
Alan Wright
19th September 2007
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