Customers flocking to put savings with Icesave
April 11, 2008
Many UK consumers are now taking action with regards to making their savings work harder for them by placing their money into an Icesave account, which pays an impressive interest rates, enabling savers to earn more in interest than they may be getting with their existing provider. Icesave is part of Iceland’s Landisbank, and was launched in October 2006, under one year ago. Since its launch Icesave has enjoyed great success with billions of pounds being invested by savers.
According to recent figures Icesave has attracted deposits of around £4 billion from savvy savers that want to make their money work harder through higher interest rates. Many banks and savings accounts have been slated in the news recently for offer poor interest rates despite the five interest rate rises applied by the Bank of England over the past year. Icesave, however, is paying 6.20% interest to savers, which has helped the bank the secured the billions of pounds worth of deposits.
A spokesperson from Icesave stated: ‘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.’
Icesave has recently celebrated its success by awarding £1000 to its 100,000th customers. The bank has also promised to pay at least 25% more than the base interest rate to savers until 2009, and then at least the base interest rate for a further two years until 2011. For those with savings account with the bank there is no penalty, loss of interest, or charge for withdrawals.
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