Icesave Online Savings Review

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Icesave Online Savings
3.2 stars
Average rating for this product is: 3.2 out of 5

From 8 ratings and 36 reviews

Thumb up 67% of users recommend this product

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Irene Haule's Review of Icesave Online Savings

20th Aug 2008

Overall Rating

5 stars
  • Value for money
    5 stars
  • Type Of Account
    Easy Access

Having done my research into the Best Savings Accounts on the current market - Icesave stood out for me. A high interest rate of 6.30% until 2011 and a rate GUARANTEE (to at least match base rate until 2013!) no notice period for withdrawals - no penalties. Very quick and easy to set up my easy access savings account - did it in about 15mins during my lunch break. Paperwork came through within the week. User friendly website - no jargon - so far the product is living up to its claims. Have no WORRIES WHATSOEVER with regard to the security of my funds. I've read a lot of statements within the review centre - I just wanted to put down a couple of FACTS (which I hope some (hopefully most) readers will find useful. (1) Icesave is a member of the Financial Services Compensation Scheme (FSCS). All money in UK savings accounts, cash ISAs and current accounts are protected up to the FIRST £35,000 put in there, in the unlikely event it went bust. Icesave IS NO DIFFERENT in that respect. (2) Icesave has opted for the passport exemption scheme which basically means that if it when bust, the first ' 20,000 would need to be reclaimed from the Icelandic compensation system (their home country) and NOT the UK System. The remainder of the £35,000 would still come from the UK compensation scheme. (3) If, in the unlikely event Icesave were to collapse, it would probably be bureaucratically more difficult to get your money back than if a fully-UK bank went bust, but not substantively so, and may actually be faster. In addition, EU Law does require banks in the compensation scheme to repay funds within 3 months. BASICALLY, the credit crunch is a nightmare and picking out "which bank is under threat" almost feels like a game of random chance - I mean, who would've thought that the giant Bear Stearn would have gone bust... now come on - seriously!

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