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Icesave Increase Savings Interest

26-June-2008, Writes Dan Drage dan.drage@consumerchoices.co.uk

The savings war took another twist yesterday as Icesave announced improved interest rates on its most popular accounts.

Icelandic online savings specialist Icesave (www.icesave.co.uk) is to increase interest rates on its Easy Access and Fixed Rate savings accounts. The increases are as follows:

• Easy Access - From 6.05% to 6.30% AER

• Fixed Rate - From 6.50% to 7.06% AER

These rises took effect from yesterday.

Mark Sismey-Durrant, Managing Director of Icesave, had the following to say:

“Our aim is to offer both new and existing customers a great choice of simple, transparent savings accounts with consistently competitive interest rates. Our new guaranteed interest rates highlight our long term promise of no catches, just great value for customers.”

Icesave has answered the call of Halifax, who unveiled its 10% paying Regular Saver account a fortnight ago.

However, the Halifax account is available for a limited period only, and question marks have been raised around the drip-feed method by which interest is gained.

Chris Eagle, Commercial Manager at Credit Choices, had the following to say:

“Icesave’s rates have been consistently competitive, and they’ve taken the opportunity to pass on the higher returns available in the money markets to new and existing customers.”

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