Icesave Landsbanki

a deposit programme uk market, icesave, launched in october 2006. easy-access, on-line savings account, icesave became instant success, transforming landsbanki’s balance sheet , funding profile. since launched, icesave grew rapidly , @ 31 march 2007 icesave deposits totalled £2.8 bn on 80,000 accounts opened.

a key factor in icesave’s appeal savers interest rate guarantee: gross annual equivalent rate of interest (aer) paid on balances on £250 guaranteed exceed bank of england base rate @ least 0.25% until 1 october 2009 , thereafter not lower bank of england base rate until 1 october 2011. result, icesave became market leader in internet deposit savings accounts in uk in terms of interest rates.

icesave operated in netherlands may 2008 until october 2008.

on 7 october 2008 icesave uk website announced: not processing deposits or withdrawal requests through our icesave internet accounts. apologise inconvenience may cause our customers. hope provide more information shortly. , icesave declared in default on 8 october 2008, taking landsbanki in fall.