Icesave

Icesave was once a relatively obscure Icelandic bank offering a High Interest Account and a Cash ISA with a better than average savings rate. Now thousands more people are aware of the Icesave name - unfortunately that's because the bank has come crashing down in a dramatic fashion, freezing all the accounts and the money in them! I know the bank is called Icesave but I didn't imagine that would actually involve freezing my cash! Yes - unfortunately, I was one of those many savers who was attracted by the high interest rate offered by Icesave. I didn't know a great deal about the bank when I first opened an ISA with them during the 2007-2008 tax year. I was ...  Read the complete review

I recently opened up both a savings account and an ISA, both took a week to get up and running including the initial transfer of funds. Beware though once you have the account(s) you need to log into Icesave to initiate any further transactions both into and out of the accounts. These have to be set up with 3-4 workings days ahead of when you want the transfer, you want it any quicker and you will incur charges. Once they have your money it goes through a drawn out "processing" stage taking up to SEVEN business days before the money is in your cleared balance. Icesave state that the money starts earning interest from the moment it is received so it is ...  Read the complete review

**** UPDATE 9.10.08 *** =================== As you might be aware, IceSave has been declared as insolvent in the UK in October 2008. Read my review below as there are a few warning signs that perhaps I hadn't quite noticed, such as difficulty in opening an account. IceSave are not fully covered by the FSCS (Financial Services Compensation Scheme). They were covered up to £50,000 jointly between the Icelandic and UK funds but the Icelandic government has backed out from paying non-Icelandics. The UK government is threatening legal action to Iceland, potentially they could be sued for fraud or even worse, they could be potentially be sued ...  Read the complete review

I have held an internet ISA with icesave for over a year and I am very impressed with how they have built up their business. At the time they were offering the best interest rate on an online instant access isa. i think this has now been taken over by the sainsburys internet isa but you still get over 6% annual interest and it guarantees to beat the bank of england base rate by at least 0.25% until 2011. having just received my yearly interest on my account, it definitely helping me beat this credir crunch! and icesave now has over 1 million savers and is getting popular all the time. its also a very simple setup process. you fill in your details online, then send ...  Read the complete review

Icesave - I have been trying to open a basic cash ISA with Icesave since 2nd. February this year before the April 5th deadline. Despite completing the relevant on-line form and subsequently numerous reminder emails to them and despite their automated responses - NOTHING.
Poor communications and a very, very poor service, in my honest opinion.
Imagine trying to get a response from them after successfully opening an account!!!!