Landsbanki IceSave introduced to UK market

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Landsbanki IceSave introduced to UK market

Tue 10th Oct 2006

Icelandic bank Landsbanki has launched a market leading online savings account into the UK savings market.

The Landsbanki IceSave online savings account offers customers an interest rate of 5.2 per cent, though it differs from most other UK online savings accounts in that customers must keep a minimum of £250 in the account or the interest rate drops to 0.5 per cent.

The bank, which owns Heritable Bank, has guaranteed the Landsbanki IceSave will beat the Bank of England base rate by 0.25 per cent until October 1st 2009.

The chief executive officer of Heritable Bank and managing director of IceSave, Mark Sismey-Durrant, said: "You have to ask other banks why they can't compete at this level."

"We plan to be consistently competitive. The reason for the long guarantee it to underpin that being consistently competitive is our strategy. Three years at that level is not a problem," he added.

Landsbanki complies with the UK Banking Code meaning that it must operate in line with specific standards as a UK bank would.

Landsbanki's parent company, Landsbanki islands hf, is Iceland's oldest full service commercial bank, having been established in 1885.

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