Tuesday, October 07, 2008

Icesave halt deposit and withdrawal

Icesave, was once the recommended top ISA bank by Moneysavingexpert.com is now facing financial problem. I was considering to open an account with Icesave half year ago. Lucky me.

It has been another tough day for banks elsewhere in Europe, with the government of Iceland taking control of the country's second-biggest bank, Landsbanki. Landsbanki owns the internet bank Icesave, which has stopped allowing customers to withdraw money. Icesave is thought to have 350,000 customers in the UK and Netherlands. If Landsbanki were to fail, savers would be entitled to their first £16,000 from Icelandic authorities and then up to another £34,000 from the UK Financial Services Compensation Scheme. - BBC

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