Experts warn that figures suggesting that the average Danish bank balance is DKK 179,000 (USD 28,700) may be misleading. Read the full story

Local governments across Finland are to save money by closing dozens of small day care centres and relocating children to larger, more cost-efficient units. Read the full story

The Icelandic government should save a further ISK 50 billion next year to stick to its stabilisation pact, according to a leading business organisation. Read the full story

Reykjavik city plans to save ISK 45 million per year by cutting back on street lighting, according to Sighvatur Arnarsson, head of the city’s Asset Management department. Read the full story

Leaders of the northern Icelandic town of Akureyri have presented a list of ideas on how to save money. One idea presented is that all municipal workers should take one day’s unpaid holiday each month from next year. The money saved in wages would amount to ISK 150-200 million (USD 1.2-1.6 million) per year. The town’s budgetary shortfall for 2010 is likely to be in the region of ISK 450 million. Read the full story

Savings specialist Bradford & Bingley International, based in the Isle of Man, has launched two new fixed rate savings bonds.

For long term deposits, Fixed Rate Bond Issue 46 is a 1 year bond which pays 6.70% interest on maturity or 6.50% (6.70% AER) monthly.

Read the full story

Nordic bank Glitnir has unveiled a new savings account in Norway and Iceland that is designed to help the environment.

The Save&Save account offers a high rate of interest to customers, whilst at the same time generating capital for a new global environmental fund. The fund’s objective is to support international projects for the environment, and will focus on two main areas; sustainable energy and the sustainable seafood industry.

The environmental savings account will initially be offered in Glitnir’s two main markets of Iceland and Norway, but will be rolled out in other countries in the future.

Each year Glitnir will pay a minimum of 0.1% of total funds in customer accounts to the Glitnir Globe Sustainable Future Fund. The Nordic bank expects the fund to play a key role in financing research and development in sustainable energy and the sustainable seafood industry – the bank’s two main areas of expertise.

The fund is expected to accumulate up to 4 million euros within a few years, thus becoming one of the largest private funds supporting research into sustainable development.

“Glitnir Bank wants to play its part as a creative force in our planet’s future development by generating resources for the Glitnir Globe Sustainable Future Fund”, said CEO Larus Welding.

Glitnir has already allocated an initial 205,000 euros to the fund and expects the fund to grow rapidly as the deposit account is launched in other markets.

The fund’s Board of Directors will include Nobel Peace Prize laureate Dr. Rajendra Pachauri, Johann Olav Koss, CEO of Right To Play and Kristin Ingolfsdottir, Dean of the University of Iceland together with Norwegian philanthropists Grete and Jack Waitz.

“I am delighted and privileged to be on the Board of the Glitnir Globe Sustainable Future Fund. I am looking forward to working with Glitnir on this initiative”, said Dr. Rajendra Pachauri, who received the Nobel Peace Prize on behalf on the IPCC together with Al Gore in 2007.

More information on Glitnir’s environmental savings account can be found at: www.saveandsave.com

Isle of Man based Bradford & Bingley International (BBI) has this week launched an online savings account that pays up to 6.50% p.a.

The eAccess2 account, which replaces an existing range of online savings accounts, is available with a choice of annual, monthly or deferred interest options and offers an unlimited number of penalty free withdrawals.

BBI is an offshore savings bank which specialises in providing a range of savings accounts to the international and expatriate communities, as well as residents of the Isle of Man and the Channel Islands.

The account is expected to appeal to British expatriates working abroad and to retired expatriates looking to receive a regular income from their savings. The account boasts a competitive annual or deferred interest rate of 6.50% and monthly interest rate of 6.30% (6.49% AER).

BBI offers a range of online savings account that allow customers to manage their savings 24 hours a day, 7 days a week from anywhere in the world. Customers are able to make transactions to and from their savings accounts, view statements and amend account details at any time of day.

The eAccess2 savings account can be opened with deposits of £1,000 or more and is only available by application online.

Visit www.bbi.co.im for more information on Bradford & Bingley International’s offshore savings accounts.

Read the full story

Bradford & Bingley International, a specialist provider of offshore savings accounts for British expats, has announced it will leave the interest rate of its top online savings account unchanged, despite two recent cuts in the Bank of England base rate.

The online eSaver account will retain its 6.40 percent interest rate for expatriate savers investing from GBP 1,000. The high rate is available on savings accounts for British expats who do not exceed three withdrawals during each tax year. Those making four or more withdrawals are offered interest at 5.90 percent, which remains 0.90 percent above the current Bank of England base rate.

“The offshore market has become very competitive and we are proud to be able to offer our customers one of the best rates available for easy access savings,” said Lynette Byrne, Acting Managing Director of Bradford & Bingley International.

“The added convenience of being able to operate this account online 24 hours a day makes it an exciting proposition that we are delighted to be able to offer British Expatriates and increasingly customers from the Isle of Man and Channel Islands,” she added.

Bradford & Bingley International is based on the Isle of Man and specialises in savings accounts for the British expatriate community. More information on BBI and its eSaver online savings account is available at www.bbi.co.im.

Read the full story

Icesave, a UK savings account offered by Landsbanki, last week lowered the interest rate on its popular savings account to 6.05 per cent.

When emailing customers about the drop in interest rates on the savings accounts, Icesave suggested that customers take out a fixed-rate savings account instead. The account offers 6.7 per cent fixed interest, regardless of reductions in the UK base rate.

With the continuing instability in the global markets, many investment experts are suggesting that short-term fixed-rate savings accounts, containing less than £35,000, could be the safest bet.

Rachel Thrussel of Moneyfacts explained that fixed-rate accounts were a safe investment. “These accounts offer good value at present, and once you’ve signed up you will not be hit by the further anticipated downward fluctuations in base rate,” she said.

Icesave isn’t the only bank offering high interest rates, particularly on fixed-rate savings accounts. The interest rates offered across the board are the best offered in the last seven years.

West Bromwich is paying 6.55 per cent on their instant access account while Anglo Irish Bank and the West Bromwich building society are paying 6.75 per cent on their short-term fixed-rate accounts.

“Since the credit crunch kicked in, it is short-term money the banks are after,” says Susan Hannums of AWD Chase de Vere.

In the UK, all savings up to £35,000 are covered by the UK Financial Services Compensation Scheme (FSCS), including accounts offered by foreign banks.