Kaupthing leaves rates on hold for second time

 

May 16, 2008

Since bursting into the UK market last year the Icelandic bank, Kaupthing Edge, has been trying to build up its customer base, and like many other financial newcomers to the UK market has tried to achieve this by offering impressive and competitive rates on interest on savings. Over recent months the savings account from Kaupthing Edge has enjoy a top position on the best buy tables, and it has managed to retain this position even after the Bank of England cut interest rates earlier this year.

The savings account from Kaupthing Edge burst onto the scene offering consumers a highly competitive 6.5% interest rate. However, following the February interest rate cut, which saw many financial institutions cut their savings interest rates, the Edge announced that it was keeping its savings interest rate on hold at 6.5%, which attracted the attention of many savers who has seen their own savings interest rates come down. For many consumers the higher interest rate meant that they could get a better return on their savings despite the base rate cut, and it put Kaupthing way ahead of the competition on the best buy tables.

There was more good news for savers recently, when Kaupthing Edge announced that once again it was leaving the savings interest rate on hold at 6.5% despite the most recent base rate cut in April.

After the Bank of England had announced that the base rate was being cut by 0.25% earlier this month an official from Kaupthing Edge said: ‘Today’s decision to lower the base rate is likely to cause a flurry of rate adjustments within the savings market. Savers should grab this opportunity and review their savings to ensure that they are still getting a competitive deal on their money.’

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