Foreign savings providers are offering competitive rates in the UK market, one expert has claimed.
When ING Direct launched a savings account three years ago, the UK savings market altered in favour of consumers, stated Moneysupermarket.com.
Other savings providers from overseas - such as ICICI Bank of India and Landesbanki of Iceland - provide easy access accounts with good features and rates of interest, the consumer advice company said.
The organisation also noted that in addition to easy access savings accounts, the new companies also perform well in the notice accounts and fixed-term bond sectors.
Stuart Glendinning, managing director at Moneysupermarket.com, said: "This is a foreign invasion everyone with money to save can welcome.
"These new banks offer savers more choice, higher rates and also put pressure on the existing providers to raise their rates."
He added that many consumers are no longer willing to accept the "sorry" rates available from UK providers.
AWD Chase de Vere recently claimed that Icesave was the first company to boost its savings rates following the recent Bank of England base rate rise.
Expert lauds non-UK savings accounts
Expert lauds non-UK savings accounts
Tue, 05 Dec 2006
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