Those looking for best-buy savings accounts might want to look at overseas banks, according to one expert.
Commenting on Kaupthing Edge's decision to increase the rate on its easy-access savings account to 6.55 per cent, Kevin Mountford, head of savings at Moneysupermarket.com, explained that foreign banks are currently well placed to offer good products.
He said: "At 6.55 per cent, Kaupthing's easy-access account raises the bar and clearly demonstrates the desire by foreign banks to maintain their status as the best-buy providers."
The new rate means that bank is offering a market-leading rate on its savings account, he added.
Because the bank is registered in the UK savings deposits will be covered by the Financial Services Compensation Scheme, Mr Mountford pointed out.
Yesterday, figures from the Building Societies Association revealed that its members attracted a record level of savings deposits in the first half of 2008.
A total of £6,296 million was deposited in mutual savings accounts during this time.
Kaupthing ups savings account rate
Kaupthing ups savings account rate
Thu, 31 Jul 2008
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