Kaupthing Edge's launch on the UK market

Commenting on Kaupthing Edge's spectacular launch on the UK market, Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said: "Since ING's UK launch in 2003, the savings landscape has changed considerably with overseas providers playing an important role in shaping best buy tables. This has been good news for savers and, despite the prospect of further base rate reductions, things are actually looking up.

"An Icelandic invader is about to shake the market, with Kaupthing launching two competitive savings products. At 6.5 per cent, its new easy access account jointly tops the table and is supported by a strong guarantee until 2012. This is also joined by a selection of very attractive fixed options paying up to 6.86 per cent.

"Potential customers wondering 'will my cash be safe and how will rates fair once Kaupthing has gained a foothold?' should be happy. There is the Financial Services Compensation Scheme to fall back on to protect £35,000 and if Kaupthing's track record in Europe is anything to go by then it should remain competitive."