Kaupthing Edge raises rate on easy access savings account

Commenting on Kaupthing Edge raising the rate on its easy access savings account to a market-leading 6.55 per cent, Kevin Mountford, head of savings at moneysupermarket.com, said: "Once again, we see a foreign bank flexing its muscles in the savings arena. Kaupthing Edge has consistently had a strong customer price proposition internationally, which it is living up to in the UK.

"Easy access accounts are back in the spotlight due to a reduction in swap rates, making it more difficult for providers to offer improved rates on fixed rate bonds. 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.

"Kaupthing uses its UK registration here, meaning depositors are covered up to £35,000 by the Financial Services Compensation Scheme."