The Edge brings good news to savers for a second time

Kaupthing Edge, the Icelandic bank that made a recent appearance in the UK market, has brought good news to savers for a second time, announcing that it will not be reducing the interest rate on its savings account despite the recent base rate cut.

This will be welcome news for those looking to get a high return on their savings, particularly given that many other financial institutions have been quick to reduce their savings rate.

The Bank of England cut the base rate by 0.25% taking it from 5.25% to 5% earlier this month. However, despite this cut Kaupthing Edge is leaving its saving rate at 6.5% in a bid to try and make a greater impact in the UK market and build up a larger customer base. This means that the Edge will stay at the top of the best buy tables.

This is the second time that the banks has decided to keep interest rates on savings high following a rate cut – the bank announced that it was leaving the interest rate at 6.5% following the February base rate cut of 0.25% as well.

Following the recent base rate cut this month an official from Kaupthing Edge stated: ‘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.’