Foreign banks back on top of the savings tables

Over the past year or two foreign banks have stormed the UK financial sector by introducing a number of savings accounts available to UK savers, which have paid impressive rates on interest, enabling consumers to get more for their money.

As a result of these high rates the foreign banks have often topped UK banks when it comes to the best buy tables, and have dominated the top of the tables for some time. However, over the past few months UK banks managed to take top spots on the tables, as many increased their savings interest rates in order to attract greater custom and deposits.

However, the success for UK banks has been short lived, as recent reports have suggested that foreign banks are quickly regaining their top spot positions on the best buy tables once again. ICICI and Kaupthing Edge are amongst those providers.

One official said: ‘ICICI have really put the cat amongst the pigeons by offering this fantastic rate for savers who are willing to lock up their cash for a year – especially as it is a standalone offering. It’s especially good news for savers who will have recently been disappointed with the withdrawal of the top two highest rates less than two weeks ago.’