2 February 2008
Kaupthing Edge launches market leading 6.5% instant access account
Nine million Britons prepare to save more in the face of economic uncertainty, according to new research by Kaupthing Edge, the online retail financial services offering of Iceland’s largest bank, Kaupthing and its UK subsidiary, Kaupthing Singer and Friedlander.
The research indicates that over 80% of Britons believe we are facing economic slowdown, with 68% saying they are more concerned about their finances than they were six months ago.
To help savers maximise the return on their cash, Kaupthing Edge enters the UK retail banking market with a leading instant access savings account offering a best buy rate of 6.50% AER.
Key product details:
| Instant Access Savings Account | Fixed Term Deposit Accounts |
|---|
| 6.5% AER (6.31% gross) |
6 month term account: 6.97% AER (6.85% gross) |
| Rate guaranteed to be at least 0.3% above base rate until 1st February 2012 |
12 month term account: 7.01% AER (7.01% gross) |
| Min balance upon which interest is paid: £100 |
36 month term account: 6.70% AER (7.16% gross) |
| Max balance: £2 million (across all accounts) |
24-hour online access |
| No tie ins or charges |
Min balance upon which interest is paid: £1,000 |
| 24-hour online access |
It will be available to customers from the 2nd February and offers savers the best rate guarantee currently on the market of at least 0.3% above base rate until 1st February 2012. Customers will be able to open an account online with a minimum investment of £1,000, offering instant access to their money with no tie-ins or fees. Once customers have opened a Kaupthing Edge savings account, they have the option to maximise their returns by locking all or part of their savings in a fixed period deposit account, with interest of up to 6.86% AER.
Ashley Whittaker, Head of Retail Savings at Kaupthing Edge comments:
"Our research shows that individuals are becoming increasingly concerned about their finances. At this time of economic uncertainty, investors need to be savvy to make their money work harder for them. Kaupthing Edge instant access savings product is the market leader for the switched on customer looking for competitive rates combined with great interest rate guarantees, and the flexibility to transact on line.
We have a great track record of offering best-buy table topping savings products in other European markets, and we are looking forward to replicating this in the UK retail market.
We are looking to provide customers with the highest possible level of service for the product. We subscribe to the Banking Code and customers should take comfort from the fact that their deposits will be covered by the highest available deposit protection in the UK."