4 June 2008
Following its successful launch into the UK savings market, Kaupthing Edge today announces it will increase the rate of its 12-month term account to a competitive 7.01% AER, and the 6-month term account rate will also increase to 6.97% AER. These changes will take effect from 4th June 2008.
At the same time, Kaupthing Edge is reducing the minimum investment upon which interest is paid on its instant access account to £100, and, on its term accounts, to £1,000.
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 |
Savers will be able to open a Kaupthing Edge instant access account online with a minimum investment of £1 (with the minimum balance upon which interest is paid being £100), offering 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 7.01% AER.
Kaupthing Edge offers savers the best rate guarantee currently on the market of at least 0.3% above base rate until 1st February 2012 for its instant access savings account.
Ashley Whittaker, Head of Retail Savings at Kaupthing Edge comments:
"This change underlines Kaupthing Edge’s commitment to offering savers consistently competitive returns on their money. We are continuously reviewing our range of products to meet our customers’ needs. Our new rate will be an attractive offering for savers looking for guaranteed returns on their money.
In addition to our great rates, we are committed to offering our customers the highest level of service. We therefore not only subscribe to the Banking Code but all money deposited with Kaupthing Edge will be covered by the maximum deposit protection available in the UK."