Saturday, February 9, 2008
MPC authority continues to wane
The newest entrant to the UK savings market has decided to throw down the gauntlet to its rivals by keeping its savings rate static at 6.5%, despite the Bank of England rate reduction today. Its closest rival is Indian-owned ICICI bank's HiSAVE account at 6.41%. It is unclear whether ICICI, which held its position at the top of the tables for several months until Kaupthing's arrival, will be forced to retain its rate also.