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Article: British banks back to best of savings ; We have not seen it for some time, but British banks are beating their foreign rivals to the top of the popular easy access savings tables.
- Article from:
- Western Morning News, The Plymouth (UK)
- Article date:
- July 3, 2008
CopyrightCopyright 2008 Western Morning News, The Plymouth (UK). Provided by ProQuest LLC. (Hide copyright information)
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We have not seen it for some time, but British banks are beating
their foreign rivals to the top of the popular easy access savings
tables.
The cost of lending to each other has become so expensive that
British banks are desperate to attract money from the High Street.
Foreign banks have traditionally been better at this as they have
fewer branches and lower costs, and can offer higher rates than
their home-grown rivals as a result.
However former table-topper Icesave has failed to overstep the
two British banks at the top of the variable rate tables with a
series of recent rate hikes.
It has raised the rate on its popular easy access account from
6.05 per cent to 6.3 per cent AER.
But this ...