Saxo has launched a new interest rate model to provide income on uninvested cash for retail investors.
The service, which has no lock-in period or upper limit on amount paid, updates on a daily basis based on the Sterling Overnight Interbank Average Rate (SONIA) benchmark rate. As a result, the deposit interest rate for clients will move in line with any alterations made to interest rates by the Bank of England. The move will apply to deposits in sterling, euro and US dollars. Chancellor appoints external member of BoE Monetary Policy Committee Charles White-Thomson, CEO of Saxo UK, said: "We are pleased to be able to bring this new competitive and transparent cash interest r...
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