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Why do the British have it so good?
March 10, 2008
4:11 pm
Josh
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I have been looking for a good high interest savings account for a while now, and I keep seeing all these advertisements for rates like 5.75% and 6.25%, but they're all in the U.K! I would like to apply for them but you need to be a U.K. resident! Why can't we get rates like that here in Canada?

March 10, 2008
6:49 pm
Craig
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Their central bank's interest rate is higher than ours. That rate affects how much it costs the commercial UK banks to borrow money (or create money, don't get me started on that) which in turn affects how much interest the commercial banks can afford to give their UK customers and still earn their target profit.

If you think the UK banks are forking over good interest, check out ING Direct in Australia:

http://www.ingdirect.com.au

Your eyes will pop when you see the interest Aussies are earning right now.

March 10, 2008
7:20 pm
Josh
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Holy crap! That is ridiculous! 8.1%!

That's almost enough to make me want to move to Australia.

March 11, 2008
10:51 pm
Maxime
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My plane ticket is bought.

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