Sainsburys first internet only account offers 5% interest on all balances and a rate promise until 2010
On the 10th January 2005, Sainsbury’s Bank will launch Internet Saver on www.sainsburysbank.co.uk, its first internet only account, which will pay 5% AER/Gross for all balances. Independent research1 reveals that the account, which has a minimum balance of £1 and offers full account management facilities via a 24 hour online banking service, is one of just 11% of easy access internet accounts paying 5% interest or more on all balances. The rate does not depend on an introductory bonus and is not dependent on customers making regular monthly savings. In addition, customers are neither restricted nor penalised for the number of withdrawals they make from their account. Research reveals that of the 11% of easy access internet savings accounts offering 5% interest or more on all balances, a third of these are only paying this because of their introductory bonuses. There are 18 easy access internet accounts paying 5% or more in interest2, however, two of them require regular monthly savings and one limits the number of withdrawals that can be made. Steven Baillie, Savings Manager, Sainsbury’s Bank said: “By extending our range of savings products we can offer more choice for savers and hopefully encourage more people back into the savings habit. “For people who like the functionality and convenience of the internet, combined with a good rate, the Internet Saver could be just right for them. The account also offers the added convenience of being able to deposit money electronically, by post, or in your local Sainsbury’s supermarket.” As with Sainsbury’s Bank’s phone and branch savings accounts, the Internet Saver is backed by a promise that its interest rates will pay better than the market average until at least 31st December 2010. This is another example of the bank’s commitment to ‘help Britainsave’. Sainsbury’s Bank now offers three clear choices for savers depending on the channel they prefer to use: there’s the new Internet Saver for net users, the Direct Saver for phone and postal users and the Instant Access Saver which is a branch equivalent account operated through Sainsbury’s stores, this account offers SaveBack, a facility which allows you to make deposits at the supermarket checkout. Financial News Feeds provided by OneCompare.com
Date published: 1/7/2005 12:00:01 AM
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