Sainsbury’s Bank ups interest rates for savers
Friday, 11 May 2007 17:40
Sainsbury’s Bank has increased the interest rate on its internet saver account 0.25%.
The move follows the Bank of England's decision yesterday to increase the UK's underlying interest rate from 5.25% to 5.5%.
Sainsbury’s Bank now pay 5.75% gross AER on its internet saver account.
However the new rates do not come into force until May 17th 2007.
"This latest rate increase to our Internet Saver account underlines the competitiveness of this account and our fantastic track record of offering consistent rates to savers in this competitive internet-only savings market," said Peter Wood, Head of Savings at Sainsbury’s Bank said.
"In addition to offering consistently competitive rates of interest, our savings customers benefit from our Rate Promise to pay higher than the average market rate of interest until at least the end of 2010."