Sainsbury's savings: 2.8% interest

Wednesday, 02 September 2009 12:00

Sainsbury's is offering interest of 2.8 per cent on its latest savings account.

The Easy Saver Account promises to pay customers two per cent above the Bank of England base rate provided no more than five withdrawals are made in the 12 months after the account is opened.

And savers need only deposit £1 to open the account, which is available by phone.

Helen Cook, head of savings at Sainsbury's Finance, said: "The savings market is be becoming increasingly competitive.

"And we are delighted to offer this new telephone account that not only offers an attractive rate of interest for balances of as little as £1, but also offers a reassuring rate guarantee."

Interest will revert to the account's standard rate, which is currently 0.50 per cent, if more than five withdrawals are made.

The maximum deposit for the account is £500,000.

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