Sainsbury's releases 3% online saver

Monday, 07 September 2009 12:00

Sainsbury's has today introduced a new online savings account paying three per cent interest.

The Online Saver offers the interest rate for balances of £1,000 to £500,000 for 12 months from the date the account is opened.

That is provided the customer does not make more than three withdrawals in that time and that the balance does not fall below £1,000 or rise above £500,000.

It is opened and managed online.

Helen Cook, head of savings at Sainsbury's Finance, said: "Despite a competitive savings market, our analysis shows there are very few savings accounts paying rates of interest of three per cent, so our new Online Saver account is extremely attractive."

According to research carried out by Sainsbury's, three per cent of instant access and notice accounts pay three per cent or more on balances of £1,000 and only 21 per cent of these offer interest on a monthly or annual basis.

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