Sainsbury's makes rate promise on saver

Monday, 23 November 2009 12:00

Sainsbury's has launched a saving account which promises returns at least two per cent above the Bank of England base rate for 12 months.

The Easy Saver also rewards double Nectar points to customers depositing a minimum balance of £5,000.

The easy access account, which has a minimum balance of £1 and maximum of £500,000, pays an interest rate of 2.8 per cent.

Helen Cook, head of savings at Sainsbury's, said: "With Easy Saver, not only is there a rate promise for 12 months but in addition Nectar card customers receive double Nectar points on all their shopping at Sainsbury's.

"There is a lot of volatility in the savings market at the moment and these can provide great peace of mind."

The interest rate is guaranteed provided the saver does not make more than five withdrawals in the 12-month period.

If the balance exceeds £500,000, or more than five withdrawals are made, the interest rate reverts to the account's standard rate of 0.5 per cent.

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