Sainsbury's Finance launches new easy access cash ISA

Tuesday, 10 August 2010 12:00

Sainsbury's Finance has unveiled a new 12-month variable cash ISA paying 2.6 per cent AER.

The account, which savers must deposit at least £500 into, provides easy, instant access so funds can be withdrawn any time, any where.

But despite offering the second best interest rate in the instant access cash ISA market, long-term savers should be wary as the rate will drop to Sainsbury's Finance's standard variable rate - a paltry 0.5% - after the first year.

Funds can be transferred in from other cash ISAs and savers can pay in the full yearly limit of £5,100.

Helen Cook, Head of Savings at Sainsbury's Finance said: "Our new 12-month Cash ISA provides customers with an attractive rate as well as instant access and importantly, the ability to transfer funds in from other cash ISAs."

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