Sainsbury’s Bank has announced an increase to the interest rate on its cash ISA from 2.80 per cent to 3.01 per cent for new ISA accounts opened from today (17th September).
The rate does not include a bonus rate, so investors can save safe in the knowledge that the rate will stay competitive and they won’t have to switch when a bonus rate ends.
Savers need to invest at least £500 and can invest up to the full ISA cash limit for this financial year of £5,640. Transfers-in from other savings accounts are allowed.
The accounts can be opened and managed online or by phone and there are no withdrawal restrictions or penalties.
Interest is paid annually and the account can be opened by both new and existing customers.
Helen Cook, Head of Savings at Sainsbury’s Bank said: "Our Cash ISA pays one of the most attractive rates in the market. It’s a straightforward account for savers who don’t want the complications of withdrawal restrictions, notice periods or short-term bonuses.”