Sainsbury's Bank Savings Accounts "consistently attractive"

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Sainsbury's Bank Savings Accounts "consistently attractive"

Tue 28th Feb 2006

It has been claimed that Sainsbury's Bank Savings Accounts offer a "consistently attractive" option for savers following research commissioned by the finance group.

According to the research, almost one in ten banks and building societies currently offer an interest rate of less than 0.5 per cent annual equivalent rate (AER) on savings accounts.

The Sainsbury's Internet Saver account pays 4.75 per cent AER on balances of £1 and 3.35 per cent for the same amount with its Instant Access Saver – the branch-based equivalent.

It was also reported by the research that Sainsbury's was one of two banks that had an instant or easy access account in the top 30 per cent of all internet, postal, telephone and branch equivalent accounts.

Peter Wood of Sainsbury's Bank said: "It would appear that some banks may be offering unacceptably low rates of interest on some of their accounts to enable them to offer more competitive returns on others to attract new customers."

He also recommended to savers a willingness to switch accounts if they are receiving an uncompetitive rate of interest.

Sainsbury's Bank Savings Accounts offer a guarantee that their interest rates will offer better returns than the market average until December 31st 2010.

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