Sainsbury's Bank Instant Access Saver account 'consistently attractive'

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Sainsbury's Bank Instant Access Saver account 'consistently attractive'

Mon 8th May 2006

The Sainsbury's Bank Instant Access Saver account could offer an alternative option for savers to many other branch-based accounts, some of which offer "derisory" rates of interest, according to the bank.

A rate of up to four per cent is offered on this account and, according to the bank's figures, nearly one in three branch access savings accounts offer interest rates of less than three per cent and just under one in five offers less than two per cent.

The company's research also states that service is an important factor for people taking up branch savings accounts, with 74 per cent of respondents saying they chose an account because of the contact it offers.

Some 71 per cent of people also stated that they liked the ability to deposit money in a branch rather than online or by telephone.

"There is strong competition in the savings industry, which means that what ever type of savings account you want, you can find one that pays a consistently attractive rate of interest," said Peter Wood, director of savings at Sainsbury's Bank.

The Sainsbury's Bank Instant Access Saver account can be opened for a minimum amount of £1 and offers rates ranging from 3.35 to four per cent.

An Internet Saver option is also available with the company, which pays a rate of 4.75 per cent for balances of £1, as well as a Direct Saver, which offers up to 4.5 per cent interest.

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