Sainsbury's Bank: Shop around for most competitive account deals

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Sainsbury's Bank: Shop around for most competitive account deals

Tue 17th Apr 2007

Consumers are being encouraged to shop around to find the most competitive deals on savings accounts by Sainsbury's Bank.

According to the group, some 16 per cent of providers are offering rates of less than two per cent gross annual equivalent rate (AER).

Approximately two fifths of financial providers are providing an AER of less than three per cent.

And despite the Bank of England's monetary policy committee having increased interest rates on three occasions since August 2006 to a current position of 5.25 per cent, only one in five providers offers a rate of five per cent or more.

"Savers simply must ensure that they shop around to get the most competitive rates," said Peter Wood, head of savings at Sainsbury's Bank.

"While the Bank of England base rate is an indicator, and has prompted some accounts into putting up their interest rates, savers need to look for accounts that have played fair, like our internet saver, which offer consistently competitive rates," he added.

Sainsbury's Bank accounts offer three packages which it is claimed are some of the most attractive on the market.

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