'Disillusionment' opens the way for supermarket banking

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'Disillusionment' opens the way for supermarket banking

Moneyfacts has claimed that the disillusionment people are currently feeling with traditional banks has helped supermarkets find more banking customers.

Michelle Slade, a spokesperson from the comparison site, noted that alternative finance providers, such as Tesco or Sainsbury's, will sometimes offer more competitive interest rates as they are dipping into their own savings.

She claimed that this is different to high street banks, as these organisations have other ways of raising money to lend out and can result in less competitive rates.

"The combination of competitive deals and a strong brand that consumers already know and trust is a real winner for the supermarkets," she said.

According to Ms Slade, Tesco has already declared that it will begin offering mortgages - and maybe current accounts - in the future.

Sainsbury's announced this week that it would be extending its Internet Saver special offer, which offers customers an interest rate of 2.9 per cent gross if they fund the account with £1,000 within 30 days of opening it, until September 5th.

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