Sainsbury's Finance Online Saver launched

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Sainsbury's Finance Online Saver launched

Sainsbury's Finance has launched its Online Saver account, which pays out three per cent gross interest each year.

In order to qualify for the three per cent rate, savers must have a balance of between £1,000 and £500,000 for a year and only make up to three withdrawals during that time.

Helen Cook, head of savings at Sainsbury's Finance, described the Online Saver as an extremely attractive account considering the interest rates that are currently available.

She said: "Despite a competitive savings market, our analysis shows that there are very few savings accounts paying rates of interest of three per cent."

Defaqto banking specialist David Black described the product as a very good deal for those who did not need to make many withdrawals during the year.

At the beginning of this month, Sainsbury's Finance unveiled their Easy Saver account, which guarantees to pay two per cent more than the Bank of England's base rate for the first year from when the account is opened.

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