Sainsburys Bank one-year fixed-rate savings bond offers 'attractive return'

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Sainsburys Bank one-year fixed-rate savings bond offers 'attractive return'

The Sainsbury's Bank one-year fixed-rate savings bond has a very generous rate of interest, the company claims, based on its analysis of data from Moneyfacts.

An interest rate of 4.9 per cent is offered by the bank's savings bond on a balance of £3,000, in comparison to an average of 4.5 per cent offered by other providers.

Only four out of 117 available bonds place an interest rate of 4.9 per cent or more on an investment of £3,000.

It was revealed that five of 128 and 129 surveyed bonds offer this rate on balances of £5,000 and £10,000 respectively.

Savers can invest £3,000 or more in the Sainsbury's Bank one-year fixed-rate savings bond, receiving their interest at the time of maturity on January 16th 2007.

Pauline White, savings manager at Sainsbury's Bank, said: "Fixed-rate savings bonds offer the security of an attractive return, but as with any savings product, it's important to shop around to make sure that you are receiving a competitive return."

The figures published by Sainsbury's Bank revealed that of 128 bonds with balances of £5,000, 18 offered an interest rate below 4.25 per cent and seven offered a level below four per cent.

Sainsbury's Bank began on February 19th 1997, as part of a joint venture with Halifax Bank of Scotland.

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