Sainsbury's Bank accounts 'competitive'

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Sainsbury's Bank accounts 'competitive'

Thu 19th Apr 2007

Even if a mortgage's rate does not exactly track the movements of the Bank of England base rate, consumers can still pick up a competitive package.

With interest rates expected to continue their upward trend in the near future, partly as a result of inflationary pressures, many commentators have voiced their concerns that some financial providers are not raising their rates accordingly.

Peter Wood, head of savings at Sainsbury's Bank, believes that if accounts offer some of the best rates in the market, it does not matter if they exactly follow the base rate.

Commenting upon Sainsbury's Bank accounts, Mr Wood said: "Sometimes we will increase our accounts' interest by more than the base rate – sometimes we will increase it by less."

He added: "We are more concerned about being consistent and offering rates which are competitive."

Sainsbury's Bank accounts have been taken up by 1.5 million active customers, with deposits in excess of £2 billion.

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