Sainsbury's internet saver gets creative
www.moneynews.co.uk > Banking > Sainsbury's internet saver gets creative
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Sainsbury's internet saver gets creative
Mon 2nd Mar 2009
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The Bank of England's base rate slumped from 5.5 per cent in January 2008 to one per cent last month.
While this has been good news for some mortgage borrowers, it has resulted in a marked reduction in the returns available to savers and many have begun to question the value of investing money.
The Sainsbury's Internet Saver is a "creative" answer to the problems faced by investors, according to the bank's head of savings Helen Cook.
It guarantees to pay two per cent above base rate for the first 12 months of the account, on balances of between £5,000 and £100,000.
However, the rate only applies if there are no withdrawals during the period. It falls to 1.25 per cent if customers access their money in the initial year.
Click here for more banking news
Related News : Banking |
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Related News : Sainsbury |
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