Sainsbury's Finance says savings market is getting competitive
www.moneynews.co.uk > Banking > Sainsbury's Finance says savings market is getting competitive
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Money News |
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Sainsbury's Finance says savings market is getting competitive
Wed 30th Sep 2009
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Helen Cook, head of savings at the company, made her comments following the announcement that Sainsbury's Finance will be increasing the interest rate on its Online Saver account from three per cent to 3.2 per cent.
She stated that financial services provider decided it would have to make the account more attractive because of the tough state of the market.
Ms Cook explained: "Competition in the savings market is hotting up and we are determined to ensure that we continue to offer some of the best rates available."
The Online Saver account, launched on September 7th, does not allow more than three withdrawals in a year but will offer the new 3.2 per cent interest rate on balances of between £1,000 and £500,000.
If the balance drops below £1,000 or exceeds £500,000 then the interest rate will fall to 0.5 per cent.
Click here for more banking news
Related News : Banking |
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Related News : Sainsbury |
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