Sainsburys launches new online savings account

Published: 7 September 2009 By MoneyHighStreet Staff Leave a Comment
Updated: 7 September 2009

Sainsburys has launched a new online savings account, Online Saver, paying 3% Gross AER (variable).

Savings AccountThe new savings account will pay 3% on deposit balances between £1,000 and £500,000 for 12 months.

To earn this level of interest

  • no more than 3 withdrawals are permitted in the 12 months
  • the balance must remain between £1,000 and £500,000

otherwise the interest rate falls to 0.5% Gross AER.

Head of Savings at Sainsbury’s Finance, Helen Cook, said ‘Despite a competitive savings market, our analysis shows that there are very few savings accounts paying rates of interest of 3%, so our new Online Saver account is extremely attractive.’

According to research from Sainsburys Finance, only 3% of instant access and notice accounts pay 3% Gross AER or more on balances of £1,000.

Sainsburys Finance is a 50:50 joint venture between Sainsburys and Lloyds Banking Group.

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