New Fixed Rate Savings Accounts From Sainsbury’s Finance

Published: 12 April 2011 By MoneyHighStreet Staff Leave a Comment

There are two new fixed rate savings accounts available today from Sainsbury’s Finance, paying 3.35% AER for a one year fix and 3.85% AER for a two year term.

SavingsSainsbury’s Finance is increasing the competitiveness of its savings accounts by offering two new fixed rate products from today.

A one year fix will yield 3.35% AER whereas savers can benefit from 3.85% AER with the two year fixed rate account.

These new accounts strengthen an already strong presence in the savings market as Sainsbury’s Finance is currently offering new and existing customers a three year fixed rate savings account with an attractive rate of 4.05% AER.

All three accounts may be opened either by telephone or online, and savers may make one deposit of between £5,000 and £50,000. The accounts are available to both joint and single applicants, and customers may opt for monthly or annualised interest paid to a nominated account.

Potential customers should note, however that withdrawals are not available during the account’s fixed term.

Commenting on the launch of these new savings accounts, Helen Cook, Sainsbury’s Finance’s Head of Savings, said:

“Today’s launch is the latest in a number of competitive fixed rate savings accounts that we’ve launched this year. These accounts have all proved very popular with customers who want to put some money away in the knowledge that they’ll get a good return.

As with our previous fixed rate savings launches, we anticipate a high demand for these new accounts so would advise anyone interested in applying to do so quickly whilst they’re still available.”

Savers looking for competitive rates but possibly needing to make withdrawals might also want to consider a new fixed rate bond from Leeds building Society which pays 2.75% gross per annum (2.76% AER).

The benefit of this recently announced product is that the bond allows unlimited access to all of the funds at any time, without notice or penalty.

“A return of 2.75%, combined with the flexibility of unlimited penalty free access, makes this product absolutely great value.”, says Kim Rebecchi, Leeds Building Society Sales and Marketing Director.

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