New Online Savings Account From Sainsbury’s Finance

Sainsbury’s Finance is launching  a new online savings account paying an interest rate of 2.5% Gross AER (variable).

The new savings account, Online Saver, will be available from 1st December and it can be opened and managed online.

The minimum balance to open the account is £1,000. The Sainsbury’s Online Saver allows customers to make unlimited deposits and three withdrawals within a 12 month period.

If the number of withdrawals exceeds three during the 12-month period or the balance falls below £1,000 or goes above £500,000, the interest rate reverts to the Bank of England base rate.

After 12 months, the 2.5% AER variable will revert to the standard variable interest rate at that time after. (MoneyHighStreet.com comment – note the change in interest rates after the initial 12 month term, as with all savings accounts it’s important to check the small print on bonus rates so that you know exactly what interest rate you will be getting)

Customers also benefit from access to SaveBack, Sainsbury’s Finance’s in store deposit service which allows funds between £1 and £2,500 to be saved directly into their account by simple swipe of their debit card at Sainsbury’s tills.

Helen Cook, Head of Savings at Sainsbury’s Finance said: “We are determined to ensure that we offer our customers choice as well as competitive rates. We’ve introduced the Online Saver account because it’s perfect for savers who want a good rate on an account that they can set up and manage very easily online.”

To open a new Sainsbury’s Online Saver account, visit sainsburysfinance.co.uk.

Sainsbury’s Finance has its own banking licence, is separately regulated by the Financial Services Authority and has an independent membership to the Financial Services Compensation Scheme. It is a joint venture between J.Sainsbury plc and Lloyds Banking Group.