Sainsbury’s Boosts Savings Accounts Interest Rates

Published: 15 April 2011 By MoneyHighStreet Staff Leave a Comment

Sainsbury’s Finance is increasing the interest it pays on two of its savings accounts from today.

Sainsburys savings accountsNew and existing savers with Sainsbury’s Finance will receive a welcome boost to the interest rates received on two of its savings accounts.

The online saver account will pay 2.85% gross AER (up from 2.7%) and the easy saver will pay 2.6% gross AER (Up from 2.5%). These rate increases follow hot on the heels of the two new fixed rate savings accounts announced by the supermarket bank recently.

Easy Saver customers can make up to five penalty-free withdrawals per year, and this account also allows as many deposits as savers wish to make.

The Online Saver account allows customers to deposit money into the account as frequently as they wish and make up to three penalty-free cash withdrawals per year.

Those placing more than £5,000 in an Easy Saver account will also benefit from double Nectar points on their Sainsburys shopping for two years.

An innovative feature of the online saver account and the Easy saver account is the Sainsbury’s SaveBack function – which allows customers to make deposits into their savings accounts whilst paying for their shopping at a Sainsbury’s store.

With the simple swipe of a debit card plus their SaveBack card, Sainsbury’s shoppers can make deposits of between £1 and £2,500 at the till.

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