Those looking for a higher rate of return on their savings from an online account will welcome the news that Sainsbury’s finance, the
banking arm of the grocery retailer, has launched a special offer for its Sainsbury’s Internet Saver account.
This new rate offers interest 2.05% higher than its standard rate, which stands at 0.75%.
This new favourable rate does come with restrictions however. The 2.8% Gross AER rate is only payable if balances remain above £1,000 and do not exceed £500,000. Savers are also unable to make more than three withdrawal from the account each year to qualify for the higher rate. If more than three withdrawals are made or the balance falls below £1,000 the rate will simply fall back to 0.75%.
Head of Savings at Sainsbury's Finance, Helen Cook, said, "We are delighted to be able to offer yet another compelling offer with our Internet Saver account."
According to analysis by Defaqto, Sainsbury’s Internet Saver is the only
savings account that has consistently paid above the Bank of England’s base rate on an instant access account on balances of £1 each month since January 2005.
The new rate is open to savers who apply in July 2009.
