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83% of instant access savings accounts fail to offer rate guarantee

25 November 2009 / by Andy Davies

More than 80 per cent of instant access savings accounts do not offer savers an interest rate guarantee, Sainsbury's Finance has claimed.

New research by the supermarket suggests that only five per cent of instant access savings accounts on the market promise to pay a rate above the Bank of England Base Rate, while around a further five per cent of accounts offer a rate that is slightly below the Base Rate.

In a bid to help savers get more from their savings, Sainsbury's Easy Saver account pays a rate of 2.8 per cent Gross AER for the first 12 months, which is more than two per cent above the Base Rate.  

Commenting, Helen Cook, head of savings at Sainsbury's Finance, urged consumers to shop around before opening a savings account.

"As well as looking at the headline rate of a savings account, you should also look to see what else is on offer. With Easy Saver, not only is there a rate promise for 12 months but in addition nectar card customers receive double nectar points on all their shopping at Sainsburys.

"There is a lot of volatility in the savings market at the moment and these can provide great peace of mind," she said.

© Fair Investment Company Ltd

 

Instant Access Savings Accounts Deals
ProviderAccountInterest Rate (AER)TermApply
1.00%Instant AccessMore Info >
Earn 1.00% gross/AER Instant Access. No notice periods. Unlimited payments and withdrawals. Pay in from £100. RCI Bank are protected up to a total of €100,000 by the FGDR (Fonds de Garantie Dépôts et de Résolution), the French deposit protection scheme. Manage account online.
1.00%Easy AccessMore Info >
1.00% gross/AER on balances from £1,000 to £1 million. Guaranteed to be at least 0.50% above Base Rate** until 31st December 2017. Unlimited withdrawals without restriction or loss of interest.
5.00%Current Account
Instant Access
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5.00% interest for 12 months on balances up to £2,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Must be aged 18 or older.
5.00%Current Account
Instant Access
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5.00% interest on balances up to £2,000 PLUS 5% cashback on first £100 of Contactless payments every month. Must pay in a minimum of £500 into the account each month. No monthly account fee.
1.50%Current Account
Instant Access
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Monthly Interest of 1.50% AER (variable) payable on your entire balance up to £20,000 (3.0% AER until 1st November 2016). Monthly Cashback on selected household bills. Must pay in £500 into the account each month.
1.05%Easy AccessMore Info >
Earn 1.05% tax free/AER variable. Open with £100. Unlimited free withdrawals. Transfer in ISAs held elsewhere - no limit
1.00%Current Account
Instant Access
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Innovative new banking service powered by Clydesdale and Yorkshire Banks. Get your current account and instant access savings account working together. Earn 1% AER on ALL instant access credit balances, and 0.5% AER on current account balances up to £2,000 until 30 November 2016. From 01 December 2016 the rate will be 0.25% AER (0.25% gross p.a. variable). INTRODUCTORY OFFER: Free for the first 12 months.
0.90%Easy AccessMore Info >
Earn 0.90% gross/AER. £500 minimum deposit. Interest paid annually. Online access only
0.35%Easy AccessMore Info >
Open with £1,000. Monthly and Annual Interest options. Access - Online, Telephone or Post. No notice period or fees on withdrawals.