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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


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ProviderAccountInterest Rate (AER)TermApply
1.30%Instant AccessMore Info >
MARKET LEADING. Earn 1.30% 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, the French deposit protection scheme. Manage account online.
1.15%Easy AccessMore Info >
1.15% gross/AER. Instant Access. Free withdrawals and no notice period. Deposit from £100. Includes a fixed bonus of 0.95% gross fixed for the first 12 months. Quick and easy online application
1.00%Easy AccessMore Info >
1.00% gross/AER on balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest.

Gross is the interest you will receive before tax is deducted.

AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.