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Sainsbury's Internet Saver wins trusted award

12 August 2009 / by Andy Davies

Sainsbury's Internet Saver Account has been awarded Moneyfacts.co.uk 'Trust It' status for offering customers a consistently high interest rate over a 36 month period.

Research carried out by Defaqto has revealed that the Sainsbury's Internet Saver has consistently paid a gross AER interest rate on a balance of £1 that is equal to or above the base rate every month since January 2005.

Commenting on the research, Helen Cook, head of savings at Sainsbury's Finance, said: "The latest Moneyfacts findings suggested that traditional high street banks are falling behind in providing competitive savings rates.

"We believe this latest Internet Saver offer highlights our commitment to provide consistently attractive rates for our customers."

Following this award, Sainsbury's Finance has announced a special offer on its Internet Saver Account, which will now pay a gross interest rate of 2.9 per cent for customers who deposit at least £1,000 when opening an account.

Savers can enjoy this new interest rate if they opened an account after July 31, provided that the account holder does not exceed more than three withdrawals in a year, and the balance of the account does not fall below £1,000, if this occurs the interest rate will revert back to the current rate of 0.51 per cent.

Savers have until August 22 to open a new account and to be eligible for the new interest rates.

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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.