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Sainsbury's launches new fixed rate savings account

17 January 2006
Sainsbury's Bank has launched a one-year risk-free savings account as part of its commitment to improve the British savings culture.

The bank's bond, which is available for a limited time, offers a fixed rate of 4.9 per cent guaranteed gross return.

Customers will be allowed to take up the Sainsbury's Bank Fixed Rate Saver for a few weeks until stocks run out and the bank is therefore expecting strong demand for the product.

Investors can put in £3,000 or more and will be paid interest upon maturity on January 16th 2007.

"It's the time of year when many of us start to think about getting our finances in order so a guaranteed 4.9 per cent return until January 2007 is a great opportunity for anyone looking to give their savings a boost," said Pauline White, savings manager at Sainsbury's.

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