Sainsbury's launches new savings bond

16 February 2006
Sainsbury's Bank is hoping to help Britain save by launching a new one-year risk-free savings bond.

The bond will offer a fixed rate of 5.05 per cent guaranteed gross return and will be available for a limited time only.

Currently, this is the highest rate available on one-year fixed rate bonds.

Investors can put in £3,000 or more into the bond and will be paid interest upon maturity on February 13th next year.

Moneyfacts calculates that the average return from one-year fixed rate savings bonds for balances of £3,000 is 4.56 per cent.

"We believe that a guaranteed return of 5.05 per cent is a very attractive rate and a good way in which to boost your savings without taking any risk," Pauline White, savings manager at Sainsbury's Bank, commented.

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