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Sainsbury's online saving account pays 2.6% after rate rise

06 May 2009 / by Rachael Stiles
Sainsbury's Finance has increased the interest rate on its Internet Saver account by 0.6 per cent, so that it is now paying savers 2.6 per cent.

All customers who applied for the Sainsbury's Internet Saver during the period April 12 - 30 2009 will receive the new rate of interest, the financial services provider has said.

Sainsbury's has also announced that it will also offer this rate for customers who apply for the online savings account between now and June 8 2009, with a guarantee that they will also receive an interest rate at least two per cent above the Bank of England base rate.

Commenting on the new interest rate, Helen Cook, head of Sainsbury's savings accounts, said: "We're beginning to see movement again in the savings market with increased competition and we wanted to make sure we responded to this by giving our customers a boost with a competitive instant access savings offer."

Sainsbury's Internet Saver customers must retain a balance of between £5,000 and £100,000 to be eligible for this interest rate, and if a withdrawal is made during the first 12 months then the account reverts to its standard rate of interest, currently at 0.75 per cent.

The Sainsbury's Internet Saver has achieved the 'Moneyfacts – Trust It' status, for offering consistently competitive rate over a 36 month period.

Apply online today for the Sainsbury's Internet Saver

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