Supermarket chain ASDA has launched a new online savings account, offering ‘an every day high interest rate without unnecessary complicated tie-ins and penalties.’
ASDA already offers a range of financial products, including insurance, credit cards, loans, foreign exchange and utilities, and also a child trust fund, but the savings account is the first online banking service from the supermarket.
ASDA claims that the new internet account offers easy access to customers and delivers ‘one of the best rates on the market’, with an interest rate of 0.60 per cent above the base rate; this means the rate currently lies at 6.35 per cent.
"Customers tell us that they find many savings accounts overly complicated and when they see an attractive interest rate, it very often comes with either withdrawal penalties or 'hidden' catches," said Gev Lynott, ASDA's financial services director.
There is no minimum amount on the account; the maximum limit is £2m, which makes it ideal, says Mr Lynott, for regular saving or people who have a lump sum to invest.
"With the ASDA account what you see is what you get,” continued Mr Lynott. “The same great high interest rate for everyone with the flexibility to put money in or take it out - its as simple as that," he added.
Find out more about the ASDA internet savings account