Sainsbury's Bank's first internet-only savings account is offering five per cent AER/Gross for all balances, without very few conditions.
The account, has a minimum balance of £1 and offers a 24 hour online banking service.
The interest rate does not depend on an introductory bonus or require customers to make regular monthly deposits, nor are customers restricted or penalised for withdrawals.
"By extending our range of savings products we can offer more choice for savers and hopefully encourage more people back into the savings habit," commented Steven Baillie, savings manager, Sainsbury's Bank.
"For people who like the functionality and convenience of the internet, combined with a good rate, the Internet Saver could be just right for them.
"The account also offers the added convenience of being able to deposit money electronically, by post, or in your local Sainsbury's supermarket."To find out more about online savings accounts, click here.
© DeHavilland Information Services plc