LONDON, ENGLAND, September 13, 2009
/24-7PressRelease/ -- Sainsbury's Finance today announces the launch of a new online
savings account paying an attractive rate of 3.0% Gross AER (variable). The new account, called Online Saver, can be opened and managed online.
New research(1) commissioned by Sainsbury's Finance reveals that only 3% of instant access and notice accounts pay 3.0% Gross AER or more on balances of GBP1,000. Furthermore, only 21.4% of these top paying accounts offer interest on a monthly and annual basis.
David Black, Banking Specialist at Defaqto Limited, commented: "The average rate paid by instant and easy access savings accounts is currently 0.85% gross, so the 3.00% rate offered by Sainsbury's looks to be a very good deal for those who are confident that they can maintain a balance of at least GBP1,000 and make no more than three withdrawals over the course of a year."
Sainsbury's Online Saver will pay 3.0% on all deposit balances from GBP1,000 to GBP500,000 for 12 months from account opening, providing the saver does not make more than three withdrawals in the 12-month period. If the number of withdrawals exceeds three during the 12-month period or the balance falls below GBP1,000 or goes above GBP500,000, the interest rate reverts to the account's standard rate of interest of 0.5% Gross AER.
Helen Cook, Head of Savings at Sainsbury's Finance said: "Despite a competitive savings market, our analysis shows that there are very few savings accounts paying rates of interest of 3.0%, so our new Online Saver account is extremely attractive."
To open a new Sainsbury's Online Saver account, visit sainsburysfinance.co.uk/. The new account allows three withdrawals a year without penalty.
Sainsbury's Finance has its own banking licence, is separately regulated by the Financial Services Authority and has an independent membership to the Financial Services Compensation Scheme.
Notes to editors:
Sainsbury's Finance commissioned Defaqto to analyse the savings market in August 2009
Sainsbury's Finance:
To view our latest press releases and product information, please visit the Sainsbury's Finance online media centre at
www.sainsburysfinance.co.uk/media.
Sainsbury's Finance offers a range of quality, competitively priced, award-winning products. It opened for business on 19th February 1997 and was the UK's first supermarket bank. It is a 50:50 joint venture with Sainsbury's and Lloyds Banking Group.
Sainsbury's Finance offers the following products: Credit Cards and Loans, a range of Savings products and Car Insurance, Life Insurance, Home Insurance, Travel Insurance and Pet Insurance.
For further information and general Sainsbury's Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit
www.sainsburysfinance.co.uk
Sainsbury's provide a wide range of financial services including
credit cards,
loans,
personal loans,
savings account,
pet insurance,
life insurance,
home insurance,
car insurance, visit
www.sainsburysbank.co.uk now to find out more.
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