Sainsbury’s Bank cuts loan interest rate
by David Masters
Supermarket giant Sainsbury’s has announced a cut in the annual interest rate that its banking arm charges for loans.
The reduction follows increasing government pressure on lenders to reduce the rate of interest charged on loans in line with Bank of England cuts to the base rate.
Sainsbury’s Bank has reduced that annual percentage rate (APR) on loans of between £7,000 and £15,000 from 8.9% to 8.2%.
The new reduced rate is one of the most competitive available in the UK.
Sainsbury’s Bank said the 0.7% reduction in APR is a limited offer, and is only available to those who apply for a loan online.
HBOS-owned Halifax recently advised its customers to shop around for the best financial products in the same way that they’d look for bargains in the January sales.
Discuss this in the Finance Markets forums
Story link: Sainsbury’s Bank cuts loan interest rate
Related financial stories to: Sainsbury’s Bank cuts loan interest rate:
- FSA warns on “floors” in tracker rate loans
- Tracker loans reappear
- Rate cut round up
- Sainsbury’s Internet Saver pays 2% above base rate
- A&L launches new deals and cuts rates
Next: Homes languish on the market for a year »
Visited 2971 times, 1 so far today
No Comments »
No comments yet.
RSS feed for comments on this post.
Leave a comment
Tags: cut, interest rate, Loan News, recession, Sainsbury's Bank, supermarket bank, UK
