Sainsbury’s pays 2.6% to internet savers

| June 9, 2009 | 0 Comments
Sainsbury's pays 2.6% to internet savers

Savers looking to open a new account this month can secure a 2.6% interest rate with the Sainsbury’s Finance Internet Saver account.

For Internet Saver accounts opened between 9th and 30th June, the supermarket financial provider will pay 1.85% above the account’s standard interest rate for 12 months, provided the account holder does not make more than three withdrawals in that period.

Savers who exceed the withdrawal limit will see their account revert to the standard rate of interest, currently 0.75% Gross AER (variable).

The maximum balance for the Internet Saver account is £500,000.

Recent research by Defaqto found that Sainsbury’s Internet Saver is the only generally available instant or easy access savings account that consistently pays interest above the Bank of England’s base rate on a balance of £1.

The account has paid a gross AER rate equal to or above the Bank of England’s base rate every month since January 2005.

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