Sainsbury’s announces 2.8% Internet Saver

| July 1, 2009 | 0 Comments
Sainsbury's announces 2.8% Internet Saver

Consumers opening a Sainsbury’s Internet Saver account this month will receive 2.8% interest on their savings, provided they make no more than three withdrawals in the next year.

This headline rate is 2.05% higher than the standard rate of 0.75% paid to Internet Saver account holders.

However, savers who make more than three withdrawals in 12 months, or who allow their account balance to fall below £1,000 will see their interest rate cut to the standard rate.

The account can be opened with an investment of between £1,000 and £500,000.

Helen Cook, head of savings at Sainsbury’s Finance, said the supermarket financial provider is “delighted” to provide customers with this “compelling offer”.

Last month, Sainsbury’s Finance offered new customers opening an Internet Saver account a headline rate of 2.6% AER.

Established in 1997, Sainsbury’s Finance is a 50-50 joint venture between Sainsbury’s and Lloyds Banking Group.

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