High interest savings account launched by Sainsbury's
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A new savings account from supermarket chain Sainsbury's will offer customers fixed interest on top of the Bank of England base rate.
Currently offering a rate of 2.8 per cent gross, customers have been assured by the provider that interest will not drop below two per cent higher than the Bank of England's base rate, which at the moment stands at 0.5 per cent, for the first 12 months.
Any amount between £1 and £500,000 can open the high interest savings account and the rate is guaranteed as long as no more than five withdrawals are made during the term, otherwise interest drops to the standard level of 0.5 per cent gross.
Customers can open the Easy Saver account over the phone and there are no paper applications to fill in.
Helen Cook, head of savings at Sainsbury's Finance, said: "The savings market is becoming increasingly competitive and we are delighted to offer this new telephone account that not only offers an attractive rate of interest for balances of as little as £1, but also offers a reassuring rate guarantee.
"Our new Easy Saver Account highlights our commitment to provide consistently attractive rates for our customers," she added.
Abbey and Alliance & Leicester, part of the Santander brand, recently warned customers hoping to get in on their high interest savings account offer that they have until Saturday (September 6th) to do so.
The Super Fixed-Rate Monthly Saver deal allows customers to open a savings account and a current account both receiving interest of six per cent, which could lead to a return of £247.50 a year, according to the company.
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