Sainsbury’s Bank has increased the interest rate on its Cash ISA from 2.80% AER to 3.01% AER Variable, for new accounts opened from 17th September.
The account does not include a bonus rate, and balances start from £500. Customers can save up to the maximum regulated allowance of £5,640 a year, and they can also transfer funds in from other cash ISAs. Savers should remember that if they have paid in their full Cash ISA allowance, any amount withdrawn cannot be replaced during the same tax year.
The account, which can be opened and managed online or by phone, imposes no withdrawal restrictions, and interest is paid annually. It is open to new and existing customers.
Helen Cook, Head of Savings at Sainsbury’s Bank said: “Our Cash ISA pays one of the most attractive rates in the market. It’s a straightforward account for savers who don’t want the complications of withdrawal restrictions, notice periods or short-term bonuses.”
Sainsbury’s Bank also provides an eSaver Special account which offers a rate of 2.70% Gross AER (variable), a Bonus Websaver offering 2.90% Gross AER (variable) and an Extra Saver offering 2.50% Gross AER (variable).
To find out more about Sainsbury’s Bank’s new Cash ISA, Bonus Websaver, non-bonus eSaver Special or Extra Saver visitwww.sainsburysbank.co.uk
For further information, please contact:
Ian Morris, Citigate Dewe Rogerson, 020 7638 1037
Natasha Virtue, Sainsbury’s Bank, 0131 338 2974
Notes to editors:
Gross rate: The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
AER: AER stands for annual equivalent rate and illustrates what the interest would be if interest was paid and compounded each year.
Cash Isa: You must be 18 years old or over. You must be resident or ordinarily resident in the UK for tax purposes or a Crown employee serving overseas (or be married to or in a civil partnership with a Crown employee serving overseas). You must not have subscribed to another cash ISA in the same tax year.
All rates correct at time of going to press.
Sainsbury’s Bank has its own banking licence, is separately regulated by the Financial Services Authority and has an independent membership to the Financial Services Compensation Scheme.
To view our latest press releases and product information, please visit the Sainsbury’s Bank online media centre atwww.sainsburysbank.co.uk/media.
Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top Best Buy tables and regularly win awards for quality, price and service.
Sainsbury’s Bank recent awards (in 2012) include Best Personal Loan Provider, Consumer Moneyfacts; Best Low Rate Credit Card Provider and Best Credit Card Provider for use abroad (Gold Credit Card), Moneyfacts; and Best Loan Provider, Moneysupermarket Supers. 2011 awards include Best Overall Online Provider, Best Online Pet Insurance Provider, Best Online Personal Loan Provider and Best Direct Home Insurance Provider at the Your Money Awards 2011
Sainsbury’s Bank is a joint venture between J.Sainsbury plc and Lloyds Banking Group.
For further information and general Sainsbury’s Bank enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysbank.co.uk