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Sainsbury’s Bank Increases Interest Rate To 2.90% Gross Aer On Its E Saver Special Instant Access Online Savings Account

23 April 2012

Sainsbury’s Bank has increased the interest rate on its online instant access savings account eSaver Special from 2.75% Gross AER (variable) to 2.90% Gross AER (variable).  The increase takes affect from 19th April 2012, and will apply to existing customers and new ones on balances of between £1,000 and £100,000.

The eSaver Special can be opened and managed online, is open to new and existing customers, and accepts joint and single applications.  Interest is paid annually.

Helen Cook, Head of Savings at Sainsbury’s Bank said: “The eSaver Special offers an attractive rate of interest that is not reliant on a short-term bonus.

“Our research(1) shows that on balances of £1,000, the average interest rate on instant access savings accounts is just 0.98% Gross AER, but despite an environment of low interest rates, you can still receive an attractive return on your savings if you are prepared to shop around.” 

To find out more about Sainsbury’s Bank’s new eSaver Special savings account, visit www.sainsburysbank.co.uk

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.

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For further information, please contact:

Phil Anderson, Citigate Dewe Rogerson

020 7638 9571

Notes to editors:

(1) Sainsbury’s Bank commissioned MoneyNet to conduct this research on 5th April 2012.

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.

All rates correct at time of going to press.

 

 

 

Sainsbury’s Finance:

To view our latest press releases and product information, please visit the Sainsbury’s Finance online media centre atwww.sainsburysfinance.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 Finance 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 Finance recent 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 Finance is a joint venture between J.Sainsbury plc and Lloyds Banking Group.

For further information and general Sainsbury’s Finance enquiries customers can call the freephone number on 0500 40 50 60 or visitwww.sainsburysfinance.co.uk