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Sainsbury’s Bank Increases Rate For New Esaver Special Savings Account

01 November 2013

Sainsbury’s Bank is increasing the interest rate for new eSaver Special accounts opened from Friday 1 November, to 1.55% Gross AER (variable) on balances between £1,000 and £100,000.

The account offers unlimited withdrawals with no notice period, and it can be opened and managed online. Payments can also be made into the account at the supermarket till through Sainsbury’s SaveBack scheme. With the simple swipe of a debit card plus their SaveBack card, Sainsbury’s shoppers can make deposits of between £1 and £2,500 at the till (larger deposits can be made at the Customer Service desk).

The eSaver Special is open to new and existing customers and accepts joint and single applications. No restrictions are imposed and interest is paid annually.

Simon Ranson, Head of Banking at Sainsbury’s Bank said: “We’re very pleased to be able to increase the rate on our eSaver Special. This is a great account for people who are looking for a flexible way to save, and an account that offers the freedom to make unlimited withdrawals without any penalties being imposed.”

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

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For further information, please contact:

Tom Wilson, Citigate Dewe Rogerson, 020 7282 2842

Lorna Gilmour, Sainsbury’s Bank, 0131 338 2863

Notes to editors:

(1) If balance goes above £100,000 or below £1,000, the rate of 0.50% AER gross will apply to the whole balance.

 

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 Bank has its own banking licence, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It has an independent membership to the Financial Services Compensation Scheme.

 

 

Sainsbury’s Bank:

To view our latest press releases and product information, please visit the Sainsbury’s Bank online media centre at www.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.

In 2013, the Bank has been awarded ‘Personal Loan Provider of the Year’ – Consumer Moneyfacts, ‘Best Loan Provider’ – Money Supermarket Supers and ‘Best Credit Card for Rewards’ – Moneynet and ‘Best Card Provider’ – Moneyfacts.

Sainsbury’s Bank has its own banking licence, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514), except for Credit Cards and Loans where it is licensed by the Office of Fair Trading (OFT) license no. 421897. The Bank has an independent membership to the Financial Services Compensation Scheme.