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Sainsbury’s Finance Increases Interest Rates On Easy And Online Savings Accounts

01 February 2011

Sainsbury’s Finance has announced increased interest rates on both of its easy access accounts.

From Tuesday 1st February, the Online Saver account will pay 2.7% gross AER, and the Easy Saver account will pay 2.5% gross AER.

The Online Saver account allows customers to deposit money into the account as frequently as they wish and make up to three penalty-free cash withdrawals per year. Easy Saver customers can make up to five penalty-free withdrawals per year, and this account also allows as many deposits as savers wish to make.

Those placing more than £5,000 in an Easy Saver account will also benefit from double Nectar points; when combined with the base points received when using a Nectar card, customers receive the equivalent of 2% off all their Sainsbury’s shopping and fuel.

Helen Cook, Head of Savings at Sainsbury’s Finance said: “We’ve increased the rates on both of our easy access accounts to give our customers more choice of competitive rates during a time of year when typically, most people are looking to either find better rates for their savings, or perhaps increase how much they save. Our Easy Saver customers are also rewarded with double Nectar points on their Sainsbury’s shopping and fuel.”

Sainsbury’s SaveBack function, which allows customers to make deposits into their savings accounts whilst paying for their supermarket shopping at Sainsbury’s, is available on Easy Saver and Online Saver accounts. 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).

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For further information, please contact:
Tom Wilson
Citigate Dewe Rogerson
020 7282 2842 / 9571

Notes to editors
For full details of the Easy Saver and Online Saver accounts, please visithttp://sainsburysbank.co.uk/savings/sav_savings_zone.shtml?source=NETHMPAGSAVINAVI0001

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 Direct Personal Loans Provider, Best Online Credit Card Provider, Best Online Life Insurance Provider at the Your Money Awards 2010.

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 visit www.sainsburysfinance.co.uk