Sainsbury’s Finance has today announced the launch of a new instant access savings account paying 2.50% Gross AER (variable) on balances of £1 and above. Extra Saver (available from 1st December) can be opened and managed online or over the phone for extra convenience.
The Sainsbury’s Extra Saver does not impose any restrictions and does not carry a bonus period. Research(1) from Sainsbury’s Finance reveals that only 8% of instant access savings accounts without bonuses and restrictions currently pay 2.50% Gross AER or more.
Helen Cook, Head of Savings at Sainsbury’s Finance said: “We are determined to ensure that we offer our customers convenience and competitive rates. We’ve introduced our new variable rate Extra Saver because it’s perfect for savers who want a good rate without having to think about inflation linked benefits, bonus periods or restrictions – it simply offers a good rate of return.”
In addition, the supermarket bank also announced its new Cash ISA which will pay 2.5% Gross AER (variable) on balances of £500 up to the maximum regulated allowance of £5,340 a year. The account can be managed online and by telephone.
To find out more about Sainsbury’s Finance’s new Extra Saver or Cash ISA call 0500 40 50 60 or visitwww.sainsburysfinance.co.uk
Sainsbury’s Finance has its own banking licence, is separately regulated by the Financial Services Authority and has an independent membership to the Financial Services Compensation Scheme.
For further information, please contact:
Phil Anderson, Citigate Dewe Rogerson
020 7638 9571
Notes to editors:
(1) Analysis of Moneyfacts instant access accounts with no bonus or restrictions, 28th November 2011
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.
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. It was also named Most Competitive Term Assurance Direct Provider at the Moneyfacts 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 visit www.sainsburysfinance.co.uk