Sainsbury's increases rate on its eSaver Special savings account

Sainsbury's Bank has increased the interest rate on its online easy 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 on balances of between £1,000 and £100,000.

This non-bonus variable rate product means that customers don't need to worry about switching their account in 12 months time and yet still receive a high rate of interest. The eSaver Special can be opened and managed online.

The new account 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 is an exciting addition to our range of savings products. It is a straightforward non-bonus account, without restrictions, offering an attractive return.

"With so many different accounts available with short term bonus rates and restrictions, it's important to shop around for one that's right for you. Analysis of Moneyfacts data shows that 29% of no notice accounts (currently available) pay less than 0.5% Gross AER."

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