Sainsbury's Bank launches new fixed rate savings accounts

Sainsbury's Bank has launched four new fixed rate savings accounts, paying between 3.50% and 4.00% Annual AER gross.

The bonds, available in two-, three-, four- or five-year options, allow single or joint applications for a single deposit between £5,000 and £50,000. Customers have the option of receiving monthly or annual interest, to be paid into a separate nominated account.

The new accounts follow the launch of a one-year fixed rate savings account on 30th August, paying 3.26% gross AER.

Helen Cook, Head of Savings at Sainsbury's Bank said: "We're keen to offer our customers choice and these accounts offer a very competitive rate of return; we are the only supermarket bank to give savers the option of 4 and 5 year accounts. Most economists are predicting that the Bank of England base rate will remain low for some time yet, so they're an option if you prefer a guaranteed rate of return for a fixed period of time.

"Unlike some riskier investment options on the market at the moment, deposits in our savings accounts are guaranteed under the financial services compensation scheme that protects up to £85,000 held in a single account."

Criteria for all offers:

Open with £5k - £50k
Available to new and existing customers
Joint and single applications
Only one deposit permitted
No further deposits and no withdrawals including closure, permitted within term of offer - If you think you'll need access to your funds these accounts may not be the right savings product for you
Apply online or by telephone
Interest paid to nominated account (either annually or monthly)

To find out more about Sainsbury's Bank's new fixed rate savings accounts, visit sainsburysbank.co.uk.