Sainsbury's Bank online bonus account pays 2.9%

Sainsbury's Bank has launched a new online (easy access) bonus savings account paying 2.9% Gross AER (variable) on balances of between £5,000 and £100,000.  The Bonus Websaver account can be opened and managed online.  It is a special limited offer product and may be withdrawn at any time.

The Bonus Websaver offers a rate of 2.9% Gross AER (variable) which includes a 12 month bonus rate of 1.40%, reverting to a go to rate of 1.50% after 12 months. The new account, like the supermarket bank's non-bonus, eSaver Special, imposes no withdrawal restrictions.

The new account is open to new and existing customers and accepts joint and single applications.  Interest is paid annually.

Sainsbury's Bank analysis of bonus savings rates reveals that the average headline rate for online savings accounts with bonuses is currently 2.22% Gross AER, and the average rate once these expire is 0.93% Gross AER.

Helen Cook, Head of Savings at Sainsbury's Bank said: "Our new Bonus Websaver is a special limited offer with a very competitive rate for 12 months, a great go to rate, and is a very straight forward account with no withdrawal restrictions.

"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 and remember to review your position again when the bonus period expires - we will write to remind you."

For those savers who prefer an account without a bonus period, Sainsbury's Bank also provides its eSaver Special which offers a rate of 2.70% Gross AER (variable).  The eSaver Special can be opened and managed online.  It is also open to new and existing customers and accepts joint and single applications. No restrictions are imposed.  Interest is paid annually.

Helen Cook said: "Choice and simplicity are important to our customers and that's why we've designed a suite of easy access products with opening deposits from £1 to £5,000 that offer telephone or online functionality, with bonus or non-bonus options and all with no withdrawal restrictions."

To find out more about Sainsbury's Bank's new Bonus Websaver, non-bonus eSaver Special or Extra Saver visit sainsburysbank.co.uk.