Sainsbury’s increases interest rate on its internet saver account

Sainsbury’s Bank has increased the interest rate paid on its Internet Saver account by 0.25%, meaning it will pay 5.25% Gross AER on all balances.

This represents a further increase on the 0.25% rise following the August base rate change and means that Internet Saver customers have benefited in full from both of the 2006 Bank of England base rate changes.

Peter Wood, Head of Savings at Sainsbury’s Bank said: “In addition to offering consistently competitive rates of interest, our savings customers benefit from our Rate Promise to pay higher than the average market rate of interest until at least 2010."