moneysupermarket.com: Sainsbury’s savings account

Commenting on the rate increase on Sainsbury’s Internet Saver, Kevin Mountford, head of savings at moneysupermarket.com, said: “This is certainly ‘fresher’ banking from Sainsbury’s – a high paying, ‘whiter than white’ account with no sneaky bonuses, or penalties for withdrawal.

“Despite no base rate increase last week Sainsbury’s has upped its game by increasing its rate by 0.25 per cent, making it a real contender in the best-buys and dominating the supermarket banks for good quality products.

“The price promise, which is based on market average, is a bit weak and confusing, and as such a base rate tracker element may have sat better with consumers. It’s online-only too (as are the all the top six easy access savings products), but with so many people online I doubt this neglects much of the market.

“Overall this product is a cracker and should be given serious consideration.”