Disparity within the 6% savings club

Savers spoilt for choice when it comes to top paying accounts – Sainsbury's urges them to think about the account that best suits their needs.

With the Bank of England base rate at 5.75%, new research from Sainsbury’s Bank reveals that there's never been a better time to make a cash investment as there are now 71 instant access and notice accounts all offering rates of at least 0.25% above base at 6% or more on one or more tiers. However, savers need to consider more than just the rate as only six of these accounts offer over 6% on balances of £1 without having any bonus or restrictions.

Peter Wood, Head of Sainsbury's Savings, commented: “The savings market has become increasingly competitive, and there are some cracking accounts available. With so many accounts on the market, savers need to think about which savings account best suits their needs, whether that's benefiting from a short term bonus or being able to access their funds without any penalties. Our Internet Saver is ideal for those savers who want to receive a great rate but also want to have regular access to their cash without any restrictions."

Of the 71 accounts paying 6% or more, 34 have restrictive terms or conditions and 24 only do so as part of a bonus offer.

The Sainsbury’s Internet Saver account pays 6.25% AER on balances from £1. The rate does not depend on an introductory bonus and does not restrict the number of withdrawals they can make from their account.

For further information on its range of savings accounts, log onto sainsburysbank.co.uk.