Sainsbury's Internet Saver gives savers new special offer rate

Sainsbury's Finance has announced a new Internet Saver special offer that will pay a rate of 2.6% Gross AER (variable) to customers opening an account with deposits up to £500,000.

Sainsbury's Finance Internet Saver will pay a higher rate (1.85% above the account's standard rate), on all Internet Saver balances opened between 9th and 30th June 2009, providing the saver does not make more than three withdrawals a year. If the number of withdrawals exceeds three during a 12-month period, the interest rate reverts to the account's standard rate of interest, currently 0.75% Gross AER.

Sainsbury's Internet Saver account has achieved 'Moneyfacts - Trust It' status for offering a consistently good rate over 36 months. Analysis by Defaqto reveals that Sainsbury's Internet Saver is the only instant or easy access savings account generally available that has consistently paid a gross AER interest rate on a balance of £1 that is equal to or above the Bank of England base rate in each and every month since January 2005.

Helen Cook, Head of Savings at Sainsbury's Finance said: "We are delighted to be able to offer our customers yet another competitive offer with our Internet Saver account."

Sainsbury's Finance has its own banking licence, is separately regulated by the Financial Services Authority and has an independent membership to the Financial Services Compensation Scheme.