Sainsbury's Internet Saver offer rate of 2.9%

Sainsbury's Finance has announced a new Internet Saver special offer that will pay a rate of 2.9% Gross AER (variable) to customers opening an account with deposit balances from £1,000 up to £500,000. Those opening an account and funding it with a sum of at least £1,000 within 30 days will receive bonus of 1,000 Nectar points.

Sainsbury's Finance Internet Saver will pay a higher rate (2.39% above the account's standard rate), on all Internet Saver balances opened between 31st July and 22nd August 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 or the balance falls below £1,000 the interest rate reverts to the account's standard rate of interest, currently 0.51% 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: "The latest Moneyfacts findings suggested that traditional high street banks are falling behind in providing competitive savings rates. We believe this latest Internet Saver offer highlights our commitment to provide consistently attractive rates for our customers."

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.