Sainsbury's Easy Saver to pay 2% over base for 12 months

Only one in six (17%) easy access savings accounts offer a rate guarantee, according to research from Sainsbury's Finance. Furthermore, only 5% (24 accounts) promise to pay a rate above the Bank of England bank rate.

The research revealed that Sainsbury's Easy Saver account, which pays an attractive rate of 2.8% Gross AER (variable) for balances of between £1 and £500,000, has the most attractive rate guarantee of any instant easy access savings account, which is to pay at least 2% above the Bank of England bank rate for 12 months from the account opening.

In addition to this, Sainsbury's shoppers are rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out a Sainsbury's Easy Saver account with a minimum balance of £5,000.  For example, customers who spend £50 a week with Sainsbury's and have a Sainsbury's Easy Saver account as well as a Nectar card would receive £52 worth of Nectar points a year.

Sainsbury's Finance's research also revealed that of the 17% of easy access accounts offering a guarantee, 5.3% (26 in total) of them only promise to match the Bank of England bank rate while 5.5% of accounts (27 in total) have a rate promise that is under the Bank of England bank rate.

Helen Cook, Head of Savings at Sainsbury's Finance said: "As well as looking at the headline rate of a savings account, you should also look to see what else is on offer.  With Easy Saver, not only is there a rate promise for 12 months but in addition nectar card customers receive double nectar points on all their shopping at Sainsburys.  There is a lot of volatility in the savings market at the moment and these can provide great peace of mind."

The Sainsbury's Easy Saver guarantees to pay at least 2% above the Bank of England bank rate for 12 months from account opening, providing the saver does not make more than five withdrawals in this period. If the number of withdrawals exceeds five during the 12-month period or the balance exceeds £500,000, the interest rate reverts to the account's standard rate of interest, currently 0.50% AER Gross.  To open a new Sainsbury's Easy Saver account call 0500 40 50 60.

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.