Sainsbury's Finance two-year fixed rate savings account

Sainsbury's Finance has launched a two-year fixed rate savings account paying 3.55% Gross AER. The Fixed Rate Saver is available for balances from £5,000 to £50,000 and can be opened via online and telephone channels.

The rate of 3.55% is amongst the most competitive for two year fixed rate savings accounts available at present on deposits of £5,000. The rate is significantly better than the market average of 3.12%.

Savers will also have the option of annual or monthly interest. As is standard with fixed rate products, savers will not be able to access the funds during the two years and will not be able to make additional deposits once the account is opened.

Neil Cameron, Savings Manager, Sainsbury's Finance, said: "We are committed to offering competitive products to savers and our new Fixed Rate Saver is the latest welcome addition to our suite of accounts."