Wednesday 25th October 2006
Sainsburys Bank has revealed research which it says shows the benefits of its internet savings account.
Its Internet Saver package is not dependent on a minimum first deposit, monthly payments, restrictions, penalties or notice periods for withdrawals, the bank says.
Peter Wood, head of savings at Sainsburys, said: "There are now more savings accounts paying at least five per cent interest than there have been for a number of years."
However, he encouraged consumers to "read the terms and conditions carefully because many of these accounts apply restrictions".
The Internet Saver product is an online version of the banks instant access account and pays a fixed five per cent annual equivalent rate on all savings over £1.
All of the banks savings accounts are guaranteed to pay above market average rates of interest until at least 2010.
Sainsburys offers a SaveBack service on its instant access savings account, which allows shoppers paying by debit card in its stores to have cashback paid directly into their account.
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