New research from Sainsburys Finance has revealed that only a small proportion of easy access savings accounts on the market offer a guaranteed rate of interest .
According to the study, some 17 per cent of providers currently allow customers to receive a guaranteed return on their savings and only five per cent are paying above the Bank of England base rate .
The supermarket chain is hoping to change this situation with its Easy Saver account, which offers two per cent more than the Bank's 0.5 per cent base rate for a guaranteed 12 months after opening.
Helen Cook, head of savings at Sainsbury's Finance, said: "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 Sainsbury's."
Financial advice website Lovemoney.com recently praised Santander's fee-free current account as a positive move for the savings market .
Guaranteed rates on savings accounts lacking
Financial Services > Saving Accounts > News
Guaranteed rates on savings accounts lacking
Tue, 24 Nov 2009
Recommended links
Find the best savings accountsSavings account review enquiry form
Compare savings accounts and providers
Compare fixed rate and easy access savings accounts
Save on broadband deals
Compare current accounts
Savings account providers
Check savings rates as inflation rises
Children losing out with savings rates
Shop around for the best savings rates, says expert
Building societies savings accounts rates most consistent
Brits regret locking savings into fixed-rate accounts
Consumers not aware of savings rates
Isa rate increases for savings firm
Short or long-term fixed rate savings
Guaranteed market leading savings rates launched by Nationwide
Savings market indicates better rates
Fixed-rate savings bond customers set for loss
Cash Isa rates drop
Savings rate boost from Scottish Widows
Sainsburys announced interest rate boost for savings
Brits make savings after bank rate cuts
Moneyfacts.co.uk sees reductions in savings rates
Saving about long-term plans not interest rates
Brits not hunting for best interest rates
Rate cuts bad news for savings, expert warns
Rate warning over passbook savings accounts
| Savings Account news |
|---|
| Survey: Men twice as likely to have secret savings account - Tue, 07 Sep 2010 |
| Rise in Isa subscription amounts is no big surprise, says expert - Thu, 02 Sep 2010 |
| Millions facing lowest returns on pension savings - Tue, 31 Aug 2010 |
| More News |
