The financial arm of the supermarket giant Sainsburys has unveiled a new online savings account which pays three per cent gross.
Deposits of £1,000 and £50,000 are guaranteed to receive the interest rate for 12 months after opening the savings account, with the allowance of three withdrawals over the year.
If any more transactions take place then the rate drops to the standard 0.5 per cent.
According to research by the firm, only three per cent of savings accounts currently pay this level of interest for a £1,000 deposit, while only 21.4 per cent of those offer the choice of monthly of annual return.
Helen Cook, head of savings at Sainsburys Finance, said: "Despite a competitive savings market, our analysis shows that there are very few savings accounts paying rates of interest of three per cent, so our new Online Saver account is extremely attractive."
Sainsbury's recently launched a telephone savings account which currently provides 2.8 per cent gross, although the firm promises to pay at least two per cent above the base rate for the first 12 months.
Online savings account launched by Sainsburys
Financial Services > Saving Accounts > News
Online savings account launched by Sainsburys
Thu, 10 Sep 2009
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