A new limited offer savings bond deal from Sainsbury's Bank claims to offer the highest savings interest rate available on fixed-rate savings bond over a one-year term.
The risk-free savings bond, called the Fixed Rate Saver, offers a guaranteed gross return of 5.05 per cent on an investment of £3,000 or more.
Savings interest will be paid when the savings bond matures on February 13th 2007.
Pauline White, savings manager at the bank, says the savings interest rate is "very attractive" and that this savings bond is a "good way" to boost savings without risking invested capital.
The savings provider expects a strong demand for this savings bond, but warns that interested savers should open their savings bond soon.
A limited amount of funds is available for this savings bond and once that maximum is reached, the savings bond will no longer be available, the bank explains.
Research by financial website Moneyfacts reveals that apart from Sainsbury's Bank, only three other one-year fixed-rate savings bonds offer a savings interest rate of five per cent or above.
Sainsbury's Bank opened in 1997 as a joint venture with Halifax Bank of Scotland.
The bank has a range of available financial services, including insurance, loans, credit cards and savings accounts.
Sainsbury's savings bond offers risk-free savings
Sainsbury's savings bond offers risk-free savings
Thu, 16 Feb 2006
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