Sainsbury's Bank has claimed its savings accounts remain "consistently attractive" to those who want to be saving money.
Research commissioned by the savings provider revealed that nearly one in ten savings providers currently offer a savings interest rate of less that 0.5 per cent on savings accounts.
This is compared to the savings rate of 4.75 per cent annual equivalent rate (AER) offered by Sainsbury's Bank on its Internet Saver online savings account, paid on balances starting from £1.
The savings provider also highlighted its Instant Access Saver savings account, which pays a savings interest rate of 3.35 per cent and is the branch-based equivalent of the online savings account offer.
"It would appear that some banks may be offering unacceptably low rates of interest on some of their accounts to enable them to offer more competitive returns on others to attract new customers," commented Peter Wood, a spokesperson for Sainsbury's Bank.
He urged those saving money to consider switching savings providers if they are being paid a low savings interest rate by their current provider.
Sainsbury's savings accounts consistent, research shows
Sainsbury's savings accounts consistent, research shows
Wed, 01 Mar 2006
Recommended links
Sainsbury's savings bond offers risk-free savingsSavings account tax benefits missed, survey shows
Top deals for savings account
Compare deals for online savings account
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Warning over easy access savings accounts - Thu, 03 Jul 2008 |
| Building Society savings accounts still popular, figures show - Wed, 02 Jul 2008 |
| Alliance and Leicester extends savings account offer - Tue, 01 Jul 2008 |
| More News |
