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Sainsbury’s Internet Saver offers 2.6% interest

Struggling to get decent returns on your savings? Sainsbury’s is offering a special rate of 2.6% on its Internet Saver for a limited period.

Sainsbury’s (www.sainsburysbank.co.uk) is offering a special interest rate of 2.6% to customers who open its Internet Saver account between 9 and 30 June 2009.

The rate is much higher than the standard 0.75% which is usually paid on the account, and will be paid on balances up to £500,000. However, to get the special rate, savers must make no more than three withdrawals a year.

Chris Eagle, commercial manager at CreditChoices.co.uk, advises those looking for consistency to consider switching to this account.

He said: “This account is not quite top of the best buy tables - for example it is beaten by ING Direct (www.ingdirect.co.uk), which is currently paying 2.75% interest on its savings account.

“However, if you are eager to get consistently good rates, and don’t want to have to keep switching every few months, then Sainsbury’s could be your best option.”

He pointed to the fact that financial information company Defaqto (www.defaqto.co.uk) has found Sainsbury’s Internet Saver to be the only instant or easy access savings account generally available that has paid interest on a balance of £1 that is equal or above the Bank of England base rate in each and every month since January 2005.