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Sainsbury’s new Internet Saver pays 2.8% interest

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The latest limited edition Internet Saver from Sainsbury’s allows customers to earn 2.8% interest on their savings, but it’s only available in July

Sainsbury’s (www.sainsburys.co.uk) has launched a new Internet Saver paying 2.8% interest, which is available from today until 31 July.

The special rate is available on balances from £1,000 to £500,000 providing customers do not make more than three withdrawals a year.

If more than three withdrawals are made, or the balance falls below £1,000, the interest rate will revert to the account’s standard rate of interest which is currently 0.75%.

This deal comes after Sainsbury’s upped the rate to a special rate of 2.6% for customers who opened accounts between 9 and 30 June.

Chris Eagle, commercial manager at Creditchoices.co.uk, said: “The fact that this deal is only available for a limited period is likely to cause a rush among savers to open an account before the deal runs out.

“As savings providers are starting to offer more attractive rates again, now is the time to assess your savings and make sure they are in the right place to earn you the best returns.”

Sainsbury’s Finance has it own banking licence and has an independent membership to the Financial Services Compensation Scheme, so your savings up to £50,000 are protected.

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