Only One In Six Easy Access Savings Accounts Offer A Rate Guarantee

    LONDON, ENGLAND, November 27, 2009 /24-7PressRelease/ -- New research from Sainsbury's Finance reveals that only one in six (17%) easy access savings accounts offer a rate guarantee. Furthermore, only 5% (24 accounts) promise to pay a rate above the Bank of England bank rate. The research revealed that Sainsbury's Easy Saver account, which pays an attractive rate of 2.8% Gross AER (variable) for balances of between GBP1 and GBP500,000, has the most attractive rate guarantee of any instant easy access savings account, which is to pay at least 2% above the Bank of England bank rate for 12 months from the account opening.

In addition to this, Sainsbury's shoppers are rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out a Sainsbury's Easy Saver account with a minimum balance of GBP5,000. For example, customers who spend GBP50 a week with Sainsbury's and have a Sainsbury's Easy Saver account as well as a Nectar card would receive GBP52 worth of Nectar points a year.

Sainsbury's Finance's research also revealed that of the 17% of easy access accounts offering a guarantee, 5.3% (26 in total) of them only promise to match the Bank of England bank rate while 5.5% of accounts (27 in total) have a rate promise that is under the Bank of England bank rate.

Helen Cook, Head of Savings at Sainsbury's Finance said: "As well as looking at the headline rate of a savings account, you should also look to see what else is on offer. With Easy Saver, not only is there a rate promise for 12 months but in addition nectar card customers receive double nectar points on all their shopping at Sainsburys. There is a lot of volatility in the savings market at the moment and these can provide great peace of mind."

The Sainsbury's Easy Saver guarantees to pay at least 2% above the Bank of England bank rate for 12 months from account opening, providing the saver does not make more than five withdrawals in this period. If the number of withdrawals exceeds five during the 12-month period or the balance exceeds GBP500,000, the interest rate reverts to the account's standard rate of interest, currently 0.50% AER Gross. To open a new Sainsbury's Easy Saver account call 0500 40 50 60.

Sainsbury's Finance has its own banking licence, is separately regulated by the Financial Services Authority and has an independent membership to the Financial Services Compensation Scheme.

Sainsbury's provide a wide range of financial services including credit cards, loans, personal loans, savings account, pet insurance, life insurance, home insurance and car insurance, visit www.sainsburysbank.co.uk now to find out more

For further information, please contact:
Phil Anderson / Georgiana Varey
Citigate Dewe Rogerson
020 7638 9571

Notes to editors:
(1) Sainsbury's Finance commissioned Defaqto to analyse instant easy access savings accounts in September 2009.
Sainsbury's Finance:
To view our latest press releases and product information, please visit the Sainsbury's Finance online media centre at www.sainsburysfinance.co.uk/media.
Sainsbury's was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury's Finance provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top Best Buy tables and regularly win awards for quality, price and service.
Sainsbury's Finance recent awards include Best Online Credit Card Provider / Best Direct Home Insurance Provider, Your Money 2009
Sainsbury's Finance is a joint venture between J.Sainsbury plc and Lloyds Banking Group.
For further information and general Sainsbury's Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk

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