Sainsbury’s Finance has scored a Which? Best Rate savings hat-trick with the launch of three new competitive fixed-rate bonds.
Today the supermarket bank launched a new range of fixed term deals and enters the Which? one-year, two-year and three-year Best Rate savings tables (paying 3.4%, 3.76% and 3.9% AER respectively). These internet- or telephone-operated accounts are available to new and existing customers and require a minimum investment of £5,000 (up to a maximum of £50,000).
An attractive rate
Jo Langenhan, savings expert at Which?, said of the new deals: ‘These latest fixed-rate accounts from Sainsbury’s Finance are good news for savers especially as the base rate is likely to stay at 0.5% for a while. In light of this, more people are being attracted to the idea of tying their money up for at least a year and benefiting from higher rates than are available on instant-access equivalents.’
Review your savings
As the rates on fixed-rate savings accounts change so frequently at the moment, it’s essential that you review the rate that you’re getting on your existing savings account and switch if it is no longer competitive. use the unique Which? Savings Booster to find out how much your account is paying and how much extra you could earn by switching.