Sainsbury’s Finance has entered the Which? Best Rate cash Isa table with its account paying 2.6% Gross/AER.
This new instant access cash isa offers a 12-month variable rate of 2.6% which drops to 0.5% after the first year. It is available to new and existing customers with the option of running the account online or by telephone. Customers can open the account from £500 up to the yearly cash Isa limit of £5,100 with the ability to transfer funds in from other cash Isa providers.
To find out more about this account and to compare it with the rest of the market go to our ‘Compare features and prices’ cash Isa tool.
Keep track of the interest rate
Which? savings expert Jo Langenhan says: ‘Although this account currently pays a good rate, you should keep an eye on it and switch if it becomes uncompetitive, for example if Sainsbury’s cuts the interest rate or other providers put up their own rates. Also, after the first year, the interest rate drops to a very poor 0.5%, so be prepared to move your money.’
Protecting your money
Sainsbury’s Finance has its own banking license, is separately regulated by the Financial Services Authority and has an independent membership of the Financial Services Ombudsman Scheme.
For more information regarding the Financial Services Compensation Scheme (FSCS) and how to ensure your savings are safe, read the Which? guide.
Which? Best Rate savings accounts
Which? compares savings accounts based on stringent criteria in order to help you make the most of your money. We look at standard savings accounts as well as fixed rate savings accounts and cash Isas.
For more information on savings accounts and how to choose the right one for you, read the Which? advice guide.
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