Sainsbury’s Finance has entered our Best Rate table for its one-year fixed rate savings bond, paying 2.80% gross/AER.
Savers can open the account online or by telephone and can make one deposit of between £5,000 and £50,000. However, withdrawals are not permitted during the one-year term.
The account is available to joint and single applicants with the choice of having interest paid monthly or annually.
Sainsbury’s has also launched a two-year fixed-rate deal with the same features as the one-year bond paying a competitive 3.55% gross/AER.
Protecting your savings
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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