Sainsbury's Bank to pay over the odds savings rates

Sainsbury's Bank has extended its customer promise to pay above market average savings rates until at least 2010.

12:32 02 November 2004

Sainsbury's Bank has extended its customer promise to pay above market average savings rates until at least 2010.

The bank recently launched 'SaveBack', the first service in the UK that allows people to save money into a savings account through the simple swipe of their debit card whilst at the supermarket checkout.

To further encourage people to get back into the savings habit, the bank has now extended its original five-year savings promise for a further two years, meaning that until the end of 2010 it guarantees to pay above market average rates of interest on its Instant Access Saver and Direct Saver accounts.

Donald Jarvie, savings manager, Sainsbury's Bank, said: "We believe that accounts like ours which promise to pay consistently fair rates will help to restore people's faith in saving and with SaveBack available with our Instant Access Saver, getting back into the savings habit has never been more convenient.

"We urge savers to keep a closer eye on the rates of interest they are receiving, and if these are not consistently attractive, they should be prepared to switch providers."