Sainsbury’s has launched an instant savings account with a 4.35% rate – but you’ll need to meet 1 key eligiblity criterion. On Tuesday (October 6) Sainsbury’s Money said the new account, powered by NatWest Boxed, is now available, offering a competitive rate of 4.35% AER / 4.27% gross p.a. (variable) for members of its Nectar loyalty scheme, including a 3.10% (fixed) 12-month bonus. Nectar members can access the enhanced rate by entering their Nectar card number. If you’re not a member of the free loyalty scheme, you can still access a rate of 4.25% AER Gross p.a. (variable), including a 3.00% (fixed) 12-month bonus, Sainsbury’s Money says.
There are no minimum balance requirements or fees with the account, and customers can save up to £1 million. Money can be accessed without penalties, with withdrawals of up to £10,000 per transaction and £20,000 over a rolling 24-hour period, the supermarket’s financial services division says.
Interest is calculated daily and paid out monthly, with the 12-month bonus added to the account’s standard variable interest rate.You can find out more about estimated balances after 12 and 24 months on the Sainsbury’s money website.
UK residents aged 18 or over who meet the account eligibility requirements can open the account. You’ll also need to have a UK bank or building society account in your name to use as a nominated account. Eligible savings up to £120,000 will be protected by The Financial Services Compensation Scheme (FSCS).
Sainsbury’s Money launched its personal loans powered by NatWest Boxed, as part of the long-term strategic partnership between the supermarket and NatWest.
Their offering is just one of many easy access savings accounts on the market. Top options listed on Moneyfactscompare.co.uk include Tembo Money’s HomeSaver, which has an AER of 4.55% paid at £10, (including 1.55% bonus for 12 months).
Meanwhile, Tesco Bank’s Internet Saver has an AER of 4.24% at £1, though that includes a 3.19% bonus for 12 months. Rules about things like withdrawals, minimum and maximum deposits will vary between financial products.
You can find the latest deals on the Moneyfactscompare website, with their table of the top options updated hourly.
