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At Sainsbury's Bank, your savings will earn attractive rates. That's because we're setting them above the average of our competitors' equivalent products, right up until 31st December 2010. Our rate promise guarantees that the annual interest rate on Direct Saver account will be higher than the average rate, based on our comparison basket of 100 equivalent accounts. This comparison is sourced from Moneyfacts* on a monthly basis.
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£2,500 - £9,999
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£10,000 - £24,999
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£25,000 - £99,999
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£100,000+
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0.35%
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0.40%
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0.40%
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0.45%
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Rates quoted are AER/gross p.a.
Rates are effective from 6th March 2009.
If your balance falls below £2,500 your effective rate will be 0.10%
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If you're not a taxpayer, you will need to complete an R85 form in order to receive your gross interest. Simply select the relevant option on your application form, and we'll send you the form by post.
The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%). AER stands for annual equivalent rate and illustrates what the interest would be if interest was paid and compounded each year. Net is the rate of interest paid after the deduction of lower rate tax at 20%.
*Moneyfacts is an independent financial company.
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Tell me more
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Ready to apply for your direct saver?
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