Sainsbury’s has claimed that savers do not have to trade-off the practicalities of a branch based savings account against high online interest rates with its Instant Access Saver.
The branch-based account offers a four per cent interest rate as well as the convenience of over-the-counter enquiries.
Sainsbury’s claims that up to £78 billion in branch-based savings accounts could be better off with the Instant Access Saver.
Almost a third of these pay less than three per cent in interest, a fifth pay less than two per cent and around one in fifteen pays less than one per cent.
“You don’t have to suffer in the form of poor returns for benefiting from the functionality and service a branch equivalent account provides,” says Peter Wood of Sainsbury’s.
“There is strong competition in the savings industry, which means that what ever type of savings account you want, you can find one that pays a consistently attractive rate of interest.”
Almost three quarters of people surveyed by Sainsbury’s said that branch-based banking provided them with the best savings account.
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