Sainsbury's
Bank, which is jointly owned by the supermarket
chain Sainsbury's and the British bank HBOS,
has launched a new banking product: Internet
Saver, an online account offering interest of
5% from the first pound of any credit balance.
Unlike certain other online account formulas
offered in the United Kingdom, the Internet
Saver rate does not depend on a minimum balance
and is not dependent on customers making regular
savings. Moreover, customers are not penalised
for the number of withdrawals they make from
their account.
Customers can deposit money electronically,
by post, or at the checkout of a Sainsbury's
supermarket.
