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The 5% Sainsbury’s Saving Account (that pays 4%)

Interest rates should be a little more specific

Sometimes you have to chortle when you see press releases,  and I couldn’t help chortling when I saw this one from Sainsbury’s bank this morning.   I think the press office who sent it has over-hyped the rates just a little…

Below is a copy of the email that was sent. I suppose technically it’s true, then again why not say paying between three and nine percent…

Oh, and all these rates are beatable anyway (see top savings).


“Good morning,

Sainsbury’s Finance today launch three new fixed rate savings accounts, paying between three and five percent interest. Please see below for details.

If you would like further information, please give me a call.

Kind regards,

Tom

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Contact details withheld
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1st October 2010

SAINSBURY’S LAUNCHES THREE NEW FIXED RATE SAVINGS ACCOUNTS

Sainsbury’s Finance has, for the first time ever, launched a set of three new fixed rate savings accounts offering customers a greater choice of competitive savings accounts and rates.

The accounts are available in one-, two- or three-year options, paying 3.0%, 3.5% and 4.0% AER respectively. Accounts may be opened either by telephone or online, and savers may deposit between £5,000 and £50,000.

The new Sainsbury’s Fixed Rate Saver accounts are available to both joint and single applicants, and customers may opt for monthly or annualised interest. Withdrawals are not available during the account’s fixed term.

The fixed rate offers can only accept a limited amount of funds and once the limit is reached, the accounts will no longer be available.

1 Year 3.00%  
2 Year 3.50%  
3 Year 4.00%  

Helen Cook, Sainsbury’s Finance’s Head of Savings said: “We strive to offer customers greater variety and the freedom to choose a savings account that best suits their requirements, so we’re pleased to announce these excellent additions to our portfolio."

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Update PS. The chap who did this has been in touch, and is mortified by it, he says it was just a typo (I believe him). The press release is of course totally accurate so there was no chance of it being misread. It did make me smile at the time at what I thought was Chutzpah, but I think in the end it was just an error – still quite a fun blog though

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