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Sainsbury's Bank
Extra
Saver
This Sainsbury's
Bank Extra (formerly Easy) Saver account
is a basic savings
bank account
available to anyone who is at least
18 and a UK resident.
It
is operated online or by phone and can
be opened in a few minutes.
You
need just £1 to open
the account with the upper normal operating
balance
being
limited to £100,000. You can invest
more (up to £1M for an individual or
£2M
for a joint account) but the attractive rate of
interest
falls to just 0.5% AER
gross on amounts
deposited above this limit.
Interest
is paid annually on the account opening
anniversary.
Funds
can be deposited by setting up a standing
order into your account, by
electronic
bank transfer and by cheque which is
sent to them by post. A book
of
paying in slips is available should
you need to deposit cheques on a regular
basis.
You
can also make deposits at major Sainbury's
stores using Saveback.
Saveback
allows you to deposit funds into your
account using a debit
card
when
you make a purchase in store.
You
can withdraw funds using an electronic
bank transfer to another bank or
building
society account and
make payments on your Sainbury's credit
card
if you have one
using both the online and telephone banking
services.
No
direct debits are allowed and no cash
card is provided.
Sainsbury's
Finance also offers several other savings
accounts that can be
managed
by phone or online.
As
well as providing savings accounts,
Sainsbury's Bank which trades as
Sainsbury's
Finance also offers insurance,
loans,
credit cards, travel money
and extended
warranties on their electrical
goods.
Their website also contains
useful financial
advice.
Return
to UK bank account,
prepaid credit cards or
business bank accounts
page.
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