Sainsburys Internet Savings Account

Sainsbury Bank has an internet saver account that is now being recognized by Moneyfacts.co,uk for its performance and consistency. You will find that Sainsbury’s savings account has been recognized for being the most consistent account for eighteen months. The Nationwide’s e- Savings account has also been recognized as a consistent account for the last three years.

Andrew Hagger of Moneyfacts.co.uk says the information provided regarding the savings accounts can help consumers make better choices as they will be more informed. He believes those who are tired of the rates being cut on savings accounts will begin to pursue the Sainsbury Bank and Nationwide savings accounts on the internet in order to get more than the base rate that has been cut by other savings options. In fact it could be more useful to have the internet savings accounts for individuals who do not want to constantly switch accounts just to have the better interest rates.

Mr. Haggar finds there are some hazards to continually changing savings accounts just to get a little additional savings. In some cases is can be difficult for a consumer to remember that they need to switch accounts in order to get the new deals offered on savings accounts. Most of the savings accounts that are offered have introductory periods where you earn more interest, and after that period is over you will want to switch to a better account. What you should also realize with the hazards Mr. Haggar is mentioning is that you can harm your credit by doing this. The more accounts you switch the more the credit reporting agencies are going to term you a risk. You see the longer you have a bank account open the more stable you seem. For someone who switches quite a bit, even on savings accounts, the credit bureaus are going to rate your score lower as the accounts are too new. This can have a harmful effect on many consumers.

You also want to study the research Sainsbury has completed in November. They are showing that 19 million savers where unaware of their interest rate through the standard savings options. This means that these individuals are finding out that they may have had a savings interest rate that is so low it was worth covering up.

If you are interested in savings accounts you should look into the consistency of Sainsbury as well as Nationwide to determine if the interest rates they are offering are better. You will find that their interest rates are not fluctuating as markedly as the other accounts you could have. You will also find it is worth speaking with a financial advisor regarding the savings account options to make sure you are choosing something that will net you the greater savings. You have options in choosing risk over consistency and that may work for you, but many don’t have the time or inclination to establish a risk portfolio. This is where the internet savings accounts have become extremely important.

Back To Financial News January 2008

Purchasing with Credit Cards
Traps with Credit Cards
Understanding Credit Scoring
What Is A Credit Reference Agency
Testing Your Debt
10 Ways To Save Money
Benefits of Savings
How To Save of Invest Your Money
Individual Savings Accounts
Sainsbury’s Bank Internet Savings Account
Product Types For Savings
Saving with Child Trust Funds
Savings and Investments Advice
Trouble Ahead with Free Banking
Warning: Savings Rate Change