20 April 2007
Clearly confident about their current and savings accounts rates, Sainsbury's Bank has issued a statement urging consumers to research all the best current account offers on the market before choosing one to ensure they are getting the best rates.
Following recent interest rate rises many banks have kept their interest rates for in-credit accounts at the same level as they were when the account was opened, with many interest rates still hovering under the 5% mark.
Last Friday saw Sainsbury's Bank raise its rate of interest for current account holders who were in credit, placing it at the top of the banking chart according to myfinances.co.uk.
For those with savings, it might be worth knowing that despite the recent rises in the Bank of England base rate to 5.25%, only one in five (21%) accounts is offering rates of 5% or more.
Consumers who are not in credit could also benefit from switching their current account to one with an overdraft facility with a lower rate of interest.
Most consumers are unaware that a negative balance is not a barrier to switching their account and that many high street banks now offer a competitive package offering 0% for a limited interest-free period before offering an interest rate of under 10% afterwards.