18 March 2009
New research from Sainsbury's Bank shows many savings accounts are not offering more than 3% AER.
It says that despite cuts in the interest rate, many accounts do not offer a high gross AER on balances in excess of £5,000.
"With rates so low, savers need promises from banks and building societies that they will still offer competitive rates," comments Helen Cook, Head of Savings at Sainsbury's Finance.
She believes that the new Sainsbury's internet saver offer will give customers the chance to make the most out of their money.
It claims that just 14 of the 367 instant access accounts on the market offer more than 3% AER, with 13 out of the 164 notice accounts offering the same rate.
Recent research from PricewaterhouseCoopers has shown that the credit crunch has wiped out an average of £40,000 of wealth per adult in the UK.