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Why Has Sainsburys Savings Slashed Its Rates To 0.10% ?

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Internet Saver – Annual Interest (Variable)

Previous Rates Rates

AER/Gross

pa%

Net pa % AER/Gross

pa%

Net pa %

£1 + 0.51 0.41

from 1/11/09

£1 - £5,000 0.10 0.08

£5,001 – £25,000 0.35 0.28

£25,001 - £50,000 0.45 0.36

£50,001 – £100,000 0.45 0.36

£100,001 + 0.45 0.36

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Less need for cash? Got enough through the door to relax? You tell me, plenty of reasons though, deposits are sticky.

apparently the reduced rates are only for the old accounts, there are apparently new accounts payig 3.2% (not nett) variable for 12 months - online saver max 3 withdrawals,and easy saver 2.8% limited withdrawals also

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I was just about to bung another £600 into my Lloyds cash ISA, but the interest rate is POOR. I'm guessing it's NET percentage and that there is no GROSS because it's an ISA and therefore tax-free? Anyway, it's about 0.9%.

I was considering a fixed-rate ISA, but can you transfer back to a normal cash ISA after the introductory year is up?

Have been looking at bonds. Not to up-to-scratch with those. Basically they take your money and it's held for a few years at a higher interest rate. You can't take it out, and you can't put more in?

What do you think of this?

http://www.theaa.com/savings/fixed-rate-savings-accounts-products.html

I have a fair amount of money sitting in my current account doing nothing. What would you be doing with it, savings-wise?? Please help, being serious here. Thanks! :)

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I wouldn't bother with bonds. You're locking into an interest rate that's barely higher than instant access rates, and interest rates are only going to go one way in the next couple of years. When/if they go up in six months time, you may regret your bond. I think instant access savings with a first-year bonus are the best place to put your money, you just have to move them every year when the bonus period expires. ISA's aren't generally good value unless you're a higher-rate tax payer.

I've just opened a Sainsburys account to put some of my STR fund. Are they any good?

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