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Sainsbury leads as new entrants take deposits of £6bn

Sainsbury is leading the list of new entrants in the savings market that have taken £6bn of deposits from high street banks and building societies.


According to a Datamonitor survey new entrants have taken 1 per cent of total UK retail deposits as savers search for the best interest rates.


The survey says that companies such as Sainsbury, Standard Life and Tesco have been so successful because their image in other business guarantees publicity and because banks and building societies have increased margins.


Datamonitor is predicting that new entrants relying strongly on direct banking will amass over £20bn of deposits by 2003.

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