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Sainsbury&#39s Bank launches 5.4 per cent one year fixed rate savings account

Sainsbury&#39s Bank is launching a one-year risk-free savings account at 5.4 per cent guaranteed gross return.

The account is only available until stocks run out and investors can invest £3,000 or more and be paid interest upon maturity in July 2005.

Sainsbury&#39s has devised a first-come first-served booking system to ensure allocation is as fair as possible. Those that miss out will be prioritised for the bank&#39s next fixed rate savings offer.

The account is designed for investors who do not need to access their savings for the one year term but investors with less than £50,000 can withdraw part of their investment early, subject to a five per cent withdrawal fee, as long as their balance does not fall below £3,000.

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