Sainsbury's Bank, the financial services arm of the UK supermarket chain, is launching its first Internet only banking account.
Sainsbury's Bank overhauled its online services and banking systems last year after reporting a 600% increase in people using its Web banking site in the previous three years. The overhaul was conducted by a team of 70 software engineers from HBOS, which supplies back-end processing for the supermarket bank.
The bank's new Internet Saver account has a minimum balance of £1 and offers account management facilities via a 24 hour online banking service. The bank offering five per cent interest on all balances until 2010.
Steven Baillie, savings manager, Sainsbury's Bank, says the Web account offers the added convenience of being able to deposit money electronically, by post, or in Sainsbury's supermarkets.