Sainsburys ISA - will match new account rate, but only if you call them.
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pinklady21
Posts: 870 Forumite
If you already know about this, scroll on by - but I didn't, so am sharing it here.
I have a Sainsbury's cash ISA which until yesterday was earning 0.95%. I noticed that the interest rates have since increased to 1.06% and phoned them yesterday to find out how I could get the higher rate. I half expected to have to close and transfer, but no - they are quite happy to up the rate to match what a new customer would receive "at customer request".
I asked them if they would consider backdating this, as, had I known I could request this, then I would have done so months ago.
Response was that they advise customers when rates reduce, but it is up to the customer to know when rates have increased and call them to ask for the higher rate.
Hmmm. Not sure I wholly approve of their policy, but at least I know about it now, and will be much more careful in future to keep an eye on rates shifting for new customers. Better still, I might wait and see if other providers increase their rates and will transfer the lot elsewhere. Coventry have an ISA that seems to be going to 1.3% on 1st December.
I have a Sainsbury's cash ISA which until yesterday was earning 0.95%. I noticed that the interest rates have since increased to 1.06% and phoned them yesterday to find out how I could get the higher rate. I half expected to have to close and transfer, but no - they are quite happy to up the rate to match what a new customer would receive "at customer request".
I asked them if they would consider backdating this, as, had I known I could request this, then I would have done so months ago.
Response was that they advise customers when rates reduce, but it is up to the customer to know when rates have increased and call them to ask for the higher rate.
Hmmm. Not sure I wholly approve of their policy, but at least I know about it now, and will be much more careful in future to keep an eye on rates shifting for new customers. Better still, I might wait and see if other providers increase their rates and will transfer the lot elsewhere. Coventry have an ISA that seems to be going to 1.3% on 1st December.
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Comments
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Bit like still paying for your mobile phone on contract even though it's been paid for. Again it's up to you to know it's been paid for and tell them, but they must know. All providers do this!0
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Not really. O2 are one of the major providers and when I got a phone through them four years ago on monthly contract it was quite clear that there's was a separate element for the airtime and for the phone, which got paid down over time through a consumer credit agreement. Once the phone bit of it is paid off you are just left with the calls/texts/data element so you're paying £16 a month instead of the original £36 a month or whatever.capital0ne wrote: »Bit like still paying for your mobile phone on contract even though it's been paid for. Again it's up to you to know it's been paid for and tell them, but they must know. All providers do this!
If you don't shop around for an improvement to the £16 (different price or different call/data bundle) you'll carry on on that deal but the phone bit is long gone. They are not the only provider to work that way.
So, the idea that 'all providers do this, don't be an idiot stuck on a super high rate paying for a paid-off phone beyond your minimum term' is scaremongering which serves its purpose when propogated on consumer websites (i.e., everyone should think to look at their contracts and shop around) but is not necessarily grounded in reality.
On the banking side of things a lot of accounts get superseded by a new issue number of the same product which might have better or worse terms for new customers taking it out, depending on their mood
. It's always worth being aware of what your bank is offering as well as what rivals are offering in case you could get more for low hassle. 0
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