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  • FIRST POST
    • nilrem
    • By nilrem 8th Jan 18, 1:57 PM
    • 2,144Posts
    • 1,964Thanks
    nilrem
    Sainsburys increase rates on esaver but not for all!
    • #1
    • 8th Jan 18, 1:57 PM
    Sainsburys increase rates on esaver but not for all! 8th Jan 18 at 1:57 PM
    Just a heads up for anyone who uses Sainsburys Esaver account which pays fairly decent rates especially if over £15k in the account.

    I opened a small account just 3 weeks ago paying 0.87% (only£5k in so far) and noticed yesterday the rate increased to 1.21% for the same amount. on checking I noticed my account was stuck at 0.87% so I phoned Sainsburys bank and they advised me that if rates reduce your rate goes down but if rates increase hard luck!

    So do check your account and if you want the higher rate the only way to get it is to open a new account and transfer the money across, that's the only way to get the new rate according to my phone call.

    The new rates are
    1k to 15k = 1.21%
    15k to 30k = 1.26%
    30k to 500k = 1.31%
Page 1
    • Neil Jones
    • By Neil Jones 8th Jan 18, 6:02 PM
    • 1,083 Posts
    • 602 Thanks
    Neil Jones
    • #2
    • 8th Jan 18, 6:02 PM
    • #2
    • 8th Jan 18, 6:02 PM
    This isn't unusual and doesn't only apply to Sainsburys. Tesco Internet Saver works in the same way. You signed up for the account offering 0.87% so you get 0.87%. Normally what happens is the bank issues a new Issue of the account with a different rate. So you may have signed up with Issue 1 for example at 0.87%, but rather than boosting its rate, what usually happens is Issue 2 comes along at 1.21% and new customers get that rate while those with Issue 1 stay at 0.87%.
    • nilrem
    • By nilrem 8th Jan 18, 8:04 PM
    • 2,144 Posts
    • 1,964 Thanks
    nilrem
    • #3
    • 8th Jan 18, 8:04 PM
    • #3
    • 8th Jan 18, 8:04 PM
    This isn't unusual and doesn't only apply to Sainsburys. Tesco Internet Saver works in the same way. You signed up for the account offering 0.87% so you get 0.87%. Normally what happens is the bank issues a new Issue of the account with a different rate. So you may have signed up with Issue 1 for example at 0.87%, but rather than boosting its rate, what usually happens is Issue 2 comes along at 1.21% and new customers get that rate while those with Issue 1 stay at 0.87%.
    Originally posted by Neil Jones
    Obviously I knew all that, I have been active in the savings forum for well over 10years so I am aware of how financial institutions operate, however I posted my comment as I felt it might be of interest to any other savers who use Sainsburys who might not be fully aware even that rates had increased or that they could open a fresh one and move across.
    • EdSwippet
    • By EdSwippet 8th Jan 18, 8:11 PM
    • 652 Posts
    • 620 Thanks
    EdSwippet
    • #4
    • 8th Jan 18, 8:11 PM
    • #4
    • 8th Jan 18, 8:11 PM
    ... I felt it might be of interest to any other savers who use Sainsburys who might not be fully aware even that rates had increased or that they could open a fresh one and move across.
    Originally posted by nilrem
    It was. I have just this minute finished doing exactly that after reading your post. Thank you :-)
    • talexuser
    • By talexuser 8th Jan 18, 8:32 PM
    • 2,345 Posts
    • 1,818 Thanks
    talexuser
    • #5
    • 8th Jan 18, 8:32 PM
    • #5
    • 8th Jan 18, 8:32 PM
    Ditto... just moved over my Power of Attorney account for my Mother over the phone.
    • nilrem
    • By nilrem 8th Jan 18, 9:23 PM
    • 2,144 Posts
    • 1,964 Thanks
    nilrem
    • #6
    • 8th Jan 18, 9:23 PM
    • #6
    • 8th Jan 18, 9:23 PM
    Well I did not expect that to happen!
    I applied for a new esaver this morning and when I logged on tonight to see if it was up and running I found that it was and that they had already transferred the money from the old one to the new one without me asking? On the phone they told me I had to do the transfer.

    The other thing is that the new account is showing an interest rate of just 0.50% rather than the 1.31% it should be but I assume that will correct itself tomorrow, I have a feeling it updates after midnight.
    • talexuser
    • By talexuser 9th Jan 18, 10:55 AM
    • 2,345 Posts
    • 1,818 Thanks
    talexuser
    • #7
    • 9th Jan 18, 10:55 AM
    • #7
    • 9th Jan 18, 10:55 AM
    Phoning Monday evening they said the account should be running Wednesday, just because in my case they have to run it through the Power of Attorney dept to say all the id stuff had already been done. Then the balance would be transferred but interest would sit in the old account so you just have to transfer it over and then phone to close the old account.
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