Sainsburys Internet Saver 3.5% ??

roadtripin

I know the rates are all dropping but Sainsburys make the following promise:

Our rate promise
We promise that until December 2010 you'll always earn higher than market average interest on your internet saver account.

Each month we use moneyfacts.co.uk - the leading independent financial comparison site - to compare the interest rates you receive on your internet saver account against the average rates on over 100 equivalent accounts.
er 2010 you'll always earn higher than market average interest on your internet saver account.

3.5% sounds bit low. Checked moneyfacts and the top internet saving accounts are still around the 5% mark. hmmm

anna42hmr

roadtripin wrote: »

I know the rates are all dropping but Sainsburys make the following promise:

Our rate promise
We promise that until December 2010 you'll always earn higher than market average interest on your internet saver account.

Each month we use moneyfacts.co.uk - the leading independent financial comparison site - to compare the interest rates you receive on your internet saver account against the average rates on over 100 equivalent accounts.
er 2010 you'll always earn higher than market average interest on your internet saver account.

3.5% sounds bit low. Checked moneyfacts and the top internet saving accounts are still around the 5% mark. hmmm

i have to say i was thinking that when i found out the drop last night, however as they dont have any guarentees such as will be x above base rate etc and that it is clearly a variable rate, i doubt it would go any where if there was complaints about miss selling or mis represnting via the advertisments etc.

i have just decided i will pay less into this account than i was intending to monthly and increase the standing order to the tesco one which is still paying a lot more than the 3.5%

JayTee99_2

wow they were 5% yesterday, looks likey they're passing on the full rate cuts to savers.

That guarantee looks pretty worthless to me

[Deleted User]

That`s a shame. I have just transferred all bar £!5 out of the account

john_s_2

LOL, I put my KE savings back into my Sainsburys account yesterday. Hey Ho!

As for the rate guarantee, think about it. The average of the top 100 accounts. By the time you get past the first ten or so, interest rates are pretty poor. I thought it was quite clever of them when I first saw it. Tracking 100 accounts sounds like they're taking it seriously. It's a very neat trick.

anna42hmr

john_s wrote: »

I thought it was quite clever of them when I first saw it. Tracking 100 accounts sounds like they're taking it seriously. It's a very neat trick.

it is clever of them isnt it i have a feeling not many people will take the account up now though

TomsMom

We used to have a Sainsburys accounts until they dropped their rate a few months ago and transferred mine to Tesco who are still, suprisingly, at 6.5% (I wonder how much longer though ). Didn't realise Sainsburys had dropped that low now.

Shame, I really liked the Sainsbury account but despite the long haul to get the Tesco one was up and running I'm very happy with it.

The_Fiddler_2

Is it really 100 accounts, I thought it was the top 10 accounts. - I remember the days of 6.25% ahh the long warm summers

PasturesNew

There goes my income. When I started with Sainsburys it was about 7%. Money needs a new home I think.

Phillip21

This rate cut is a rip-off. I guess that the bank reckons that it has no ongoing need for retail deposits, and that if the crunch comes it can rely on a low borrowing rate from the BofE. I have just initiated a withdrawal of all my savings, which I shall probably put in my new account with Tesco Finance.

gmtomkins

Tesco savings rates will drop by 0.50% from 27/11/08.