Sainsburys Internet Saver 3.5% ??

Gendy

I noted this too and I have had very large amounts in Sainsbury's bank Internet Saver over the past four years.

I tried to move a major portion of my remaining funds from the Internet Saver to my Barclay's current account on Saturday morning last.

To my great surprise despite having sequentially printed off each page off screen sending the money to Barclays I discovered on Monday morning that the money had been sent to a defunct Sainsbury's Direct Saver account that I had closed a year ago.Unfortunately a payment mandate remained for this Direct Saver account because I could not delete it.But I am sure I posted the cash to the current account.

On ringing the helpline I was told that the money would bounce back into the Internet Saver account form the closed Direct Saver after 10 days!

Having tried to add this Direct Saver account back into view on the Sainsbury's Bank website - the site will not allow this - presumably because the account is now defunct and closed.

I have found this disturbing to say the least and am sure I made no error.I can only assume that since their rates have collapsed on the Internet Saver (NB the Direct Saver account offers now a higher rate @ 2.5%) there has been a rush to remove funds - in short a run on the Internet Saver accounts.

Sainsbury's Bank is owned and run jointly by Sainsbury's and Bank of Scotland (HBOS) on the Halifax computers at Halifax ( check the Security Certificate for the site HTTPS).

I am very anxious where this money has gone.In numerous movements somtimes of very large sums indeed nothing has gone wrong before..but the Banking System in the UK is in a mess,I believe.

:eek:

Gendy

I am happy to report (after 3 sleepless nights & much worrying) that the missing money has been returned to my Sainsbury's Internet Saver this evening as a "cash" deposit presumably after having been posted to a Direct Saver account that was closed over 12 months ago.

The return has been quicker than the 10 days predicted but it was a very large amount of money !

I have since deleted the defunct payee mandate to the Direct Saver leaving only the mandate for my current account so there should be no reason for such a mistake again.

I do not believe that I made an error on-line to Sainsbury's and it has shaken my confidence to a degree in banking on-line even though I have done this with numerous accounts over almost a decade.

Not a happy experience especially in the run up to Christmas but then thousands are losing their jobs and livlihoods right now with more to follow next year (in spades).

In my view Gordon Brown at the Treasury for 10 years is now proving to be as big a disaster as Margaret Thatcher was in the 1980's.

JayTee99_2

Well 'Flash' is a little busy these days, saving the world

but maybe not fair to blame him for the Sainsbury fiasco..

i also placed a transfer around last Friday, out of Sainsbury into Barclays.
That arrived ok yesterday, although i didn't have any other payment mandates set up.

Incidentally, for any larg-ish transfers i always take screen caps of the account summary, statements and any confirmation messages that pop up.

That way, if anything does go wrong, it gives a little confidence that receipts can always be produced if required,
Saves the sleepless nights!

anna42hmr

The_Fiddler wrote: »

That is.............

I only have a pound in it as well.

same for me now too, dont want to close it incase it starts being competative again