Sainsbury's bank

ahai1

I have applied for an account with them and they have been very quick it was the internet saver. I have sent some infromation to confirm my identity as the electronic search proved fruitless. It was sent on the 29th of December and I was wondering how long would it take to get the stuff back and the account to be approved? I have also forgotten my login details. How do I go about having them reset? Is anyone else a customer of theirs?

Special_Saver2

Hi ahai1,

Lots of people had difficulty being electronically verified by Sainsbury's Bank (myself included). If I remember correctly, it took several weeks for them to set up my account but that was back in September 2007 when lots of people were trying to open this account. Back then, the interest rate was comparatively good.

There is a thread all about this account if you are interested. It is here.

As for trying to retrieve your login details, try here.

As a matter of interest, why do you want to open this account? The interest rate is no longer very competitive. It is only paying 2.25% gross AER. There are much better accounts out there - see Martin's savings page for examples.

ahai1

The rate seem to be alright and a lot of the accounts offering really high levels of interest that I have seen here required that I put in money on a regular basis or either put in a large amount.

I have tried getting the details back from the website but I cannot remember the answer to some questions. I am usually very good at those things.

BTW How long before you got your stuff back?

Special_Saver2

It took about 1-2 weeks to get my stuff back but that was when they were very busy opening new accounts - I suspect it will be much quicker now.

Have you looked at Martin's savings page (link in my post above). For example, the Tesco Internet Saver pays 5.1% on £1+, does not require regular payments, and it uses Faster Payments. The rate probably won't stay that competitive forever but it is miles better than the Sainsbury's account. The downside for that account is that opening it up, getting the login details, sending back a signature form, and getting a card reader is a very long-winded procedure, as you will see from some of the other threads on this forum. Once you have gone through all the formalities then apparently it all works fine. I am thinking about getting one of these accounts for myself.

Hope that is all helpful.

SS2

john_s_2

I've still got some cash with Sainsbury's. I can't be bothered chasing flash in the pan rates at the moment. I'm leaving it a few months while things (hopefully!) calm down.

I forgot my login details once. I can't remember what happened on the website but it eventually said they were sending them back out in the post. Which they promptly did and normal service soon resumed!

I didn't have any problems with the electronic verification so can't comment on that side I'm afraid.

The only slight doom monger comment I have is that as they are no longer pushing this account they are probably not putting as much resources into it in terms of turning things around quickly. Hope this is a cynical inaccuracy on my part! Good luck.

EDIT: I use these tables for checking rates. They're provided by the FSA and it lists pretty much every account out there, not just the top ones (although obviously it's only the top ones I'm interested in! But it puts things in perspective to see what else is out there).

http://www.fsa.gov.uk/tables

Except they're down at the moment :-\

ahai1

Thanks I have also applied for an account with Tesco. I will look at the FSA stuff later.

ahai1

I tried the FSA thing and got an error message telling me I have to anser some all the questions.

I am also one of those people who wants a good interest rate over time rather then chasing the latest best rate.

Baldur

ahai1 wrote: »

I tried the FSA thing and got an error message telling me I have to anser some all the questions.

I've just used the FSA site from the above link (completing the appropriate choices) and it worked correctly for me.

ahai1

Thanks for all your help. I have found the email address for Sainsbury's Bank SBOnline@sainsburysbank.co.uk

ahai1

I have got passed their security measures so that I can now be sent a new access code. It is daft been tested on things you have forgotten. The thing I wanted to know was can I change my security questions when I get the code?

john_s_2

If I remember correctly, when this happened to me I had to set them all up again when I first logged on. It was quite painless. Glad to hear you've nearly got it sorted!