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Sainsburys Internet Saver

Am i right in thinking that the 3% rate is only for new customers, and me being an existing one is stuck with the rubbosh 0.75%?
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Comments

  • bikeman
    bikeman Posts: 367 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    See my post re ING Direct
    http://forums.moneysavingexpert.com/showthread.html?t=1595361

    I already have a Sainsbury's account with £0.

    I am going to call them and offer my ING Direct balance for their 'new customer' rate.
  • pioneer31 wrote: »
    Am i right in thinking that the 3% rate is only for new customers, and me being an existing one is stuck with the rubbosh 0.75%?

    It is not restricted to new customers, just to new accounts opened and funded during the promotion period.

    You can open a new 3% account even if you already have an existing 0.75% account.
  • Mercenary
    Mercenary Posts: 627 Forumite
    Part of the Furniture 500 Posts Photogenic Combo Breaker
    I looked at it, but feel I can't be bothered any more :confused: . I already have 2 internet savings accounts with them, but the interest rate suddenly plunged so dramatically a few months ago that I just moved most of my money into the Tesco's Internet Saver (with the bonus :D).
    I'm so tired of shuffling the money around and having to complete new forms each time. I also don't like having to fill in my personal details on the R85 form and then post it through the mail system, meanwhile crossing my fingers that it doesn't go astray. Some banks can actually let you submit it online, but not enough of them.
  • sheslookinhot
    sheslookinhot Posts: 2,184 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Minimum £5,000 and no withdrawals
    Mortgage free
    Vocational freedom has arrived
  • Steve_xx
    Steve_xx Posts: 6,977 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Minimum £5,000 and no withdrawals
    Yes you can withdraw from it, but if you do you will receive a reduced rate of interest from the date of withdrawal:

    If you withdraw from your account during the 12 month period, you will then only receive our standard Internet Saver rate from that date.
  • I was about to pay money into my newly opened account on Wednesday when I decided to have a last minute check on their advertised 3% interest rate.
    How glad I did, I was told the 3% rate expired on 13th April and money not in the account by then would only earn 0.75%.
    So the effective deadline date was actually 9th April taking into accountGood Friday & Easter Monday, both Bank Holidays.
    Pity they did not make this more clear at the application stage, they must have been hoping people would continue paying money in and not notice the reduced interest rate.
    Would not have expected better than this from Sainsburys.
  • Steve_xx
    Steve_xx Posts: 6,977 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    grendawkin wrote: »
    I was about to pay money into my newly opened account on Wednesday when I decided to have a last minute check on their advertised 3% interest rate.
    How glad I did, I was told the 3% rate expired on 13th April and money not in the account by then would only earn 0.75%.
    So the effective deadline date was actually 9th April taking into accountGood Friday & Easter Monday, both Bank Holidays.
    Pity they did not make this more clear at the application stage, they must have been hoping people would continue paying money in and not notice the reduced interest rate.
    Would not have expected better than this from Sainsburys.
    The terms of this account were that you needed to fund it with a minimum of £5k by 7 April in order to get the 3% or to be guaranteed a rate which was 2% above base rate for a 12 moth period.

    If you had funded it with that minimum by 7 April then any further deposit you make within the 12 month period would attract interest at the 3% rate, or at least 2% above base rate. It is possible that the rate currently being paid to those who deposited by 7 April is 2.75% and not 3%.

    Your mention of 13 April is not correct and has no relevance. The key date is 7 April.
  • Steve_xx wrote: »
    The terms of this account were that you needed to fund it with a minimum of £5k by 7 April in order to get the 3% or to be guaranteed a rate which was 2% above base rate for a 12 moth period.

    If you had funded it with that minimum by 7 April then any further deposit you make within the 12 month period would attract interest at the 3% rate, or at least 2% above base rate. It is possible that the rate currently being paid to those who deposited by 7 April is 2.75% and not 3%.

    Your mention of 13 April is not correct and has no relevance. The key date is 7 April.

    I am afraid it is you who is not correct.

    The date of April 13th was given to me by Sainsburys customer services during my telephone call on 8th April
  • Steve_xx
    Steve_xx Posts: 6,977 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    grendawkin wrote: »
    I am afraid it is you who is not correct.

    The date of April 13th was given to me by Sainsburys customer services during my telephone call on 8th April

    Well then, the Customer Services staff told you something that is contrary to what the website featured:

    Limited Offer EXTENDED
    3% AER (variable)

    NOW UNTIL 7TH APRIL 2009

    Open an Internet Saver account and you will receive a variable rate of 3% AER. Although the rate can change it is guaranteed to be at least 2% above Bank of England base rate for 12 months from your initial deposit.
    Simply open your account with an initial deposit between £5,000 and £100,000.
    If you withdraw from your account during the 12 month period, you will then only receive our standard Internet Saver rate from that date.
    Make the most of your money

    § It's quick and easy to apply and you can access your account online
    § Open and make an initial deposit by 7th April 2009 to receive your Limited Offer rate
    § Limited Offer rate is guaranteed to be at least 2% above Bank of England base rate for 12 months from initial deposit
    § Interest paid annually
    § Recognised with Moneyfacts Trust It status for a consistent rate over 36 months

    Internet Saver with Limited Offer rate on balances between £5,000 and £100,000*
    Gross 3.00% Net 2.40%

    Standard Internet Saver on balances from £1**
    Gross 0.75% Net 0.60%

    Interest is calculated daily and paid annually on the anniversary of account opening.
    *With effect from 27th February 2009.
    ** With effect from 6th March 2009.
    This offer is only available for a limited period and is subject to change. The Internet Saver Limited Offer is available from 27th February to 7th April 2009. For qualifying Internet Saver accounts opened and funded during the Limited Offer period, the interest rate will be at least 2% above Bank of England base rate. This Limited Offer interest rate will apply for 12 months following receipt of the opening initial deposit of £5,000 or more into your Internet Saver account. If your account falls below £5,000 or goes above £100,000, or your make a withdrawal during the 12 month period, the standard Internet Saver interest rate will apply from the date your account goes below £5,000 or above £100,000, or the date of your withdrawal (whichever is earliest).
    See our summary box for the facts and figures.
    How do I pay money in?
    Your online savings account

    Once you've registered, you can access your internet savings accounts online anytime, day or night. Our online savings accounts servicing is totally secure and puts you in control of your money.

  • Have you ever noticed, there is a tendency on this Website, that whenever you post something that you think may be useful and helpful to other people, some !!!!!!, anxious to show how clever they are, comes along and tries to find fault.
    Sad really.
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