Sainsbury’s Bank Online Saver

chris1

psychic_teabag wrote: »

Doh! I had only just opened it at 3.0% - I'll need to check up on that. At least they make it relatively easy to open new accounts.

But my reading of the "previous interest rates" at http://www.sainsburysbank.co.uk/savings/support/support_onlinesaver.shtml is that the rate used to be 3.0, and is now 3.2 for the same account. Otherwise it probably ought to have said something like "for accounts opened between x and y, the interest rate *is* 3.0"

Exactly the point I made to them, but they insisted it would only be 3.2% if opened after 2nd October. I also added my voice to the complaints about the removal of the interest rate being shown on each account - no chance of them reversing that apparently, they seem to be looking forward to the confusion of customers not knowing exactly what interest rate they are earning individually. It seems a bit too easy to inadvertantly fail to keep to the rules, then you might think you were on a higher rate than you were.

skitskut

ggmf wrote: »

Having only deposited and initial £1 I have assumed that I will only receive 0.5% on the account regardless of the sum of money that the account now holds (in excess of £18,000), would this be true?

Yes this is the case. I transferred the whole balance of £100 from one Sainsbury's account to a new one and then £1000 more a few days later. It was only because they showed the current interest rate that I knew I wasn't getting the full rate and now apparently they've stopped showing this!

I have since transferred all this to a new account and got the full rate. They keep bringing out the same account every month but with a better rate - it's crazy!

Lovingthisboard

I did an internal transfer on the 5th to get the new rate of 3.2% (which was the rate then up on the webside for new accounts, supposedly available from the 2nd) but on my welcome letter which I only got today it only mentions a special offer rate of 3% (which it says ran from the 23rd August to 5th October).

Anybody else got this 'contradictory' letter? You can't check manually anymore with your interest rate no longer on display alongside your transactions.

ggmf

Just checked and my letter states 3% also.

MagicBurd29

My letter also says 3%. Account was opened on 5th. I was quoted 3.2% (3.15% for monthly interest) on the phone that day, and no mention of "you'll need to wait until tomorrow". I'll be on the phone to them tomorrow.

I should know better. I've been moving all my accounts out of HBOS because of declining service, and Sainsburys piggy-back on HBOS' systems, don't they? (As Tesco do on RBOS/DirectLine.)

As do AA & Saga, so will I regret opening an AA 5.15% 5-yr account today?

chris1

Does anyone have a response yet to their query on the incorrect interest rate in welcome letters?

MagicBurd29

I was told today Sainsburys would send me another letter confirming the correct interest rate.

stormy_2

Hi Chris1,
I sent an email to Sainsburys via their website because I too received a letter stating 3% interest.
When I set up my account the rate on their site said 3.20%, that's what attracted me to it.

The reply I got said that the 3% rate was the original rate when the product was first launched but it is now 3.20%.

I hope this helps, it seems the letters are simply stating the old rate.