Lost savings interest - warning

amcluesent

>Now I'm sure it was in the small print somewhere<

The 'cap' on my Sainsbury Online Saver was spelt out in the 2nd paragraph of the welcome letter I received after opening the account.

OneADay

Doctor_Gloom wrote: »

What risk? No-one has lost money held in a savings account. Or ever will either.

Wanna bet?

http://www.thisismoney.co.uk/news/article.html?in_article_id=501449&in_page_id=2

lisyloo

That looks like it was investment base and not savings.

However this couple lost a lot in savings with a bank in the Isle of Mann

http://www.thisismoney.co.uk/news/article.html?in_article_id=455769&in_page_id=2

evenasus

jennytompson - 15 posts in 10 minutes tonight by this new poster - all spam

Spam reported

MiserlyMartin

Shocking behaviour from Sainsburys. Pull all your money out, they don't deserve it for treating savers with contempt like this. We haven't had a good bank run for a while, shall we organise one? I have pulled my money out for a start.

LucyTheDwarf

Doctor_Gloom wrote: »

It sounds like a right con to me. They should have at least paid you the full interest rate on the £100K. Paying you a low interest rate on the other £10K might be legitimate. I'd threaten to take them to the Financial Ombudsman. Make a complaint about it.

It's hardly a con... it's quite a normal condition for an account to have, and it is always spelled out in the terms and conditions - which you have to tick / sign that you've read and agree with them. It's a hard way to learn a lesson, but I'm sure the OP will read the T&Cs and small prints 30 times over before signing on any dotted line ever again.

It'd be a con if the terms were not set out in the terms and conditions, and then it would be a case for the ombudsman.

Stavros_3

They need to be named and shamed, its bad enough to punish savers for being overdrawn, but to shaft them when they were a few grand over the limit is appalling, I think Captain fantastic Martin Lewis should mention this on GMTV, in fact I'll drop him a p.m

Doctor_Gloom

LucyTheDwarf wrote: »

It's hardly a con... it's quite a normal condition for an account to have, and it is always spelled out in the terms and conditions - which you have to tick / sign that you've read and agree with them. It's a hard way to learn a lesson, but I'm sure the OP will read the T&Cs and small prints 30 times over before signing on any dotted line ever again.

It'd be a con if the terms were not set out in the terms and conditions, and then it would be a case for the ombudsman.

Just because something is in the terms and conditions doesn't mean that it is legitimate as the FSA would confirm. Unfair terms and conditions are frequently challenged and subsequently overturned.

Jonbvn

This thread is a salutary lesson to all. Read the T&C's. Ignorance is no defence.

freddysmith

Sainsbury's Money Clampers, give the guy his interest on the 100K.
I would send a letter to the directors of this company first, to explain this to be an unfair clause and the fact they had use of your money.
They should have at least sent a letter to explain you had gone over the limit. Do they not have a duty of care to their customers.