Sainsbury's Bank Easy Saver Status

Dunwunderin

A year ago I opened an e -easy saver savings account at a 3.0% interest rate with Sainsbury's Bank

The account has just received its interest on the anniversary of the account opening a year ago.

I suspect that Sainsburys have now reduced the current interest rate to 0.5% but have not reminded me of this reduction.

Is there anyway I can get back to the original rate without closing the account?

Should I close this account and put proceeds into a cash ISA to get a similiar return? What are latest Cash ISA best Buys?

Sceptic001

Dunwunderin wrote: »

I suspect that Sainsburys have now reduced the current interest rate to 0.5% but have not reminded me of this reduction.

Is there anyway I can get back to the original rate without closing the account?

Unlikely, but why not ring them (freephone 0500 405060). Let us know if you are successful!

assassin112

Was it a fixed rate account or variable??

Stompa

Current and previous rates appear to be shown here:

http://www.sainsburysbank.co.uk/savings/support/support_easysaver.shtml

Dunwunderin

Hi,
Read T & C more closely , rate drops to 0.5% after 12 months.
No way back except account closure.
I think this is called "inertia Savings"
Time to move ON!

Sceptic001

Sainsbury's current easy saver is offering 2.7%, which is only 0.1% less than the market leader (the AA). I can't see anywhere that you can't open a new easy saver account and transfer the balance from the old account. Or am I missing something?

premierfella

T&Cs (2.6) mention this:
"We may limit the number of Sainsbury's Easy Saver accounts you can have."

As the interest rate table clearly shows interest rates are based on account opening dates, I don't think you have missed anything Sceptic001 (other than the possibility of Sainsbury's Bank simply refusing to open a new Easy Saver of course).

robin_banks

Sceptic001 wrote: »

Sainsbury's current easy saver is offering 2.7%, which is only 0.1% less than the market leader (the AA). I can't see anywhere that you can't open a new easy saver account and transfer the balance from the old account. Or am I missing something?

It's waht I did.

Easy Saver also pays monthly interest.