Sainsbury's savings - 5% AER - 1,000 Nectar Points

EagerLearner

Hi all,

I had an e-mail from Sainsburys offerign 1,000 points for opening up a savings account with them (5% AER) - does anyone know if I can just open it and put say £1 in to get the points?

is the account even worth it? I am fairly new to Nectar and 1,000 points sounds good.

Thank you

Milarky

I think they are worth about 0.29p each (not as cah but in kind) 1000 works out at £3.

(But the 5% rate looks good anyway)

purplemoon

The 1000 points would get you 2 x Sainsburys vouchers worth £2.50 each. They can be used elsewhere to get a little more out of them. I had this email too and I think I will go for it. Yes, I believe the minimum deposit would qualify for the points.

Oh, my email says 'Offer open to addressee only'.

EagerLearner

I think it's worth it just for a few more points towards shopping he he...

purplemoon

Took me less than 10 mins to join, then deposit the £1 (Nationwide Internet banking). Much quicker than the Cahoot a/c that I've got to supply id for (and they didn't put the pre-paid envelope to send back!!). Go for it!

ReportInvestor

Over the years since they burst onto the scene as the answer to savers I have been under-impressed by the sustainability of supermarket savings rates .

They are all run by banks, to whom the supermarkets pay a fee. It's not a long term winning combination IMHO.

I wouldn't deposit more than the minimum to take advantage of this wheeze.

stuzhunter

I got the invitation email too & I have just opened an account but at no time during the application process was I asked for my Nectar card number? I suppose this will have to be filled in later forms?

mummymania

I can't see any reference to the extra points being awarded on the website - can you show a link or a code? Or can we ring them?

EagerLearner

I think you have to receive the e-mail - it's the only way you will get the 1,000 points - the e-mail then has the link for each person that's invited to open an account, I guess...

purplemoon

stuzhunter wrote:

I got the invitation email too & I have just opened an account but at no time during the application process was I asked for my Nectar card number? I suppose this will have to be filled in later forms?

If they emailed you then they should know your account- it generally says how many points you have on the email. Keep it, of course!

stuzhunter

Thanks purplemoon..that's what I thought too.