Impressed with Sainsburys

natman

Hi.
MY Egg 3.25% Instant access has just come to an end and I needed somewhere to place around £5000, and easy access.

I opted for Sainsburys - The sign up was really quick. I had an account number and sort code instantly, I transferred £1 to check that it worked.

Sainsburys sent me paperwork with password etc and a card within a week.
From start to finish - Applied, deposited £1, received paperwork, logged on, saw £1 in my account all within 5 days!!! Very very good.

Plus you get double nectar points in sainsburys if you maintain £5000 and the rate is as good as they get at the minute really at 2.7%
Worth a look if your after an instant access account.........

juicyjude

Looked at this but you can only have 5 withdrawls a year I think with no penalty!

fairtrade

juicyjude wrote: »

Looked at this but you can only have 5 withdrawls a year I think with no penalty!

The T&Cs are always what you should look out for. Never be 'enticed' by the 'Headline' rate.

natman

juicyjude wrote: »

Looked at this but you can only have 5 withdrawls a year I think with no penalty!

Yes true enough juicy. Personlly this is fine for me. But worth considering the traits of the account.

D1zzy

natman wrote: »

Hi.

Plus you get double nectar points in sainsburys if you maintain £5000 and the rate is as good as they get at the minute really at 2.7%
Worth a look if your after an instant access account.........

I read it that you have to maintain a £5000 for 2 years to get the double nectar ponts - and it probably means you needed to put £5000 in as your first deposit - as by transferring £1 your balance has already dropped below £5000.

Still - I think its worth doing even without that

natman

Hi Dizzy. To receive double nectar points you have to have 5k in the account.

The terms indicate you must have a deposit of 5k in your account within 30days of opening.

After this time if your balance drops under 5k,the nectar deal is cancelled. Even if your balance returns to over 5k.
As yet i only have deposited £1 to check the link. This £1 arrived, therefore i have now requested the full 5k to be placed into the sainsburys saving account.

I have not withdrawn any money from sainsburys as yet.

D1zzy

natman wrote: »

Hi Dizzy. To receive double nectar points you have to have 5k in the account.

The terms indicate you must have a deposit of 5k in your account within 30days of opening.

After this time if your balance drops under 5k,the nectar deal is cancelled. Even if your balance returns to over 5k.
As yet i only have deposited £1 to check the link. This £1 arrived, therefore i have now requested the full 5k to be placed into the sainsburys saving account.

I have not withdrawn any money from sainsburys as yet.

Teach me to read the Ts & Cs properly
It did seem to say the 5K had to be there for 2 years,to get yr nectar points, -ie 12 months after the bonus ends - or did I get that wrong too

50Twuncle

AA bank (HBOS) offers 2.8% with unlimited access (withdrawls)

natman

D1zzy wrote: »

Teach me to read the Ts & Cs properly
It did seem to say the 5K had to be there for 2 years,to get yr nectar points, -ie 12 months after the bonus ends - or did I get that wrong too

Dizzy, you are 99% correct, the offer of double nectar points is available for 2 years.
The minimum balance of £5,000 must be achieved within 30 days of account opening and maintained for 2 years from the date on which this first happens to continue earning double points.

If the Easy Saver account is closed, double points will stop from the date of closure

If the balance on the Easy Saver account drops below £5,000, double points will stop immediately and will not be re-instated, even if the balance returns above the £5000 level.

To be honest after 12 months I will be taking my money out as the interest rate drops to 0.5% but you can still have double points for another year if you keep the money in....