Sainsburys 6% Internet Saver

savingforoz

After upping their rate on 17 May 2007 to 5.75%, Sainsburys have hiked it up over the weekend to 6% gross, even higher than Icesave. I have 3 of these accounts and can recommend them for being easy to set up, easy to use and with good customer service. No minimum balance, instant access and I believe you can have up to 20 accounts with a total of £2 million (so that will just about do me ) Well done Sainsburys! :beer:

Old_Slaphead

The spiel says you've access to cash throught your nominated accounts.

How many nominated accounts can you have?

savingforoz

Hmm, it doesn't seem to cover that point, so am not sure...but it does say "accounts" plural, so looks like you're not stuck with just one nominated account. I see it's now 10 accounts you can have, not 20, but that's still enough for most people, I'd say.

You can also pay money in at Sainsburys branches too, as well as via transfers from other accounts.

Dagobert

Who do they use as a clearing bank? Alternatively: what's the sort-code for BACS payments?

savingforoz

Sort code is 126060 - it's via Sainsburys Bank.

savingforoz

It's definitely 126060, perhaps they do link up with RBS for the banking function - who klnows. Anyway, it's a good rate and a good service.

Milarky

Starting '12' is Bank of Scotland ('BOS') not Royal Bank of Scotland ('RBS')

This Sainsburys Bank is part of a partnership with Halifax/HBOS/BOS in other words

http://en.wikipedia.org/wiki/List_of_Sort_Codes_of_the_United_Kingdom

butterfly72

I might get this account. I have the HSBC 6% saver but of course you can loose interest if you need to withdraw. Also, this account reckons it'll stay above the market leaders til 2010.. i think?

Dagobert

Old_Slaphead wrote: »

How many nominated accounts can you have?

On each account you may choose up to 19 pre-nominated accounts. You must hold any pre-nominated accounts with a bank or building society which is part of the UK clearing system.

It does not say whether these have to be cheque-book accounts. Also, I do not know whether they can be building society accounts where your a/c no is the reference no.

mary

Can you set up a SO from the account?

KTF

Probably not as its a savings account. You should be able to setup a standing order from your bank account to the savings account though.