Sainsburys 6% Internet Saver

YorkshireBoy

ilikepoints wrote: »

Thanks, but in the Regular Saving thread itt specificly reccomends the Sainsburys account as the best feeder account? :question:

That's probably because it's the highest paying instant access savings account that doesn't need to be linked to a nominated current account for transfers out - the benefit being faster transfers (so less interest lost) to the regular savings accounts.

As is usually the case, there is a trade off - and here it's the fact that you need to initiate the payments manually each month.

Since you really ought to be checking your online accounts regularly anyway, it's no big deal is it?

ilikepoints

YorkshireBoy wrote: »

That's probably because it's the highest paying instant access savings account that doesn't need to be linked to a nominated current account for transfers out - the benefit being faster transfers (so less interest lost) to the regular savings accounts.

As is usually the case, there is a trade off - and here it's the fact that you need to initiate the payments manually each month.

Since you really ought to be checking your online accounts regularly anyway, it's no big deal is it?

Ok thanks for explaining.

TBH it is a big deal for me as I am pretty much reponsible for advising and managing the finances of several people so just won't have the time for this.

Still, it's a decnet enough rate at the moment and instant access so I haven't lost anything - will just fund the regular saver from elsewhere.

Special_Saver2

ilikepoints wrote: »

Ok thanks for explaining.

TBH it is a big deal for me as I am pretty much reponsible for advising and managing the finances of several people so just won't have the time for this.

Still, it's a decnet enough rate at the moment and instant access so I haven't lost anything - will just fund the regular saver from elsewhere.

Sorry that I did not make that clear in my regular savings thread. I will go and amend it now to make it clearer. I am still waiting for Sainsbury's for verify my identity (I am hoping they will do this electronically but I am not too hopeful given all the posts on this thread!) so I do not yet have a fully functioning Sainsbury's Internet Saver account myself.

You could do what I did when I was feeding money from a Cahoot savings account - I used to set up about 6 months' worth of manual transfers at once. I sat down with a calendar and made the requests such that each payment would go out on the first Monday of each month (or a Tuesday if that was the first day of the month) in order to minimize the amount of interest lost in the bank transfer.

noh

Special_Saver2 wrote: »

Sorry that I did not make that clear in my regular savings thread. I will go and amend it now to make it clearer. I am still waiting for Sainsbury's for verify my identity (I am hoping they will do this electronically but I am not too hopeful given all the posts on this thread!) so I do not yet have a fully functioning Sainsbury's Internet Saver account myself.

You could do what I did when I was feeding money from a Cahoot savings account - I used to set up about 6 months' worth of manual transfers at once. I sat down with a calendar and made the requests such that each payment would go out on the first Monday of each month (or a Tuesday if that was the first day of the month) in order to minimize the amount of interest lost in the bank transfer.

You may be ok with the ID verification mine was done electronically.
You can't set up forward dated transfers with Sainsburys. Just one off transfers initiated immediately.

Nigel

THX

Ok. Setting up a payment mandate.

In the "Benificiary Name" and "Benificiary Reference" boxes do you put the bank or your own name? I'm using my Bank of Scotland Moneyback current account but I'm unsure of what to put in the boxes.

Is this just for my own reference or should there be an official reference name and reference. I'm just wondering as it states on the create mandate page that

"If the details provided are correct, select 'create'. To amend select 'amend'. You are responsible for ensuring that the beneficiary details you have provided are correct."

I was just going to put "Name: Bank of Scotland" and "Ref: BOS Moneyback".

Would this be OK?

Thanks.

jem16

It usually means your own name for both but you can put what you like.

THX

OK thanks mate

YorkshireBoy

@THX,

Name = BoS Moneyback (purely so you can identify it on your list of payees)

Ref = Roll number or your own name (it doesn't matter which in this case)

YorkshireBoy

jem16 wrote: »

It usually means your own name for both...

If you put your own name in ALL the beneficiary name fields, and you have 10 payment mandates set up, won't your list of payees appear as...

Who would you like to pay? Please select from the following...

01 jem16
02 jem16
03 jem16
04 jem16
05 jem16
06 jem16
07 jem16
08 jem16
09 jem16
10 jem16

How will you know which account is which?

:rotfl:

THX

I've done it as

Name: My name
Ref: BOS Moneyback

I wanted to transfer money from my current account to the Sainsbuys saver but the madate only seems to be for transfers out. Do I have to set up for transfers into the Sainsburys account with BOS?