Sainsburys 6% Internet Saver

Searcher2

I'm not saying it will be as easy for everyone... they do tell you in the process that they will ask you for ID if they can't verify you electronically.

Just checked my documents... I actually applied on the 15/06/2007 so I guess I am on working day 6 since applying. However, I guess they are very busy as whilst I was typing there was another advert on the radio for the 6% account i.e. lots of promotion for this account.

morbius

Searcher2 wrote: »

I am just waiting for my application to be authorised. I filled in all my details online (Tuesday last week I think) and they wrote to me to say that they verified my Id electronically so I did not need to send in any id. I just had to sign a form and return it. I sent the signed form back on Thursday so was expecting the account to be authorised by today. If it is still not authorised tomorrow I am going to ring.

....exactly the same as me. I sent it back last Monday and am still not authorised. I sent them an e-mail last Thursday and had a reply stating that it can take 7 working days before the paperwork is processed and to ring them after that time, which would be this Thursday for me.

Searcher2

morbius wrote: »

....exactly the same as me. I sent it back last Monday and am still not authorised. I sent them an e-mail last Thursday and had a reply stating that it can take 7 working days before the paperwork is processed and to ring them after that time, which would be this Thursday for me.

Mmmm. Looks like I will be waiting longer than I thought then. Sadly I did not take a copy of the form I sent back - but I am pretty sure it said that as soon as they receive the signed form back the account would be activated. If anyone is in the process of siging up and has this form can you please have a look what it says? I am sure there was no mention of it taking up to 7 working days after they receive it. Mind you - I guess if I put money into the account then it is still earning interest despite it not being an authorised account?

morbius

Searcher2 wrote: »

Mmmm. Looks like I will be waiting longer than I thought then. Sadly I did not take a copy of the form I sent back - but I am pretty sure it said that as soon as they receive the signed form back the account would be activated. If anyone is in the process of siging up and has this form can you please have a look what it says? I am sure there was no mention of it taking up to 7 working days after they receive it. Mind you - I guess if I put money into the account then it is still earning interest despite it not being an authorised account?

..this was the reply I received:

"Thank you for your e-mail of 22nd June 2007.

In response to your query, please allow me to advise you that if you have sent information regarding your account application, it can take up to 7 working days once this has reached us for this to be processed.

If it has been longer than 7 days, please contact our Online Helpdesk on 0845 850 0092. Our lines are open 24 hours a day, 7 days a week.

I can confirm that in the meantime, you are still able to deposit funds into your account to take advantage of our market leading interest rate.

I trust I have clarified this matter."

imho

Thanks very much for replies . I spend a lot of time in India and not keen on a Indian bank having all my savings and Alliance and Leicester don't give you any interest for the month if you take cash out !
I have a account with Ing at the moment but where they used to have a good interest rate they don't now .

jem16

Searcher2 wrote: »

Mmmm. Looks like I will be waiting longer than I thought then. Sadly I did not take a copy of the form I sent back - but I am pretty sure it said that as soon as they receive the signed form back the account would be activated. If anyone is in the process of siging up and has this form can you please have a look what it says? I am sure there was no mention of it taking up to 7 working days after they receive it. Mind you - I guess if I put money into the account then it is still earning interest despite it not being an authorised account?

I've just finished going through this process. I posted the signed form back 10 days ago. I was able to use my account on Saturday which was exactly 7 days from when it was posted.

Searcher2

Just rang up Sainsbury's (0113 3809321) to check 100% that my money would be earning interest from today if I CHAPed my money into it. She said it would and suggested that I ring again this afternoon to check it had arrived. She said they are snowed under with applications. All in all a pleasant telephone experience.

The amount of applications makes me wonder if Sainsbury's will have too many savers though and reduce the rates after a while. This is what happened to Nationwide who used to give good internet rates - but then knocked the rate down as they wanted to attract mortgagees not savers. Anyway all done for now - just keep an eye on the rate.

bristolleedsfan

Searcher2 wrote: »

The amount of applications makes me wonder if Sainsbury's will have too many savers though and reduce the rates after a while. This is what happened to Nationwide who used to give good internet rates - but then knocked the rate down as they wanted to attract mortgagees not savers. Anyway all done for now - just keep an eye on the rate.

apart from when nationwide was facing demutualisation challenges at which time nationwide was keen to show its members they was better off with nationwide remaining a building society, when did nationwide "used" to pay good savings rates

jem16

Just tried a few transfers between Halifax and Sainsburys.

Halifax -> Sainsburys = instant transfer

Sainsburys -> Halifax = next day

I'm happy with that.

Jake'sGran

I opened an account last night. Very straightforward. I did not see any mention of a cheque book and should think it is very unlikely for an online only account. They say they are dealing with "tremendous demand" and therefore the info pack will take longer than expected to be with account openers. I am pinning my hopes on this one after using and loathing Northern Rock Silver Saver and some others.