sainsbury's internet saver

money_tree

I've just noticed that sainsburys have increased their interest rate to 6%,making it one of the top easy access savings accounts.Since it is a british bank & has easy access to their cash machines,then i am thinking of going for this rather than icesave or icici,the only downside i can think of being that interest is paid yearly rather than monthly.
Would be glad to hear of other people's experiences/comments.
regards mt

TomsMom

Hubby and I opened one of these online a few days ago as a joint account. All relevant details have come through quite quickly and we now just have to activate the account online which we're finding a bit of a pain. Maybe we did something wrong so we'll try again tomorrow.

Ours is the Internet Saver account and as far as I know we haven't been offered a card for the ATM, but then again we don't want one as we just want to use this account for saving so we might have declined it
(think I'm having a day full of senior moments!)

At the moment it seems to pay the best interest rate unless you qualify for a Northern Rock Silver Saver (6.1% as from 15 June) which we also have so go for it :j

[Deleted User]

money_tree wrote: »

I've just noticed that sainsburys have increased their interest rate to 6%,making it one of the top easy access savings accounts.

See this recent thread.

ED

money_tree wrote: »

Since it is a british bank & has easy access to their cash machines,then i am thinking of going for this rather than icesave or icici

I too am eager to support British based business, such as Sainsbury's Bank - their banking is via Bank of Scotland (now combined as Halifax BoS), rather than risking financial or iD theft via non-UK based financial institutions. However, clearly there are also 'bad apples' working in the UK.

Ho-hum, I see a non-UK family is possibly going to buy-up Sainsbury's supermarket business!

6% interest from Sainsbury's Bank certainly seems tempting... I'm not worried about annual interest, instead of monthly, as withdrawals are simple for monthly living expenses.

ukdutypaid

Biggest ID thefts in the UK were TK Max and Bulldog customer data.... Nationwide lost a laptop with god knows how many customer details on them...

Many UK banks aren't UK banks and those that are still have both back end data centers off shore, call centres etc...

The safeguards are the FSCS up to 90% of 34K with all the banks......

ICICI.... pays 6.05&. Monthly. Has multiple branches in the UK, is worth billions and partly owned by the Indian Government....

Yes, Sainbury's are a front end to HBOS.
They do appear to be an acquisition target for the 'foreign', based Private Equity industry, as it is.

As well as "The royal family of the Gulf kingdom of Qatar raises its stake in supermarket group Sainsbury's to 25%."

Icesave... Same UK banking code, etc..... Iceland one of fastest growing fin services econ at the moment,, billions floating about.
One of there most high profile directors (he's in his 30's!), is a leading luminary in the acquistion of many of the UK retailers anyway.... Interest on the account itself, slightly less if you have it paid monthly..

HSBC/First Direct. Abbey....... Ing Direct... UK?

What's UK ain't so easy anymore.... Any better anyway?

ED

ukdutypaid wrote: »

Many UK banks aren't UK banks and those that are still have both back end data centers off shore, call centres etc... [...]

HSBC/First Direct. Abbey....... Ing Direct... UK?

Very true - and this is why I voted with my feet!

ukdutypaid wrote: »

Biggest ID thefts in the UK were TK Max and Bulldog customer data.... Nationwide lost a laptop with god knows how many customer details on them...

Plus Marks and Spencer - employees' data.

If Sainsbury's is snapped-up by current contenders, for my family it will feel like the UK soon will have few tangible assets remaining.

Anyone feel it's possible the enticing 6% interest rate offered for the Sainsbury's savings account is motivated by a desire to get masses of extra funds in the coffers for a reason possibly related to bids to take-over Sainsbury's?