Sainsbury's bank covertly rewarding new customers

isasmurf

Deleted_User wrote: »

Sainsbury's are aiming to confuse you.

No they're not. If I remember from when I had a SB account, they write to you at least 2 months ahead of a rate change and again just before to tell you what your rate is.

Deleted_User wrote: »

Depending on when you opened your account you may get a lower rate. I suggest you check with Sainsbury's as to what rate you're getting.

Or, just look on the link I provided earlier, or even better, just log on to your account where it will show you your interest rate.


It would be nice if variable rate savings accounts had the same interest rate for all customers, but I can probably count on one hand the number of banks and building societies that do that and the rates are usually poor. This 'issue' malarky is a relatively recent introduction to savings accounts over the last 15 years or so, and one that doesn't help. They've become more prevalent in recent years to replace introductory bonuses which have largely disappeared after being more heavily regulated. I often need to look up what issue number I have, but can always remember when I opened an account.

This practice used to be common practice. It remains the practice of the largest savings banking group, Lloyds Banking Group/Halifax Bank of Scotland, of which Sainsbury's Bank used to be part and who probably still use the same IT platform or it has developed organically from it, to not have issue numbers but offer different interest rates depending on date opened.

[Deleted User]

isasmurf wrote: »

No they're not. If I remember from when I had a SB account, they write to you at least 2 months ahead of a rate change and again just before to tell you what your rate is.

Let's get it right.
The good news is: they write to you to warn you your rate will reducing.
The bad news is: they don't write to you when they offer new customers on exactly the same named account as yours a better rate than you. They make an effort to stop you finding this out. In fact they go to some lengths to hide the information from existing customers.

In my own case I was warned that the tiered rates on my account were reducing in 1 February 2017. However they hid from me the fact that just a few days after this they offered new customers a significantly better rate for exactly the same account. It was only by chance I found out their deception. When I challenged them they admitted new customers got the better rate and they refused to increase my rate to match their offer to new customers. All they would offer is that I could close my eSaver Special, apply for a new account identically called eSaver Special and move my money into the same named but higher rate account. I asked them if they were planning to write to all existing eSaver Special account holders about the better rate being offered to new customers they said no.

isasmurf wrote: »

Or, just look on the link I provided earlier, or even better, just log on to your account where it will show you your interest rate.

Sure, you can log in and find the rate you are getting. However, since the rate is a tiered rate, you only know it for your current balance and they give you no idea of the rates for other tiers.

isasmurf wrote: »

It would be nice if variable rate savings accounts had the same interest rate for all customers, but I can probably count on one hand the number of banks and building societies that do that and the rates are usually poor.

I think you're missing the point. I have savings accounts with many providers offering a variety of interest rates. However, in many years of operating scores of accounts with dozens of different providers I've never before encountered any provider giving the identical savings account name different rates of interest solely depending on who the customer is. With all other providers, if they offer a different interest rate to some customers (eg new customers), they give the savings account a different name, typically appending something like Issue 2 to the account name. It's only Sainsbury's that cheat and offer different rates for the identically named account.