Sainsbury Bank ISA rate better for new customers

thrifty_pete

Chloe_G said:

So the moral is, check and don't believe they are going to do what they say!

Not really what I want from a bank. I'll see what Paragon are like. 

Chloe_G

After another message asking them to read their previous message again where they say they will raise the interest rate on the account within 5 days, they finally apologised and said they will backdate the rise.

thrifty_pete

Looks like from 26 July the rates have increased to 1.3% but following Sainsbury Bank policy, only for new customers. 
It seems strange for what is a variable rate product that there now 19(!) different rates depending on when you opened the account.
Perhaps that is normal practice in Qatar and they are just standardising across their subsidiaries?

Chloe_G

Oh no, now my mother will have to send them another message!  Thanks for flagging this up!

sounds

Yes I'm very disappointed with Sainsburys Banks I seem to be having the same "variable" rate warning. So I have complained and oddly enough they still have a reply will take upto 5 days!
This is really not good enough and as soon as my account is sorted out I will take out all the money I have with them, after all variable means variable, there is no acceptable excuse.

xylophone

Had you looked into an ISA transfer for a better rate?

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

eskbanker

sounds said:

This is really not good enough and as soon as my account is sorted out I will take out all the money I have with them, after all variable means variable, there is no acceptable excuse.

Variable does indeed mean variable, which means that it can be changed not that it must be changed (except for tracker products).

Not that I'm defending Sainsburys (or the other institutions that adopt the same practice) here, as it does cause understandable irritation....

sounds

xylophone said:

Had you looked into an ISA transfer for a better rate?

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

I'm always looking however until next months rate decision I didn't want to be locked in, so thought I could trust a variable, so far only Sainsburys has let me down.

sounds

I've just had a reply from Sainsburys, who said I have to "ask" for the rate to be raised on a variable rate
I have therefore raised a further complaint and ask to see where it is in their T & C's which should be interesting as having read them they are very sketchy  and dont say clearly one way or other. 
This is well out of order!

eskbanker

sounds said:

I've just had a reply from Sainsburys, who said I have to "ask" for the rate to be raised on a variable rate

How exactly did they word that?

I can understand it if they said that you'd need to open a new issue to take advantage of better rates, but if the actual issue that you have has its rate changed then obviously that shouldn't need customer intervention!