Sainsbury's Bank 2.75% Defined Access Saver

Richchad

I already have an earlier savings account with Sainsbury's so decided to open this new higher rate account so applied online last Friday 21st October, my application was accepted immediately and I was given an account number and sort code and told it was open and it will show in my online banking shortly.

It is now Wednesday and it still isn't showing in online banking so I am reluctant to transfer funds to it when I cannot see if it has arrived okay.

Looking on their website it says "We are currently upgrading your banking experience. It may take a little longer than usual for your new account to appear on your online banking profile."

It seems silly to be doing an upgrade at the same time as launching one of the top paying savings account.

Has anyone else had similar problem viewing their new accounts online?

Daliah

 I wouldn’t be attracted to this account because of its withdrawal limitations, and because there are alternatives at same or better rates without those restrictions

Richchad

Daliah said:

 I wouldn’t be attracted to this account because of its withdrawal limitations, and because there are alternatives at same or better rates without those restrictions

I am not worried about the withdrawel limits as it will probably be transferred when a higher rate elsewhere comes along and as for better rates, the only other one is Santander at same rate and I am maxed out on that one.

Neil_Jones

Richchad said:

Daliah said:

 I wouldn’t be attracted to this account because of its withdrawal limitations, and because there are alternatives at same or better rates without those restrictions

I am not worried about the withdrawel limits as it will probably be transferred when a higher rate elsewhere comes along and as for better rates, the only other one is Santander at same rate and I am maxed out on that one.

Only the regular saver is capped.  The other 2.75% that was offered and then withdrawn (the eSaver Limited Edition 1) doesn't have a cap (only on the amount in the account that paid interest).  The new 2% account is the same, only at the lower rate.

Cynergy Bank is still offering 2.75% to existing customers which is true easy access.

Richchad

Neil_Jones said:

Only the regular saver is capped.  The other 2.75% that was offered and then withdrawn (the eSaver Limited Edition 1) doesn't have a cap (only on the amount in the account that paid interest).  The new 2% account is the same, only at the lower rate.

Cynergy Bank is still offering 2.75% to existing customers which is true easy access.

When I said maxed out I meant up to the 85k FSCS protection perhaps I should have worded it differently.

Unfortunately I am not an existing customer of Cynergy Bank so no go there...

Daliah

Neil_Jones said:

Cynergy Bank is still offering 2.75% to existing customers which is true easy access.

There are also Gatehouse and Al Rayan at 2.8% / 2.81%

janusdesign

Richchad said:

Has anyone else had similar problem viewing their new accounts online?

my account was available immediately and funds appear quickly when deposited (within the hour).. there is a secure message option with them, but it says to expect to receive a reply upto 5 working days, so calling might be your only practical option with them.

i'd echo @Daliah suggestion of Gatehouse / AlRayan.

Richchad

janusdesign said:

Richchad said:

Has anyone else had similar problem viewing their new accounts online?

my account was available immediately and funds appear quickly when deposited (within the hour).. there is a secure message option with them, but it says to expect to receive a reply upto 5 working days, so calling might be your only practical option with them.

i'd echo @Daliah suggestion of Gatehouse / AlRayan.

After reading your post I thought perhaps I should try registering again for online banking, it recognised my existing login so I had to make a new one and went through whole process which then let me log in to my new account, what a joke telling me my new account will show up in existing online portfolio.

Oh well at least I can see the account now even though I have two logins, will close the old one anyway.

With regard to the Sharia banks I am still a bit nervous of them, not sure why as they are protected by FSCS, maybe it is because it mentions profit rather than interest...??

Geoffo_M

Richchad said:

I already have an earlier savings account with Sainsbury's so decided to open this new higher rate account so applied online last Friday 21st October, my application was accepted immediately and I was given an account number and sort code and told it was open and it will show in my online banking shortly.

It is now Wednesday and it still isn't showing in online banking so I am reluctant to transfer funds to it when I cannot see if it has arrived okay.

Looking on their website it says "We are currently upgrading your banking experience. It may take a little longer than usual for your new account to appear on your online banking profile."

It seems silly to be doing an upgrade at the same time as launching one of the top paying savings account.

Has anyone else had similar problem viewing their new accounts online?

I've had the same experience & still waiting for my new account to appear online as well. What's a bit unnerving is that notice to say that maintenance is being done in facilitating the setting up of new accounts, and not to try to log in again - that was there 3 months ago when I considered setting up another account. I'm not sure Sainsbury appear very efficient in this field.   

Richchad

Geoffo_M said:

I've had the same experience & still waiting for my new account to appear online as well. What's a bit unnerving is that notice to say that maintenance is being done in facilitating the setting up of new accounts, and not to try to log in again - that was there 3 months ago when I considered setting up another account. I'm not sure Sainsbury appear very efficient in this field.   

Maybe you should consider registering for online banking with a new login as I did and it showed up immediately under my new online login, I can still access my old account with my old login details, not ideal but got fed up waiting for Sainsbury's to sort it.

Daliah

Richchad said

With regard to the Sharia banks I am still a bit nervous of them, not sure why as they are protected by FSCS, maybe it is because it mentions profit rather than interest...??

They are as safe as any other account with FSCS  cover.