Sainsburys Bank have increased the interest paid on their Variable Rate Cash ISA

coopstar2301

If you've got a Variable Rate Cash ISA with Sainsbury's Bank - you need to send them a message and ask them to put you on their new higher interest rate. They don't do automatically. Just login to your account and send them a message, and they'll increase it from the date you send the message. Don't forget to check their website frequently and whenever the interest rate increases, send them another message. They're very cheeky, they will never do it automatically like most other banks.

jimjames

So what is the rate?

ColdIron

Most other banks don't automatically increase rates on savings accounts. Many require you to open a new product and transfer

coopstar2301

jimjames said:

So what is the rate?

It's 2.7% - up from 2.4%.
I'm not recommending the ISA, just informing those who already have one and don't know that they need to request the higher interest rate.

coopstar2301

ColdIron said:

Most other banks don't automatically increase rates on savings accounts. Many require you to open a new product and transfer

Crazy! They advertise them as variable rates, and tell you the interest rate could go up or down. But don't actually increase it unless you ask, or transfer.

kingssch

What is the link to request the new rate please as I can’t see this on the website and have lost the will to live hanging on their phone lines. Thanks! 

refluxer

kingssch said:

What is the link to request the new rate please as I can’t see this on the website and have lost the will to live hanging on their phone lines. Thanks! 

Sainsburys are currently paying 3.78% on balances over £500 in their variable rate cash ISA and this rate is lagging behind the best easy access cash ISA rates available at the moment so have you considering transferring away to an alternative ISA provider ?

For example - Shawbrook are currently paying 4.22% and, while their easy access ISA does have an issue number, they do tend to apply at least some rate changes to existing and certain previous issues IIRC (I held this account towards the end of last year). If and when you do need to switch issues, this is easily done via secure message (there's even a dedicated option for upgrading account issues) and requests are normally dealt with promptly in my experience. Shawbrook and Sainsburys also both use the BACs ISA transfer service, so a transfer should be done wholly online and therefore be reasonably quick as a result.

Cosmic_Life

kingssch said:

What is the link to request the new rate please as I can’t see this on the website and have lost the will to live hanging on their phone lines. Thanks! 

dont think there is a specific link, you need to log into your account and send a "message" requesting they update the interest rate on your account.  Takes them several days but they backdate the increase to when the message was sent