Sainsburys Internet Saver down to 5.75% today

ScarletBea

I just went to check my Sainsburys Internet Saver account and was quite shocked to see a rate of 5.75%. After investigating, seems they changed it right today.

Now, this is really low, compared to others around, and I'd like to move my money, but my issue is with the interest. The account pays only on the anniversary, and that hasn't happened yet. How do I get my interest as of today if I transfer my money out?
*confused* sorry

skitskut

If you transfer all of your money out, the interest you've earnt up to now will be added and included in your withdrawal.

ScarletBea

Do they do that automatically (ie, if I simply transfer the entire amount out) or is there a closing down process I need to follow?
I tried searching the site but can't find anything...

Sorry for the stupid questions but it's my first year in england and I'm getting to grips with all this account moving, hehe

skitskut

Yes it will be done automatically if you transfer everything out to leave a balance of £0.00. It may also ask you to confirm if you are sure you want to be closing your account.

manic_saver

I am with sainsburys, which at the time last year was one of the best easy access internet accounts.

I think the most annoying thing that sainsburys don't do is tell you when their interest rate is either going up or down. They don't have to send out information about this in the post as its an internet account and it would cost them to much money to do so.

So sainsburys it would be great if you could just let me know by e-mail...how hard can it be. :rolleyes:

Stavros_3

I went in last July when they were at 6.25%, I am not a happy bunny today and wouldn't have noticed until I saw this thread. Are there better alternatives out there I have 21k with Sainsburys and use it as a savings account as opposed to a current account

JohalaReewi

You will get your interest after the year. If you want the interest sooner, close the account - you should get interest made up to the closing date.

JohalaReewi

Stavros wrote: »

I went in last July when they were at 6.25%, I am not a happy bunny today and wouldn't have noticed until I saw this thread. Are there better alternatives out there I have 21k with Sainsburys and use it as a savings account as opposed to a current account

Check the sticky threads at the top of this forum

Stavros_3

I have done and they are discussion area's. I was hoping to see a table of best savings accounts like Kazza's ISA's one, or have I missed it

OMski

Hi ScarletBea

This is what I did when they dropped from 6.25 to 6% - opened another Sains account, transferred £5 to it > closed the original one which transferred the balance + interest back to my linked bank account.

This way you still have an account with them albeit £5, in case they do raise rates again in the future.

ScarletBea

I've just opened a 6-month Icesave fixed, seems quite good.
Then the difference in the interest for the remaining money to a 6.1% or something isn't that big (still not enough money in the uk, hehe), so I don't think I'll bother with opening another savings account yet.

Good idea of the *keeping account* there.