I don’t want to sound old at twenty-four but I remember the days when a trip to the supermarket was to buy bread, milk, butter and eggs but now it seems that you can buy everything from clothes, televisions, computers and even financial services. If you’d ever told me ten years ago that I’d start banking with a supermarket I’d have laughed all the way to the fruit and veg aisle – it just wouldn’t have happened. Yet roll on 2003 and I am the owner of an Instant Access Savings Account at Sainsbury’s Bank.
The reason I signed up to this bank is that (as those of you who have read my other reviews might recall) I have had a few problems with banks of late and have been in the process of moving my accounts around. The Sainsbury’s account is one for my savings, for holidays and the like, just to keep it separate from my monthly outgoings and trips to the pub.
Signing up for the account is easy. You can
either log on to sainsburysbank.co.uk, phone 0500 405060 or pick up a leaflet from your local store. Online there is a downloadable application form, although you will need adobe acrobat to access this. I applied through downloading the application form and found it simple to complete. It’s no different any other bank application form and asks the usual questions you’d expect. Once complete you then need to send two forms of ID with the form and your deposit cheque. One of the great things about this account is that you only need to deposit £1, so it’s ideal for anyone. If you can’t supply a cheque the only other alternative is to set up a standing order to inject the deposit.
The whole process was simple and easy and I was sent my card within two to three weeks. I had to call the customer service help line on a few occasions and they were always helpful and knowledgeable, instilling the confidence in me that I always like to feel when money is involved (well, my money anyway!).
To be honest what first attracted me to the account was the fact that I’d simply had enough of these high street banks and their lack of customer service, especially on a local level and so decided to try something a bit different that would totally be on an informal level as the Sainsbury bank has no bricks and mortar branches and everything is done over the phone. Although this sounds like a disadvantage, for me it was a breath of fresh air, as I looking for some consistency. As with my Abbey National account I felt that the local knowledge gained by my local branch workers was lost due to the fact that for most things I had to deal with national workers at the end of the phone line. What Sainsbury’s offers is the same without the local level service, which I’m hoping will result in a more consistent approach to the service I receive. The telephone service is in operation twenty-four hours a day, 365 days a year, and I’ve always been connected to an operator within two/three minutes - which going by my usual banks is very efficient. The service is very secure with the usual password and question entry system.
Although I never really save enough to worry about interest I was pleased to note that there would be no loss of interest for withdrawals, unlike other accounts I have used. The gross per annum started at 2.45% for the first £2,500 but was in tiers so could rise to 3.30%. You also have the choice of receiving interest payments on a monthly or annually basis. Those who have banked with Sainsbury’s for a while will note the drastic fall in the interest rates that once were at the top of the league tables but the rate is still competitive and is better than rivals such as Egg.
The ATM cash-card I received is basic with no debit facility. This would probably be a disadvantage for many but for me it meant less ways to get to the cash and gave it more chance of still being in the account when the time came for paying for my holiday. With this card you can withdraw £250 a day, this is slightly annoying as I would possibly like it a bit higher especially as there are no branches to go into to get higher amounts. As you would expect with a basic savings account there are no charges incurred for withdrawals and the card can be used free of charge in Link cash machines, which I’ve never had a problem locating wherever I’ve been in England.
The account provides instant access to your funds and cheques clear in four days. You receive detailed statements delivered to your house every three months. Paying in money can be done using cheques or standing orders (like the deposit) with the bank providing envelopes for this purpose.
For me this was the exact sort of account I was looking for. It is basic yet has all services I need. Sainsbury’s have so far been professional and reliable and even though you can’t visit a branch to speak face to face with someone, the level of customer service via the phone is excellent. I’m sure this is due to an excellent database system as every call and conversation seems to be logged so that the representative can become familiar with your account very quickly. This type of banking won’t be for everyone but in this day and age works well. Personally the one thing it misses is an online banking site where your account can be viewed, as the current site is for information purposes only. The accounts are available to anyone although cannot be used for business purposes.
Other savings accounts on offer through the bank are a direct savings account and an ISA, with the company also offering loans, insurance mortgages and credit cards in their financial product range. These are all available online where you will also find all the relevant contact details for the company.
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very helpful by (96%):
helpful by (4%):
