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I work adjacent to a Sainsburys and used to regularly pop over for a few bits at lunch time, as I'd already binned off the idea of getting a Tesco savings account, it occurred to me that Sainsburys would probably be very similar. In fact, I was surprised but Sainsburys offered a better ... Read review
Advantages: Good rates, good access options Disadvantages: Limited range, poor customer service
...I work adjacent to a Sainsburys and used to regularly pop over for a few bits at lunch time, as I'd already binned off the idea of getting a Tesco savings account, it occurred to me that Sainsburys would probably be very similar. In fact, I was surprised but Sainsburys offered a better rate. So I picked up one of their forms and filled it in that evening. The application form was very simple to complete and you only needed two forms of proof of identity, ... ...I received a letter from Sainsburys telling me that my account had been opened and that my instant access card would be with me within a working week. I was gob smacked when I actually did receive my instant access card just a few days later, too good to be true I thought. I hadn't particularly wanted an instant access account, but I saw this as an added advantage, the only drawback of this card is you can only withdraw £250 a day, but you cannot ... more
When I was 18 I wanted to start saving, not that I had so much to put away but everyone needs a savings account I thought. I got a credit card from Tesco so I thought that maybe this would be the way to go with my savings as well. I do a lot of my shopping at Tesco and one day when I was in there I picked up a leaflet for the savings account. I looked through it and it seemed like they offered good rates, but now it's confession time, I started to fill out the form but it was ridiculously long winded and unnecessary. I never completed the forms, let alone posted them.
I work adjacent to a Sainsburys and used to regularly pop over for a few bits at lunch time, as I'd already binned off the idea of getting a Tesco savings account, it occurred to me that Sainsburys would probably be very similar. In fact, I was surprised but Sainsburys offered a better rate. So I picked up one of their forms and filled it in that evening. The application form was very simple to complete and you only needed two forms of proof of identity, rather than Tesco who wanted about five. So, I sent off my application forms and id the very next day. All it took was £1.00 to have the account opened.
After I've sent this kind of important documentation I always worry that it's got lost or I'll never see it again. But just a few short days later I received a letter from Sainsburys telling me that my account had been opened and that my instant access card would be with me within a working week. I was gob smacked when I actually did receive my instant access card just a few days later, too good to be true I thought. I hadn't particularly wanted an instant access account, but I saw this as an added advantage, the only drawback of this card is you can only withdraw £250 a day, but you cannot withdraw much more than this with the majority of current accounts.
The next problem was what on earth was I going to put in my account………….then it struck me, the perfect idea, my Ciao earnings, not a lot but it was certainly a start. And then just a few months ago, my boyfriend's parents needed some new sofas as his dad is disabled and was having serious problems getting in and out of their super soft old sofas. I bought them some new sofas on my Tesco credit card, they give me a little bit of money each month and that gets added into the account as well, so it all adds up. A nice amount for Christmas pressies, will try to use it like this every year.
I get regular correspondence from Sainsburys, mostly it's just junk informing me of minor changes to the account, interest rate alterations, the offices have moved or the telephone numbers I need are now different, nothing very exciting, but important nonetheless. Every three months I receive a statement, but interest is paid annually, the current interest rate is 4.40% AER on balances up to £2499, on balances over £2500 the interest rate is 5.05%.
The great thing with this account is that you can pay into it in various 1. You can send a cheque to Sainsburys in the post, they advise that you also send a paying in slip, they provide you with paying in books 2. You can set up a standing order from any current account, I have paid money in this way on several occasions but would not want it to be monthly, after all you never know what's round the corner 3. You can take money to Sainsburys stores and pay it in at the customer service desk 4. You can Save Back, take money from your debit card, as you pay for your shopping and have it pad directly into your savings account
You can manager your account in several ways too. For months I didn't really "manage" my account, I just let the money trickle in and looked at my statements when they came through the post. To me this seems to be the easiest way to "manage" your account. The alternatives are to use telephone or internet banking. I have never used telephone banking. However, I started using Internet banking several months ago, it is very simple, you quickly register online. Sainsburys send you an activation code in the post, you then use the code to log in, you are then required to set a username, password and answer three security questions. When you log into your account you are asked for your username password and to answer one of your security questions. The really good thing about Internet banking with Sainsburys is that when you change your website you will automatically be logged out, I think that this is a really good security feature.
I'm a great believer in shopping around to find the best deal, this can cause a bit of inconvenience but never mind eh?! So I was surprised as I was browsing through MoneySavingExpert online I noticed that one of the best savings rates out at the moment is the Sainsburys Internet Savings account. The current rate is 6.25% AER. The account is accompanied by a rate promise, which means the rate will always exceed the average rate on the market until December 2010.
This account is also very easy to set up I did my entire application over the website. The account was set up instantly and I transferred some funds from my instant access account to make the best of the higher interest rate. A few days later I received a letter informing me that they had not been able to verify my identity over the web and needed a signature and some proof of identity. I sent my passport and two bills to verify my address a few days later, I still have not received these documents back despite sending them several weeks ago and my account has now been varied nearly two weeks, how silly. I checked my account each day to see if it had been verified, I am disappointed to say that it was two weeks later before my account was active and available for use. When I was able to use my account I transferred some money back to my instant access savings account, I thought that this would happen immediately but no! The money was removed from my Internet Savings account the next day and then took a further two, working, days before the money actually popped back into my Instant Access account, I was not pleased.
The account automatically qualified for Internet banking as it was set up online. Unfortunately during my daily checks I forgot my password and needed to phone customer services department of Sainsburys bank, unfortunately things are not this simple, there is a different number for each account of service. So I want to transfer some money from Internet Saver, which despite not being activated has been set up for approximately two weeks, but I cannot access my Internet banking, so I call the Internet Saver telephone line, the number they give out is incorrect and I get a travel agent, who tells me they get lots of phone calls for Sainsburys. So, I call the number on the back of my Instant Access Account card, they are not very helpful and quite short with me, then transfer to another customer service department, who palm me off on someone else. After speaking to about ten different people I finally got my Internet access codes changed and managed to get back online. However, I did learn that you cannot do anything with an Internet account unless you are online, appalling I think.
I was pleased that I'd chosen to open my Internet Saver because today I recieved a £5 voucher to spend instore, I was amazed about thiis, but really quite chuffed. Don't know if this is always recieved, but I got it, YAY!
Internet Saver http://www.sainsburysbank.co.uk/savings/sav_internetsaver_is_skip.sh tml
Sainsburys Bank also offers - Savings - direct saver, child trust fund and depositing services - Borrowing - loans or car buying - Insuring - travel insurance, car insurance, home insurance, life insurance, pet insurance, travel money and identity fraud services - Sainsburys Credit Card - Travel Services - travel insurance or travel money As with all financial institutions Sainsburys always has offers and deals, if you want to check them out at http://www.sainsburysbank.co.uk/
So, to sum up I would say that Sainsburys banking is really quite good. Obviously I can only really comment on the savings accounts offered, but I think that they are good. I would recommend them to just about anyone I would suggest the Internet Saver over the Instant Access due to the higher interest rate, but with the service you receive and the long delays in moving money out of the account, I think that the two accounts mentioned above are as good as one another and would recommend both. One feature that I really like about the Internet Saver account, is that you can name the account, Rainy Day, Wedding, Christmas, etc. I know this is a silly feature but I think it is cute and it can often be the little touches like this which make all the difference to your overall experience with services like this.
Hope to have helped, especially those of you who actually have some cash to store away
Advantages: Postal service Disadvantages: No internet access
I opened a Sainsbury's postalbank account when they first became available about 3 years ago, wooed by good interest rates with the promise of easy access to my funds. I recieved a welcome pack with a few post-paid envelopes to start deopisiting money, which I did at regular intervals over a period of about 18 months.
Unfortunately my supply of pre-paid envelopes was not inexhaustable, and Sainsbury's were slow to send me further examples in spite ... ...3 occasions that 'you could always just send a cheque in an ordinary enevelope'. They seemed surprised at my reply that I was not in the habit of effectively paying to deposit money in an account, but they begrudgingly sent further supplies thereafter.
The real falling-out came when the Bank of England base-rate started to fall, with sequential 0.25% drops almost every month. Sainsbury's matched these drops within 24 hours of their announcement ...
nickhurst 22.02.2001
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Ciao members have rated this review on average: very helpful Review of Sainsburys Bank plc
Sainburys? No you cannot order your fruit and veg on-line but if you want a simple to operate postal account that offers you a decent rate of interest, unlike your clearing bank, this could suit you.
The bank is actually run by Bank of Scotland althoiugh they seem to have separate staff. Once set up and they are reasonably quick about it money can be paid in by post. Postage is free so that is a bonus. Money can be transferred by telephone request ...
REG 12.08.2000
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Ciao members have rated this review on average: helpful Review of Sainsburys Bank plc
Advantages: Good value Disadvantages: Non-branch based
Sainsbury's Bank has, like many new entrants to the banking market, disappeared now from the top of the interest rate league tables despite the fact that it offers predominantly savings accounts. However, while it may no longer offer the best rate of interest it does offer some of the best service you are likely to find in a non-branch based account. The standard instant savings account allows access by cashcard which can be used free of charge at ... ...processed by post or telephone, both free of charge (using freepost envelopes and a freephone telephone number). Even the automated system which answers the phone number is easy to use and reliable.
Naturally one is searching for the best rates available, but for instant access and pure convenience, don't forget the cost in time and money which you may have to expend in obtaining a better rate elsewhere. What's more, this bank puts high street banks ...
richardashdowne 20.01.2001
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Ciao members have rated this review on average: helpful Review of Sainsburys Bank plc
Advantages: Good brand name Disadvantages: Poor service, difficult to operate on line
Sainsburys is a long established grocer, now one of the leading supermarket chains which like Tesco and others has extended into financial services. When I recently needed some house and contents insurance I was happy to accept their quote which appeared to offer better services for a lower price. This led me into thinking their credit card and banking might be equally satisfactory, but sadly this has not been so and I have left both services. Why?
... ...with security checks (as has been commented on in other reviews) that they are difficult to operate. You need not only a password and account number, but also a singer, a date, a place and a name. Security is vital, but to me this is really over the top: it's difficult to remember all these items, so you need to write them down which tends to defeat their purpose.
When operating the savings account, you have to go to several pages specifying what ...
robert1 24.10.2006
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Ciao members have rated this review on average: helpful Review of Sainsburys Bank plc
Advantages: simple to operate Disadvantages: limited services
...of the first customers of Sainsburys Bank and since I still have an account there I must be one of the longest serving members. What I do think is strange is that although they had a good product with telephone banking with excellent support provided you did not want or ask of anything too sophisticated they never moved on to internet banking.
When they first started their interest rates on credit balances was very good and stood up well in the ... ...was to offer better rates. sainsburys did not respond to this and although their rates remain reasonable you can get better elswhere. But! If you want a second account with instant access and a good return on your money AND you like to talk to someone then you still can provided you resist their attempts to automate you. ...
lindylou 05.02.2001
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Ciao members have rated this review on average: helpful Review of Sainsburys Bank plc
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Promptness of service
Efficiency of service
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