Sainsburys Bank not increasing rates on existing accounts

[lornemalvo]

I'm getting bloody annoyed with Sainsburys bank. I have a decent amount in a defined access savings account and when rates go up they never increase the rate, instead they put out another issue (this week it's Issue 46), so I have to transfer my funds into that account to get the better rate. It's not exactly looking after its existing customers, it's bloody annoying and I'm looking elsewhere.

Edited by lornemalvo on Tuesday 6th June 14:08

Edited by lornemalvo on Tuesday 6th June 14:18

[Elderly]

Cynergy Bank are similar in that to get their increased rate you have to transfer your funds to a new account,
but in their case the old account is effectively closed and the interest is transferred to the new account.

But …….. when it comes to obtaining confirmation of interest earned at the end of the tax year,
they will not state the total amount of interest earned during that year; you have to go through the laborious process of finding each closed account on line for the appropriate tax year, and download a PDF showing the interest earned for each account.

[trevalvole]

lornemalvo said:

I'm getting bloody annoyed with Sainsburys bank. I have a decent amount in a defined access savings account and when rates go up they never increase the rate, instead they put out another issue (this week it's Issue 46), so I have to transfer my funds into that account to get the better rate. It's not exactly looking after its existing customers, it's bloody annoying and I'm looking elsewhere.

Edited by lornemalvo on Tuesday 6th June 14:08

Edited by lornemalvo on Tuesday 6th June 14:18

Ford Money only have one version of their instant access savings account, no bonus and over the last year have been pretty good at keeping their rates competitive.

[Tagteam]

Tesco did the same and would also not charge bonus interest in months when moving money. Total con. Do with instant access