Sainsburys 6% Internet Saver

A question about : Sainsburys 6% Internet Saver

After upping their rate on 17 May 2007 to 5.75%, Sainsburys have hiked it up over the weekend to 6% gross, even higher than Icesave. I have 3 of these accounts and can recommend them for being easy to set up, easy to use and with good customer service. No minimum balance, instant access and I believe you can have up to 20 accounts with a total of £2 million (so that will just about do me ) Well done Sainsburys!

Best answers:

• The spiel says you've access to cash throught your nominated accounts.
  How many nominated accounts can you have?
• Hmm, it doesn't seem to cover that point, so am not sure...but it does say "accounts" plural, so looks like you're not stuck with just one nominated account. I see it's now 10 accounts you can have, not 20, but that's still enough for most people, I'd say.
  You can also pay money in at Sainsburys branches too, as well as via transfers from other accounts.
• Who do they use as a clearing bank? Alternatively: what's the sort-code for BACS payments?
• Sort code is 126060 - it's via Sainsburys Bank.
• It's definitely 126060, perhaps they do link up with RBS for the banking function - who klnows. Anyway, it's a good rate and a good service.
• Starting '12' is Bank of Scotland ('BOS') not Royal Bank of Scotland ('RBS')
  This Sainsburys Bank is part of a partnership with Halifax/HBOS/BOS in other words
  https://en.wikipedia.org/wiki/List_of...United_Kingdom
• I might get this account. I have the HSBC 6% saver but of course you can loose interest if you need to withdraw. Also, this account reckons it'll stay above the market leaders til 2010.. i think?
• Can you set up a SO from the account?
• Probably not as its a savings account. You should be able to setup a standing order from your bank account to the savings account though.
• That's what I suspected. I was thinking of it as an alternative to Coventry First when my anniversary comes up in August.
• No standing orders, but "payment mandates" out to wherever you like.
• well done sainsburys wonder if icesave will react?
• HSBC have done the same with their online saver - 6%
• Does anyone know if its possible to apply for this through a cashback site eg pigsback, quidco??
• Just opened one at the weekend. Exactly the same set up as HBOS which is its parent group.
  I'd love to see transfers between sainsburys and HBOS being instant although I doubt they will be.