How secure is my money?

Sainsbury's Bank plc manages its liquidity and capital base with strong financial processes and controls. We operate under our own independent banking license and are authorised and regulated by the Financial Services Authority. FSA register number 184514. As such, our depositors benefit independently from the protection offered by the Financial Services Compensation Scheme (FSCS). The FSCS pays compensation up to the limit of £85,000 per person, per institution. More information on the FSCS is available on its website www.fscs.org.uk.

What is the minimum age limit to open a Sainsbury's Cash ISA?

18 years old.

What does tax free mean?

By tax free, we mean free from income tax. The tax treatment is subject to HM Revenue and Customs rules and may be subject to changes in the future.

Is there a minimum limit?

The minimum amount you can invest with our Cash ISA is £500.

Is there a maximum limit?

The maximum amount you can invest with our Cash ISA is £5,640 in any one tax year. You can transfer previous years ISA subscription(s) in whole or in part from another provider at any time over and above your £5,640 limit for this tax year.

How is interest paid?

Interest is calculated daily and paid annually on the anniversary of when the account was opened.

How do I make a payment into my account?

You can deposit into your Cash ISA in the following ways:

• Send us a cheque made payable to yourself
• Transfer funds from an existing Cash ISA with another provider using our transfer in form (PDF 76KB).
• By bank transfer from your main bank account or existing Sainsbury's Bank savings account

How do I transfer - in my existing Cash ISA(s)?

Savers can transfer current year ISA subscription(s) in whole, and/or previous years ISA subscription(s) in whole or in part from another provider at any time. However, the terms and conditions for ISAs can vary between ISA managers, so it's a good idea to check with your provider before requesting the transfer. To transfer in funds, complete our transfer in form (PDF 76KB), send it to the address detailed and we will take care of the rest of the process. We aim to complete the transfer process within 15 working days of receiving your completed transfer application form.  Your existing provider will pay interest until the day they close the account and send the money to us.  We’ll pay interest at the new rate from the day they close your account, even if we haven’t received your money. If the transfer process takes longer than 15 working days, we’ll pay you interest at the new rate from the 16th working day (even if your old provider has not closed your old account), as long as your ISA was ready (i.e. was not subject to a notice period or was a fixed rate that had yet to mature) to be transferred when your existing provider received our request. 

How do I withdraw money?

You can use the telephone service or Sainsbury's Online Banking Service once registered. You can also set up payment mandates so that you can transfer money to your nominated account.

Is there a limit on the number of withdrawals?

You can make unlimited withdrawals from your Cash ISA. Remember if you have paid in your full Cash ISA allowance, any amount you withdrawl cannot be replaced during the same tax year.

How long will it take to transfer funds?

Payments processed through the Faster Payments scheme and deposits made using SaveBack should arrive in your account no later than the next bank working day. Transfers between Sainsbury's Bank accounts are normally treated as arriving in your account straightaway, except when they are made after 8pm or on a non bank working day. Payments made to external beneficiary accounts will be received by midnight on same day the payment is instructed, provided instruction is made by 5pm. Transactions instructed after these times will be treated as next business day.

Can I set up direct debits?

No, this account is specifically for savings, although you can transfer money into a nominated account in your name by using Sainsbury's Online Banking Service or our telephone service.

Can I use this account to pay bills?

No.

Are there any standard charges on the account?

There are no standard charges. If you require an additional Banking service there may be a charge, which we will tell you about at the time.

Can this Cash ISA be used for a business, club or association or a charity?

No, the account is only available for personal use.

Can I open a joint Cash ISA?

No, this is an Individual Savings Account (ISA).

How can I register for gross interest?

You do not need to register for gross interest as interest paid on your Cash ISA is paid tax free.

What happens if I decide to close my Cash ISA?

If you close the Cash ISA account within the 14 day Cancellation Rights Period the cancelled subscription does not count as a subscription to a Cash ISA within the current tax year.  If you close the Cash ISA account after the 14 day Cancellation Rights Period the cancelled subscription will count as a subscription to a Cash ISA within the current tax year. 

What option should I choose for marital status in the application if I'm a civil partner?

You can select a marital status of either single or married depending on your preference.

How can I advise Sainsbury's Bank of a change to my address?

You can change your address online if you are registered for our Online Banking Service. Alternatively, you can call us on 0500 40 50 60*, Monday to Friday, 8am – 10pm, Saturday and Sunday 8am – 8pm or by writing to us at Sainsbury's Bank, PO Box 29191, Dunfermline, KY12 2AU.

What browsers does this website support?

The standard support browser versions are:

• Internet Explorer v7.0
• Firefox v3.0

On Windows platforms only (NT4, 95, 98, ME, 2000, XP) not Macintosh computers.