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 Fixed Rate Saver?

18 years old.

Is there a minimum limit?

The minimum amount you can invest with our Fixed Rate Saver accounts is £5,000.

Is there a maximum limit?

The maximum amount you can invest with our Fixed Rate Saver is £50,000.

How is interest paid?

Interest is calculated daily and paid monthly to your nominated account either on the monthly anniversary of the account opening (if this date falls on a weekend, the next business day) or annually on the anniversary of when the account was opened.

Interest will only be paid gross (this means without deduction of income tax, currently 20%), if you are registered with us as a non- taxpayer. A separate registration is required for each Fixed Rate Saver which you hold.

If you're a taxpayer, interest will be calculated net of income tax - the gross interest will be posted to the account together with a corresponding amount for the income tax deducted (currently 20%).

How do I make a payment into my account?

You are unable to make any additional deposits after your first deposit.  Your first deposit may be by cheque or a transfer from an existing Sainsbury's Bank account.

How do I withdraw money?

Unfortunately you cannot withdraw or close your account prior to maturity.

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.

What happens at maturity?

We will write to let you know that your Fixed Rate Saver is maturing, you'll then be given the choice to:

• Re-invest into another Fixed Rate Saver (if one is available at that time)
• Transfer your funds into your nominated account or to another Sainsbury's Bank savings account
• Transfer some of your maturing Fixed Rate Saver into your nominated account and some to a new Fixed Rate Saver (if one is available)
• Transfer some of your maturing Fixed Rate Saver into your nominated account and some to another Sainsbury's Bank savings account

If we do not hear from you we will automatically transfer your maturing Fixed Rate Saver in a Sainsbury's Bank Reserve Account (currently 0.50% AER variable).  

What is a Qualifying Time Deposit (QTD) status

A QTD is a fixed term deposit of at least £50,000, made in a single transaction for a period of less than 5 years which requires to be repaid at a specified time Interest on a QTD is paid gross.  

From the 6th April 2012 HM Revenue and Customs regulations state that Qualifying Time Deposits status will change for any new accounts or maturing accounts that rollover into a new offer. Interest will be paid net.

Can I set up direct debits?

No.

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.

The following charges will apply: £25 per CHAPS payment.

Can Fixed Rate Saver 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 Fixed Rate Saver?

Yes. 

Can I discuss my partner’s account?

To comply with the Data Protection Act, we can only discuss accounts or online registration with the account holder unless a valid Power of Attorney Document has been registered with Sainsbury's Bank.

How can I register for gross interest?

Find out how to register for gross interest.

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 online servicing. 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.