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 £50,000 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 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.

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.

What happens at maturity?

We will write to you to let you know that your Fixed Rate Saver is about to mature. We'll then give you the following options:

- to re-invest into a new Fixed Rate Saver, if one is available at that time
- to transfer the funds to your nominated account or to another Sainsbury's Finance savings account.

If we do not hear from you we will automatically transfer your maturing Fixed Rate Saver balance into a new Fixed Rate Saver account (with the same length of time as the maturing Fixed Rate Saver) if one is available at that time.

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.

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.

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 £50,000 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 an Internet Saver account?

18 years old.

Can I open a joint Internet Saver account?

Yes. Both parties to a joint account will receive individual passwords and security-related details. Please note: both parties must register for the online banking service before either party can access the account.

Is there a maximum limit?

The maximum amount that any one customer can hold in accounts (whether in their sole name or jointly) is £2,000,000.

How is interest paid?

Interest is calculated daily and paid annually on the anniversary of the date the account was opened. Interest is credited to the account.

My account is showing as awaiting authorisation, what does this mean?

Your account will show as awaiting authorisation if we require further documents to verify your identity. The attached Internet Saver - Your personal details document (PDF 157KB)  has a full list of acceptable documentation.

 

If you are opening a joint account, the account will show as awaiting authorisation until the second party to the account registers for online banking and accepts the Terms and Conditions of the Internet Saver account.

You will need Adobe Acrobat to view and print this document. To download this programme for free, simply click on the icon below.

 

If you are opening a joint account, the account will show as awaiting authorisation until the second party to the account registers for online banking and accepts the Terms and Conditions of the Internet Saver account.

How do I make a payment into my account?

You can save regular amounts by standing order or lump sums by cheque.  We'll send you a supply of personalised pay-in slips so if you are paying by cheque please ensure it is payable to yourself. Find out how to set up a standing order. (PDF 76KB)   Alternatively, you may also send funds into your account electronically, online or by bank transfer.

How do I withdraw money?

Once you have registered for Sainsbury's Online Banking Service, you can go online and transfer funds to another Sainsbury's Bank Savings account and to your Sainsbury's Bank credit card. You can also set up payment mandates so that you can transfer money to any other account in your name.

Are there any restrictions on withdrawals?

No. You can make as many withdrawals as you wish to your nominated account(s) without any notice, provided your account remains in credit.

Can I set up direct debits on my account?

No, direct debits and standing orders are not permitted on this type of savings account. You can withdraw money by setting up a bill payment. For details of how to pay money into your account, please see the section above:

Can I use this account to pay bills?

Payments for bills such as gas, electricity, council tax etc. are not permitted and it is not possible to set up direct debits on this account.

Are there any standard charges on the account?

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

Can an Internet Saver account be used for a business, clubs or associations, or a charity?

No, the account is only available for personal use.

Can I name my account?

Yes. For example, you may wish to call it “holiday savings" or "rainy day savings". You may do this as part of the account opening process.

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 do I change my name and address?

Find out how to change your name and/or address.

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.

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. If your query isn't covered here please give us a call on 0845 850 0092.