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Savings accounts

Looking to save up for a big purchase or put money aside for safe keeping?

At Sainsbury’s Bank, we offer a range of savings accounts to get you started. Choose from our Cash ISAs, Everyday Savers, Defined Access accounts and more.

Sainsbury’s Bank’s savings products are covered by the Financial Services Compensation Scheme.

Compare our savings accounts

Whether you're saving for something important, or just want to put some money away for a rainy day, we offer a wide range of savings accounts that could be suitable for you.

Bank of England Base Rate Changes

On 3rd August 2023, the Bank of England base rate increased from 5.00% to 5.25%. Interest rates on our variable savings products continue to remain under review.

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Bonus Websaver

Our Bonus Websaver offers you a bonus fixed interest rate for the first 12 months in addition to the core interest rate (variable), with a flexible and convenient way to save from £1. You can manage your money 24/7 with Online Banking.

Interest rate

3.50% AER* Gross** p.a. (variable) on balances of £1 - £500,000

Interest rate including bonus

4.50% AER* Gross** p.a. (variable) (includes 1.00% bonus) in your first year on balances of £1 - £500,000. The standard interest rate of 3.50% AER* Gross** p.a. (variable) applies if balances exceed £500,000 and after the bonus period ends.

Deposits

Minimum deposit of £1 and a maximum deposit of £2,000,000

Withdrawals

Unrestricted

Term

N/A

Interest paid

Annually

Interest rate

3.50% AER* Gross** p.a. (variable) on balances of £1 - £500,000

Interest rate including bonus

4.50% AER* Gross** p.a. (variable) (includes 1.00% bonus) in your first year on balances of £1 - £500,000. The standard interest rate of 3.50% AER* Gross** p.a. (variable) applies if balances exceed £500,000 and after the bonus period ends.

Deposits

Minimum deposit of £1 and a maximum deposit of £2,000,000

Withdrawals

Unrestricted

Term

N/A

Interest paid

Annually

Defined Access Saver - Issue 48

Access your money up to 3 times per year whilst earning a higher interest rate. Open from just £1 and save for the future with the flexibility of easy access.

Interest rate

1.30 - 4.00% AER Gross p.a. (variable) on balances of £1 - £500,000

Deposits

Minimum deposit £1 Maximum deposit £2,000,000

Withdrawals

Up to 3 withdrawals each year from account opening. Interest rate will reduce if more withdrawals are made within that period.

Term

N/A

Interest paid

Annually

Interest rate

1.30 - 4.00% AER Gross p.a. (variable) on balances of £1 - £500,000

Deposits

Minimum deposit £1 Maximum deposit £2,000,000

Withdrawals

Up to 3 withdrawals each year from account opening. Interest rate will reduce if more withdrawals are made within that period.

Term

N/A

Interest paid

Annually

Variable Rate Cash ISA

Save for your future tax-free with our Variable Rate Cash ISA, and make the most of your 2023/2024 £20,000 ISA allowance with just £1, with no withdrawal restrictions and access to your money when you need it.

Interest rate

1.30 - 4.40% AER Tax free p.a. (variable) on balances of £500+

Deposits

Minimum deposit £1 Maximum deposit £2,000,000

Withdrawals

Unrestricted^

Term

N/A

Interest paid

Annually

Interest rate

1.30 - 4.40% AER Tax free p.a. (variable) on balances of £500+

Deposits

Minimum deposit £1 Maximum deposit £2,000,000

Withdrawals

Unrestricted^

Term

N/A

Interest paid

Annually

eSaver Special

Our eSaver Special account offers you a flexible and convenient way to save from £1. You can manage your money 24/7 with Online Banking and access it with no withdrawal restrictions.

Interest rate

1.30 - 3.05% AER Gross p.a. (variable) on balances of £1+

Deposits

Minimum deposit £1 Maximum deposit £2,000,000

Withdrawals

Unrestricted

Term

N/A

Interest paid

Annually

Interest rate

1.30 - 3.05% AER Gross p.a. (variable) on balances of £1+

Deposits

Minimum deposit £1 Maximum deposit £2,000,000

Withdrawals

Unrestricted

Term

N/A

Interest paid

Annually

Extra Saver

Open your account with just £1 and save for the future with the flexibility of no withdrawal restrictions, meaning you can access your money quickly and conveniently at any time.

Interest rate

1.30% AER Gross p.a. (variable) on balances of £1 - £500,000

Deposits

Minimum deposit £1 Maximum deposit £2,000,000

Withdrawals

Unrestricted

Term

N/A

Interest paid

Annually

Interest rate

1.30% AER Gross p.a. (variable) on balances of £1 - £500,000

Deposits

Minimum deposit £1 Maximum deposit £2,000,000

Withdrawals

Unrestricted

Term

N/A

Interest paid

Annually

Fixed Rate Saver

Our Fixed Rate Saver offers you a fixed rate of interest for 1 - 5 years, so you can enjoy the peace of mind of knowing exactly what return you'll get on your money.

Interest rate

4.00 - 4.90% AER Gross p.a.

Deposits

Minimum deposit £5,000 Maximum deposit £1,000,000

Withdrawals

None allowed until maturity

Term

1 - 5 years

Interest paid

Monthly or Annually

Interest rate

4.00 - 4.90% AER Gross p.a.

Deposits

Minimum deposit £5,000 Maximum deposit £1,000,000

Withdrawals

None allowed until maturity

Term

1 - 5 years

Interest paid

Monthly or Annually

Fixed Rate Cash ISA

Our Fixed Rate Cash ISA offers you a tax free fixed interest rate for 1 – 5 years, so you can feel secure in knowing exactly what return you’ll get on your money. Make sure you can commit for the full term. There’s an early closure charge if you close your account early, which means you may get back less than you paid in. It also allows you to transfer in ISA savings held elsewhere and make the most of your 2023/2024 Cash ISA allowance.

Interest rate

3.90% - 4.80% AER / tax free p.a.

Deposits

Minimum deposit £5,000 Maximum deposit £2,000,000

Withdrawals

Not allowed – Early closure only

Term

1 - 5 years

Interest paid

Annually

Interest rate

3.90% - 4.80% AER / tax free p.a.

Deposits

Minimum deposit £5,000 Maximum deposit £2,000,000

Withdrawals

Not allowed – Early closure only

Term

1 - 5 years

Interest paid

Annually

Financial Services Compensation Scheme

All of our savings products are covered by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS visit www.fscs.org.uk opens in new window

Protecting your money - A guide from the FSCS [PDF, 557Kb] opens in new window

FSCS

Frequently Asked Questions

What is the best savings rate?

The best savings rate depends on your financial provider, the associated features and product types. For example, a cash ISA will have a different savings rate to a notice account.

The best rate for you will depend on your personal circumstances. Rates are always subject to change which will affect how much interest you earn on your savings. It is always a good idea to look at the different rates on offer.

What does a savings account do?

A savings account offers a secure place to keep your money separate from everyday spending. It also allows you to earn interest on it along the way. Some savings accounts can be opened with as little as £1.

Can I withdraw money from my savings account?

It depends on the type of account that you have. Some banks and building societies may charge a fee for certain types of transaction. Before you make a withdrawal it is important to check the terms and conditions of your account to make sure you don’t make a transaction you may be charged for.

Do savings accounts earn interest?

Yes, all savings accounts earn interest but the rates can vary. Interest is paid by your bank or building society on the current balance on your account. The amount earned depends on the amount of money you deposit and how long you keep money in your account for.

What are the different types of savings accounts?

There are several different types of savings accounts. These include cash ISAs, easy access accounts, fixed-term deposit accounts and regular savings accounts. It’s worth researching the type of product and features you need before deciding.

What is a cash ISA?

A cash ISA is a savings or deposit account that allows you to earn tax-free interest on your savings. Cash ISAs can be opened from the age of 16, however, at Sainsbury's Bank we require customers to be 18 years old or over to apply for any of our our savings accounts. You are currently entitled to save an annual allowance of £20,000 and can’t go over this amount in one financial year as it is set by the government. 

What are the advantages and disadvantages of cash ISAs?

Cash ISAs can mean significant tax savings, especially - over a long period of time. This could be particularly valuable if you pay tax at a higher rate. But, you may also have to deal with capped allowance rates and transfer restrictions.

Important Information

The tax treatment or rate of interest payable depends on the individual circumstances of each customer and may be subject to change in the future.

Savings accounts are available from Sainsbury’s Bank to UK residents aged 18 years old or over. Sainsbury’s Bank reserves the right to alter rates at any time.

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.

** Gross interest is the interest rate paid with out the deduction of income tax. 

^ If you have paid in your full allowance, any amount you withdraw cannot be replaced during the tax year.