Key benefits
Make the most of your savings
Our Fixed Rate Saver offers you a fixed rate of interest for 3 years, so you can enjoy the peace of mind of knowing exactly what return you'll get on your investment.
- A guaranteed fixed interest rate for 3 years
- Make one deposit between £5,000 and £50,000
- A good return on your savings with no withdrawals
- Interest paid monthly or annually
Hurry - our Fixed Rate Saver offer is limited and can be withdrawn at anytime.
Current products available
| Length of Term | For balances between | AER*/ gross p.a. | Monthly gross | Net p.a. |
|---|---|---|---|---|
| 3 years | £5,000 - £50,000 | 2.35% | 2.35% | 1.88% |
Only one deposit is allowed to your Fixed Rate Saver. After this no withdrawals or additional deposits are allowed, and you won't be able to close the account before the end of your term. If you think you may need access to your funds during the term a fixed deposit may not be the right savings product for you. Why not check out our full range of savings accounts which may better suit your needs.
Remember, you must fund your Fixed Rate Saver within 30 days of the account opening date.
What you'll need to apply
It's quick and easy to apply for a Sainsbury's Fixed Rate Saver. Just have the following details ready:
- Your personal details
- For joint accounts: make sure you have the required information for a joint application, or use the Power of Attorney facility to open and operate a Fixed Rate Saver account
- Your Nectar card details – by entering your card number, you could take advantage of any future Nectar card promotions that may be on offer
Please note from the 6th April 2012 HM Revenue and Customs regulations state that Qualifying Time Deposits status will no longer apply for any new accounts or maturing accounts that rollover into a new offer. Interest will be paid net.
You must be over 18 and a UK resident to open a Fixed Rate Saver account.
Apply for your savings account now
It's quick and easy to apply for a Sainsbury's Fixed Rate Saver savings account. Apply online now or call us on 0800 917 5081 *.
We are covered by the Financial Services Compensation Scheme.
Next steps
Once your account is opened you can deposit into your Fixed Rate Saver in three ways:
- Transfer money from your current bank account;
- Send us a cheque, made payable to yourself, to Sainsbury's Bank, PO Box 29191, Dunfermline, KY12 2AU; or
- Transfer funds direct from your existing Sainsbury's Bank savings account
This offer is subject to a limit of 4 Fixed Rate Saver accounts per person per term.
**AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Interest on this account is paid directly into your nominated account and therefore not compounded.
Interest is calculated daily and paid monthly/annually depending on your choice of options. Rates correct from 1st May 2013. The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
Find out more
Current products available
| Length of Term | For balances between | AER*/ gross p.a. | Monthly gross | Net p.a. |
|---|---|---|---|---|
| 3 years | £5,000 - £50,000 | 2.35% | 2.35% | 1.88% |
Interest paid monthly or annually to your nominated account.
*AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Interest on this account is paid directly into your nominated account and therefore not compounded. Rates effective from 1st May 2013.
How is your interest paid
Interest is calculated daily and either paid monthly to your nominated account on the monthly anniversary of the account opening (if this date falls on a weekend, then the next business day) or paid annually on the anniversary of the date when the account was opened.
Find out how to register for gross interest.
Access to your money
No withdrawals or additional deposits are allowed once your Fixed Rate Saver is open and early closure is not permitted.
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 either:
- 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 by maturity we will automatically transfer your maturing Fixed Rate Saver into a Sainsbury's Bank Reserve Account (currently 0.50% AER variable).
Easy to manage
You can use our secure Telephone service or Online Banking service to check your balance and transactions.
| Phone | 0500 40 50 60 * Lines are open: Monday to Friday, 8am – 10pm Saturday and Sunday, 8am – 6pm |
Protection against money laundering
Before your account is fully active we'll need to verify your identity. This is to comply with money laundering regulations. In most cases we can do this electronically but we may need you to provide some documents to help us.
*Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline only.
Apply now
Before you apply
- Make sure you have your personal details to hand.
- Make sure you have your nominated account and sort code details.
- You must be over 18 and a UK resident.
- Please read our terms and conditions (PDF 99KB) and privacy statement.
Apply quickly and easily
- Apply online or by calling us on 0800 917 5081 *
- You must fund your Fixed Rate Saver within 30 days of opening it
- Only one deposit allowed
Applying for a joint account
You will be required to provide the above information for both parties to complete your application form.
Summary Box
Key product information for our Fixed Rate Saver account
| Account name | Fixed Rate Saver |
| Interest rates (AERs) | Fixed interest rate for 3 years. Open and deposit between £5,000 and £50,000. |
| Tax status | Interest is paid net of tax at the prevailing rate (currently 20%). To register for gross interest please call us on 0500 40 50 60 *. |
| Conditions for bonus payment | No bonus available on this account. |
| Withdrawal arrangements | No withdrawals are permitted. |
| Access | On maturity. |
This offer is only available for a limited period and may be withdrawn at any time.
Ts & Cs
Sainsbury's Fixed Rate Saver terms and conditions
Please read our terms and conditions (PDF 99KB) and privacy statement.
You can download and print the terms and conditions document with Adobe Acrobat - Get Adobe Reader
Fixed Rate Saver Account conditions
1. Your Fixed Rate Saver will be opened on your account opening date.
2. Interest is fixed on the account opening date. Interest starts to accrue once cleared funds are paid into your Fixed Rate Saver until the end of the term. If you make your deposit into the account after the account opening date, you will receive interest from the date of deposit until the end of the term and not from account opening date. The term over which you actually receive interest may therefore be shorter than the full term of the product.
3. You must fund your account within 30 days of account opening. If you do not fund your Fixed Rate Saver we will close your Fixed Rate Saver after 60 days.
4. You may only close your Fixed Rate Saver on its maturity date.
You have 14 days starting from the day after your savings account agreement is concluded to give us notice that you wish to cancel. You can do this by calling our service team on 0500 40 50 60 *.
Lines are open 8am to 10pm Mon - Fri and 8am - 8pm Saturday & Sunday. If you decide to cancel, we'll give you the current balance of your account and any interest your money has earned. We don't charge for cancellations.
The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%). AER stands for annual equivalent rate and illustrates what the interest would be if interest was paid and compounded each year. Net is the rate of interest paid after the deduction of lower rate tax at 20%.
