Finance
Skip to contentEasy Saver Account
Key Benefits
Rewarding ways to save
Be rewarded for saving with our Easy Saver savings account.
- Deposit a minimum balance of £5,000, within 30 days of account opening and maintain at least this amount for 2 years to get double Nectar points* on your Sainsbury’s shopping. Remember if your balance drops below £5,000 you won't qualify for this offer
- Earn 2.60% AER variable for 12 months. After 12 months you'll revert to the standard variable interest rate at that time currently 0.50% AER/gross pa
- Apply in minutes - no paper forms to fill in
- Up to 5 withdrawals during 12 months, with no notice needed. If you make more withdrawals, your interest rate will revert to the standard interest rate at that time (currently 0.50% AER/gross pa).
We are covered by the Financial Services Compensation Scheme, tell me more.
Current rates
| Balance tiers† | Annual AER/gross p.a. | Monthly AER/gross p.a. | Monthly gross |
| £1 - £100,000 | 2.60% | 2.60% | 2.57% |
| £100,001+ | 0.50% | 0.50% | 0.50% |
Earn a weeks free shopping
Our Easy Saver savings account gives you double Nectar points* on all your Sainsbury’s shopping and fuel for 2 years. That’s enough points to give you a week’s free shopping**. Now that’s rewarding!
No Nectar card?
Don’t worry. To take advantage of our savings account offer, you can apply for a Nectar card online. You’ll be given a card number straight away and your new card will be posted to you.
What you'll need to apply
It's quick and easy to apply for a Sainsbury's Easy Saver account. 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 an Easy Saver account
- Your Nectar card details – by entering your card number, you could take advantage of any Nectar card promotions that may be on offer
You must be over 18 and a UK resident to open an Easy Saver account. Please also read our privacy statement.
This Easy Saver offer (rate and conditions) is available for a limited period and may be withdrawn at any time. Your account will not be fully opened until all identity checks have been successfully completed. If we withdraw and promote a new Easy Saver offer (rate and/or conditions), before you're account is fully opened, the offer at date of application will apply to your Easy Saver account.
1. Offer only available to new Easy Saver customers who open an account with a minimum of £5,000 from 6th October 2009. 2. The minimum balance of £5,000 must be achieved within 30 days of account opening and maintained for 2 years from the date on which this first happens to continue earning double points. 3. If the Easy Saver account is closed, double points will stop from the date of closure. 4. If the balance on the Easy Saver account drops below £5,000, double points will stop immediately and will not be re-instated, even if the balance returns above this level. 5. Only the first savings account registered against each Nectar account will qualify for double points. You may qualify for additional points by taking out other qualifying products. 6. Base points on qualifying spend in Sainsbury’s will be earned as normal. A bonus equal to the total of these points each calendar month (subject to a monthly maximum of 2,500 points) will be credited to the Nectar account by the 10th of the following month, for up to 24 months from the date on which the minimum balance is first achieved. Excludes points from Sainsbury’s Energy, Telecoms, Digital, Bank and all Bonus point offers. 7. The monthly bonus will only be calculated on, and credited to the Nectar card nominated at the time of application. The nominated card must also be used at the time of each Sainsbury’s purchase and points will not be allocated retrospectively. 8. The collection and use of Nectar points in the Nectar loyalty programme is governed by the Nectar Collector Rules set out in the registration pack and available at www.nectar. com 9. Sainsbury’s Bank reserves the right to alter, cancel or withdraw the offer without prior notice.
How it works
Enjoy the convenience of managing your account online
- Access and view your account online whenever you like
- View transactions online
- Transfer money via bank transfer
- Change your address
- Make payments to your Sainsbury’s Credit Card
- Order pay-in slips
- Keep up to date with interest rate changes
Need help?
You can find out more about registering for Sainsbury's Online Banking to access, view and manage your account online in our online support section.
You can also manage your account by phone
- Check or change account details
- Transfer money via bank transfer
- Manage your savings
| Phone | 0500 40 50 60** Lines are open: Monday to Friday, 8am – 10pm Saturday and Sunday, 8am – 8pm |
Access your money at any time
- Transfer money to your nominated account, allowing up to four bank working days for your money to arrive
- Transfer money to your other Sainsbury's savings accounts registered with our online service
How to pay in
There are four easy ways to save:
• Bank transfer
To transfer your money from your current bank to your Easy Saver account you'll need your account sort code and account number. If you're registered with Sainsbury's Online Banking you can also find this information on your account summary when you log in.
• SaveBack
Add to your savings using your debit card while shopping at Sainsbury’s – it’s as easy as getting cashback.
• Set up a standing order
Top up your savings regularly on a date that suits you each month by setting up a standing order (PDF 70KB).
• Post a cheque
If you are sending us cheques regularly please order a supply of pay in slips. These can be ordered via your online servicing.
Please write your sort code and account number on the back of the cheque and send your cheque, making it payable to yourself with a pay in slip to:
Sainsbury's Bank
PO Box 29191
Dunfermline
KY12 2AU
Please make sure you keep your balance within the maximum deposit. If you exceed the offer maximum balance, due to you depositing additional funds or monthly interest being credited to your account, then your interest rate will revert to the standard interest rate (currently 0.50% AER/gross pa), from the date your exceed the maximum balance, and will apply to your whole balance.
What cards do I get?
When you open an Easy Saver account, you will automatically receive a SaveBack card. With a SaveBack card you can save while you shop at Sainsbury’s.
Summary Box
Key product information for our Easy Saver savings account
| Account name | Easy Saver |
| Interest rates (AERs) |
A variable interest rate offer for 12 months - currently 2.60% AER. Open an Easy Saver account and deposit between £1 and £100,000. If your account goes above £100,000, or you make 6 or more withdrawals during the 12 month period, the standard Easy Saver interest rate will apply from the date your account goes above £100,000, or the date of your 6th withdrawal (whichever is earliest). At the end of the 12 month period the rate will revert to the standard Easy Saver interest rate at that time. Current standard Easy Saver variable interest rate 0.50% AER/gross pa. |
| 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 | Withdrawals are by electronic transfer via Sainsbury's Online Banking Service or telephone service centre. Interest will revert to the standard Easy Saver interest rate if you make 6 or more withdrawals during the 12 month period. |
| Access | Telephone and online |
This offer is only available for a limited period and may be withdrawn at any time.
*Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline only.
Account information
Important information before you apply
To apply for an Easy Saver account you must be over 18 and a UK resident.
Apply quickly and easily
- Call freephone on 0500 40 50 60* or apply online
- You’ll need to provide some personal information
- You’ll then receive a username and access code to activate your account
- Use this information to log in to your account in future
- You’ll need to pay into your account within 30 days of opening it
Applying for a joint account
If you're applying for an account in joint names, you're declaring a financial association with the other applicant. You declare that you are entitled to disclose information about your joint applicant.
Your joint account will be known as "either to sign", which means we can accept instructions from either person named on the account. If, at a later date, you tell us you only want us to accept instructions from both of you (rather than either of you), we may close your account and, if we choose, offer each of you the opportunity to open a new account in just your name. For further information on joint accounts visit: www.bba.org.ukYou'll need the following information about your joint applicant
- Their full name
- Their date of birth
- Their address including post code and time at address
- Their nationality
- Their occupation
Joint account online registration
- You'll find instructions on how to do this in your welcome letter after you open your account
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.
Power of Attorney
You can also open and operate an Easy Saver account through the online Power of Attorney facility.
Interest payment information
- Interest can be paid monthly or annually. Monthly interest is paid on the last bank working day of the month.
- Interest on your Easy Saver account is variable and calculated daily.
- You'll receive an annual interest payment on the anniversary of your account opening.
- If you're a taxpayer, interest will be calculated net of basic rate tax – the gross tax amount will be posted to the account with a corresponding transaction for tax deducted.
Charges
The following charges will apply: £5 for a duplicate statement; £25 per CHAPS payment.
Register for gross interest
You can register for gross interest by calling us on 0500 40 506 60* or you can download an R85 form from the HMRC Website:
http://www.hmrc.gov.uk/forms/r85.pdf
http://www.hmrc.gov.uk/forms/r85lp.pdf Please remember to send this form with your application. Please send your completed form to:
Sainsbury's Finance, PO Box 29191, Dunfermline, KY12 2AU
SaveBack
A new way of saving
SaveBack from Sainsbury’s Finance is the first ever UK service to let customers save money when they pay at the checkout in Sainsbury's stores.
How can I SaveBack?
When you open an Easy Saver account, you’ll receive a SaveBack card, then:
- At the checkout ask to use SaveBack
- Tell the checkout operator how much you would like to save
- Give them your debit card and your SaveBack card
- You'll get a receipt confirming your deposit
- Your money will be credited to your account within 2 bank working days
Why use SaveBack?
- It's quick, convenient and secure
- It’s available whenever the store is open (except convenience stores)
- Your money will be credited to your account within two bank working days
Where can I use SaveBack?
SaveBack is available at selected stores, during opening hours. Use our store locator to find a store near you that has this service.
Get in touch
You can find more information about our Easy Saver account in our FAQs or email us for general enquiries.
Please note we have a new freephone number.
For any problems with your account, technical assistance and password resets, call freephone on 0500 40 50 60*.
| Lines are open: | Monday to Friday 8am – 10pm Saturday and Sunday 8am – 8pm |
If you're calling about your partner's account
To comply with customer confidentiality requirements, we can only discuss accounts or online registration with the account holder unless they have given you authority by registering a valid Power of Attorney Document with Sainsbury's Finance.
Terms and conditions
Double Nectar points conditions
1. Offer only available to new Easy Saver customers who open an account with a minimum of £5,000 from 6th October 2009. 2. The minimum balance of £5,000 must be achieved within 30 days of account opening and maintained for 2 years from the date on which this first happens to continue earning double points. 3. If the Easy Saver account is closed, double points will stop from the date of closure. 4. If the balance on the Easy Saver account drops below £5,000, double points will stop immediately and will not be re-instated, even if the balance returns above this level. 5. Only the first savings account registered against each Nectar account will qualify for double points. You may qualify for additional points by taking out other qualifying products. 6. Base points on qualifying spend in Sainsbury’s will be earned as normal. A bonus equal to the total of these points each calendar month (subject to a monthly maximum of 2,500 points) will be credited to the Nectar account by the 10th of the following month, for up to 24 months from the date on which the minimum balance is first achieved. Excludes points from Sainsbury’s Energy, Telecoms, Digital, Bank and all Bonus point offers. 7. The monthly bonus will only be calculated on, and credited to the Nectar card nominated at the time of application. The nominated card must also be used at the time of each Sainsbury’s purchase and points will not be allocated retrospectively. 8. The collection and use of Nectar points in the Nectar loyalty programme is governed by the Nectar Collector Rules set out in the registration pack and available at www.nectar. com 9. Sainsbury’s Bank reserves the right to alter, cancel or withdraw the offer without prior notice
Sainsbury's Easy Saver variable rate conditions
Easy Saver variable rate and conditions: This Easy Saver offer (rate and conditions) is only available for a limited period and may be withdrawn at any time. For qualifying Easy Saver accounts opened and funded during this offer period, this variable rate (currently 2.60% AER/gross pa), and conditions, will apply for 12 months from your account opening date. Your first deposit must be between £1 and £100,000. At the end of the 12 month period the rate will revert to the standard Easy Saver interest rate at that time (currently 0.50% AER/gross pa). If you make 6 or more withdrawals or your account goes above £100,000, during the 12 month period, the standard Easy Saver interest rate will apply from the date of your 6th withdrawal, or the date your account goes above £100,000, (whichever is the earlier).
Sainsbury's Easy Saver terms and conditions
Please read our terms and conditions (PDF 141KB) and privacy statement.
Please note: our terms and conditions document will open in a new browser window and may take some time to download depending on your internet connection.
You can download and print the terms and conditions document with Adobe Acrobat. Get dobe Reader.
Double your
Nectar points
Can we help?
Enter your question below for an instant answer:
Alternatively, try our customer support, frequently asked questions or send us an email.