Extra Saver - our easy access savings account
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.
- Earn 1.10% - 1.20% AER/gross p.a. (variable) on balances of £1 - £100,000
- Open your account with just £1
- Manage your account 24/7 with online banking
- No withdrawal restrictions
- Save up to £100,000
- Deposit funds with online banking, by phone or with SaveBack
- Available to new and existing customers
- Apply in minutes
Interest rates to help you save
|Savings balance||Annual AER / Gross p.a.||Net p.a.|
Interest is calculated daily and credited to your account annually. These rates are subject to change and may be withdrawn at any time. Rates effective from 20th November 2014.
Apply for your savings account now
It's quick and easy to apply for a Sainsbury's Extra Saver savings account.
Please note, to set up an account you need to be:
- a UK resident; and
- 18 years old or over.
Financial Services Compensation Scheme
Our savings products are covered by the Financial Services Compensation Scheme
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.
Gross is the interest rate paid before income tax is deducted. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year. Net is the interest rate paid after income tax is deducted.
It takes minutes to apply for a Sainsbury's Extra Saver savings account
You're eligible if you:
- Have a permanent UK address
- Are over 18 years of age
To apply you will need the following information:
- Personal details - date of birth, address, nationality, email address and occupation
- Security details – place of birth, first school attended, mother’s maiden name
Applying for a Joint account?
You will be required to provide the above information for both parties to complete your application in joint names.
Applying for an In Trust Account?
In Trust Accounts cannot be opened online, if you are wanting to open an In Trust account please call us on 0800 028 5269 and one of our colleagues will be happy to help you.
Have you read the terms & conditions?
Before applying please read our terms and conditions.
Apply online or by phone
Or call freephone on 0800 028 5269*.
Key product information for our Extra Saver account
|Account name||Extra Saver|
|Interest rates (AERs)|
|Tax status||Interest is paid net of tax at the prevailing rate (currently 20%) To register for gross interest please call us on 08085 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. Withdrawals are by transfer to another account only. No withdrawal restrictions or charges.|
|Access||Telephone and online|
Gross rate: 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: 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 basic rate tax at 20%.