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 require to 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 when 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 PDF Document has a full list of acceptable documentation.
If you are opening a joint account, the account will show as awaiting authorisation until the 2nd party to the account registers for online banking and accepts the Terms and Conditions of the Internet Saver.
How do I make a payment into my account?
You can save regular amounts by standing order or lump sums by cheque. If by cheque please ensure it is payable to yourself. Find out how to set up a standing order. We'll also send you a supply personalised pay-in slips and reply-paid envelopes. You may also send funds into your account electronically, either online or by bank transfer.
How do I withdraw money?
Once you have registered for the Online Service, you can go online and transfer funds to another Sainsbury's Bank account and to your Sainsbury's Bank credit cards. 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: How do I make a payment into my account?
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, club or association 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 partners 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 are supported by this website?
The standard support browser versions are:
- Internet Explorer v7.0
- Firefox v2.0
- Netscape 6.2+
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.
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%. Variable interest paid annually. Withdrawals are by transfer to another account only.
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