Online Saver Account
Key Benefits
2.75% AER variable rate
- Variable rate applicable for 12 months from account opening date.
- Deposit between £1,000 and £100,000 for 12 months.
- Up to 3 withdrawals.
- Your first deposit must be between £1,000 and £100,000.
- Access to your account whenever you want via the internet, 24 hours a day, 365 days a year.
- Interest paid monthly or annually.
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Current rates
| 16/07/10 - to date | Annual AER/gross p.a. | Monthly AER/gross p.a. | Monthly gross |
| £1,000 to £100,000* | 2.75% | 2.75% | 2.72% |
| less than £1,000 and over £100,000* | 0.50% | 0.50% | 0.50% |
If your balance exceeds the offer maximum balance on your account, 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 of you depositing more funds or monthly interest being credited to your account, and will apply to your whole balance.
This Online Saver offer (rate and conditions) is available for a limited period, for qualifying Online Saver accounts opened during the offer period, and may be withdrawn at any time.
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 monthly or annually. Withdrawals are by transfer to another account only.
How it works
Watch your savings grow
To get 2.75% variable rate for 12 months, open an Online Saver today. Your first deposit must be between £1,000 and £100,000. Plus, get access to your money, with up to 3 withdrawals during the 12 month period. At the end of the 12 month period the rate will revert to the standard Online Saver interest rate at that time. (Currently 0.50% AER/gross pa).
If you make 4 or more withdrawals, or your account falls below £1,000 or goes above £100,000, during the 12 month period, you will then receive our standard Online Saver interest rate from that date.
| 16/07/10 - to date | Annual AER/gross p.a. | Monthly AER/gross p.a. | Monthly gross |
| £1,000 to £100,000* | 2.75% | 2.75% | 2.72% |
| less than £1,000 and over £100,000* | 0.50% | 0.50% | 0.50% |
Interest is calculated daily and paid monthly/annually depending on your choice of options.
*With effect from 16th July 2010
Enjoy the convenience of managing your account online
- Access and view your account online whenever you like
- Keep up to date with interest rate changes to your account
- Make payments to your Sainsbury’s Credit Card or other Sainsbury’s Savings accounts
- Change your address
- Order pay-in slips
How to pay in
It is not just an attractive rate we have on our Online Saver account we have various flexible, easy ways for you to start saving too:
• Bank transfer
Transfer your money from your current bank to your new Online Saver account. You'll need your account sort code and account number, which can be found on your welcome letter. If you're registered with Sainsbury's Online Banking you can also find this information on your account summary when you log in.
• Set up a standing order
Top up your savings regularly on a date that suits you each month by setting up a standing order to your new Online Saver account
• 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.
Access your money at any time
- Transfer money to any other account in your name using our Online Banking service, allowing up to four business days for your money to clear
- Transfer money to your other Sainsbury's Finance accounts registered with our Online Banking service
Summary Box
Key product information for our Online Saver savings account
| Account name | Online Saver |
|---|---|
| Interest rates (AERs) |
Variable interest rate for 12 months – 2.75% AER. Open and deposit between £1,000 and £100,000 to receive the variable rate. Your first deposit must be between £1,000 and £100,000. If your account falls below £1,000 or goes above £100,000, or you make 4 or more withdrawals during the 12 month period, the standard Online Saver interest rate will apply from the date your account falls below £1,000 or goes above £100,000, or the date of your 4th withdrawal (whichever is earliest). At the end of the 12 month period the rate will revert to the standard Online Saver interest rate at that time. Current standard Online Saver variable interest rate 0.50% AER/gross pa. |
| Tax status | Interest is paid net of tax at the prevailing rate (currently 20%) |
| Conditions for bonus payment | No bonus available on this account. |
| Withdrawal arrangements | Withdrawals are by electronic transfer using Sainsbury's Online Banking service. Interest will revert to the standard Online Saver interest rate if you make 4 or more withdrawals during the 12 month period |
| Access | Internet only. |
This offer is only available for a limited period and may be withdrawn at any time.
Account Information
Online Saver product information
Important information before you apply
To apply for an Online Saver account you must be over 18 and a UK resident.
Apply online quickly and easily
- You can apply for your Online Saver online in five easy steps
- 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
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.uk
You'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
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 Online 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 50 60* or you can download an R85 form from the HMRC Website:
http://www.hmrc.gov.uk/forms/r85.pdf
For large print forms:
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
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 Online Saver account through the online Power of Attorney facility.
Please note: Until your account is fully active, any funds you deposit into it may not show up in your account balance.
Get in touch
You can find more information about our Online Saver account in our FAQs, or email us for general enquiries.
| Please note we have a new freephone number for technical assistance and password resets | 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 our Data Protection Act, 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 [link to FAQs section] with Sainsbury's Finance.
Terms and conditions
Sainsbury's Online Saver variable rate conditions
Online Saver variable rate conditions: This variable rate is only available for a limited period and may be withdrawn at any time. For qualifying Online Saver accounts opened, the variable rate will apply for 12 months from your account opening date and is currently 2.75% AER/gross pa. At the end of the 12 month period the rate will revert to the standard Online Saver interest rate at that time (Currently 0.50% AER/gross pa). Your first deposit must be between £1,000 and £100,000. If you make 4 or more withdrawals or your account falls below £1,000 or goes above £100,000, during the 12 month period, the standard Online Saver interest rate will apply from the date of your 4th withdrawal, or the date your account falls below £1,000 or goes above £100,000 (whichever is earliest)
Sainsbury's Online Saver terms and conditions
Please read our terms and conditions (PDF 143KB) 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.
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