3.20% AER - NEW variable rate

• Variable rate applicable for 12 months from account opening date
• Deposit between £1,000 and £500,000 for 12 months
• Up to 3 withdrawals
• Your first deposit must be between £1,000 and £500,000
• Access to your account whenever you want via the internet, 24 hours a day, 365 days a year
• Interest paid monthly or annually
• Your Money 'Best overall online provider' 2007 and 2008

Current rates

Online Saver variable rate conditions: This variable rate is only available for a limited period and may be withdrawn at any time.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 and funded, the variable rate will apply for 12 months from your account opening date and is currently 3.20% 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%). Your first deposit must be between £1,000 and £500,000. If you make 4 or more withdrawals or your account falls below £1,000 or goes above £500,000, 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 £500,000 (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.

Keeping your savings safe

Sainsbury's Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.For further information about the scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300.

Watch your savings grow

To receive our variable rate for 12 months, currently 3.20% AER, open and fund an Online Saver account. Your first deposit must be between £1,000 and £500,000. 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%).

If you make 4 or more withdrawals, or your account falls below £1,000 or goes above £500,000, during the 12 month period, you will then receive our standard Online Saver interest rate from that date.

Interest is calculated daily and paid annually on the anniversary of account opening.
*With effect from 2nd October 2009

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

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

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
To register for gross interest please call us on 0500 40 50 60*

You can obtain a copy of this form from the Inland Revenue website: www.inlandrevenue.gov.uk/forms/r85.pdf
or for large print forms:
www.inlandrevenue.gov.uk/forms/r85lp.pdf
Please remember to send this form with your application.

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.

You can find more information about our Online Saver account in our FAQs, or email us for general enquiries.

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.

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 and funded, the variable rate will apply for 12 months from your account opening date and is currently 3.20% AER/gross pa. Your first deposit must be between £1,000 and £500,000. If you make 4 or more withdrawals or your account falls below £1,000 or goes above £500,000, 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 £500,000 (whichever is earliest)

Sainsbury's Online Saver terms and conditions

Please read our terms and conditions and privacy statement.

Please note: Your documents will launch in a new browser window and they may take some time to download

You can download and print the terms and conditions document with Adobe Acrobat.  Get Adobe Reader