Direct Saver - Savings Support

Current interest rates

Rates for accounts opened from 01/11/2009

Balance tiers Annual AER/gross p.a. Net p.a.
£2,500+ 0.10% 0.08%

 
Details of historic interest rates are available by calling freephone
on 0500 405060*.

If your balance falls below £2,500 your effective rate will be 0.10%.

AER stands for annual equivalent rate and illustrates what the interest would be if interest was paid and compounded each year. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%). Variable interest paid annually. Net is the rate of interest paid after the deduction of basic rate tax at 20%.

*Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline only.

How to pay in

There are three easy ways to save:

• Bank transfer
You can transfer money from your existing Sainsbury's Bank savings account or your main bank account to your Direct Saver.  You'll need your account sort code and account number. If you are registered for online banking this can be found on your account summary page.   If you are depositing money from your main bank account please use a BACS or CHAPS transfer.

• 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
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

If you plan to do this regularly, please order a supply of pay in slips using the online banking service, or by calling us on 0500 40 50 60.

Managing your account online

Register for Sainsbury's Online Banking to securely access your account anytime, anywhere. You can:

  • View your statements online
  • See your transactions for the past 12 months
  • Transfer money to a nominated account*
  • Make payments to your Sainsbury's Credit Card
  • Transfer funds between your Sainsbury's savings accounts
  • Change your address online
  • Check or change your account details
  • Order pay-in slips

Need help?

You can find out more about registering for our Online Banking Service to access, view and manage your account online in our online support section.

If you’ve forgotten your username or password, you can contact us on the following number.

Online help desk: 0500 40 50 60**
Lines are open: Monday-Friday 8am-10pm
Saturday and Sunday 8am-6pm

Charges

The following charges will apply: £5 for a duplicate statement†; £25 per CHAPS payment.

*Transfers to your nominated account will be received by midnight on the same day the payment is instructed, provided instruction is made by 5pm. Transactions instructed after this time will be treated as next business day.
**Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline only.
†max £50 charge.

Managing your account by phone

  • Check or change your account details
  • Transfer money to your nominated account*

    
If you’ve forgotten your username or password, you can contact our online help desk.

Phone our team: 0500 40 50 60**
Lines are open: Monday-Friday 8am-10pm
Saturday and Sunday 8am-6pm

Our touchtone service is available 24 hours a day, seven days a week.

Charges

The following charges will apply: £5 for a duplicate statement†; £25 per CHAPS payment.

*Transfers to your nominated account will be received by midnight on the same day the payment is instructed, provided instruction is made by 5pm. Transactions instructed after this time will be treated as next business day.
**Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline only.
†max £50 charge.

Frequently Asked Questions

Are there any investment limits?

The minimum initial investment for the account is £2,500; the maximum is £1,000,000. Your total investment is limited to £1,000,000.

How long will it take to transfer funds?

  • Payments processed through the Faster Payments scheme and deposits made using SaveBack should arrive in your account no later than the next bank working day.
  • Payments made to external beneficiary accounts will arrive in the account by midnight the same business day, provided instruction is made by 5pm Monday to Friday. If we receive your instruction after this time, the money will reach the account by midnight of the next business day.
  • Transfers between Sainsbury's Bank accounts are normally treated as arriving in your account straightaway, except when they are made after 8pm or on a non bank working day.

What happens if I switch my account with another provider?

Where we are notified by a UK banking industry payment scheme such as the Current Account Switch Service that an account you have asked us to pay has switched to another bank, we will write asking you to call us to confirm that these instructions are correct. Once we have received your confirmation we will update your instruction with the new sort code and account number to make sure that any future payments you make reach the correct account within the agreed timescale.

Can I have my salary paid into my account?

Yes; just give your employer your sort code and account number and your salary can be paid in directly.

Can I open 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 2569.

Can I discuss my partner's 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 can I advise Sainsbury's Bank of a change of address?

You can change your address online if you are registered for our Online Banking Service. Alternatively, you can call us on 0500 40 50 60*, Monday to Friday, 8am – 10pm, Saturday and Sunday 8am – 6pm.

* Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline only.

How can I change the account holders on my account?

Write to us at:

Sainsbury's Bank
PO Box 29191
Dunfermline
KY12 2AU

How will you advise me about rate changes?

  • Updating our website
  • Publishing our new rates in the following national newspapers, The Times, Daily Mail and the Daily Telegraph
  • Or by writing to you.

Do I make the cheque payable to Sainsbury's Bank or to myself?

Please make the cheque payable to yourself.

Can I set up direct debits or standing orders from my Direct Saver account?

No; this account is specifically for savings, although you can transfer money into a nominated account in your name, by telephone or by using online servicing.

How can I register for gross interest?

Find out how to register for gross interest.

What browsers does this website support?

The standard support browser versions are:

  • Internet Explorer v7.0
  • Firefox v3.0

We would recommend that you upgrade your Internet Browser to a version as outlined on our operating system & browser compatibility page.

Terms and conditions

Sainsbury's Direct 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.
  
You can download and print the terms and conditions with Adobe Acrobat.  Get Adobe Reader.

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Get in touch

To comply with the Data Protection Act, we can only discuss accounts or online registration with the account holder unless you've registered a valid Power of Attorney (PDF 73KB) document with Sainsbury's Bank.

Contact us by phone:

 

Existing account enquiries: 0500 40 50 60*
strong>Lines are open: Monday-Friday 8am-10pm
Saturday and Sunday 8am-6pm

Our automated telephone service is available 24 hours a day, seven days a week.

Existing account enquiries:
(calling from outside the UK)
0044 1383 847 008*
Lines are open: Monday-Friday 8am-10pm
Saturday and Sunday 8am-6pm

Email us for general enquiries.

 

Or you can write to us:

Sainsbury's Bank
PO Box 29191
Dunfermline
KY12 2AU

Please note if you write to us, we can only respond to written requests for general enquiries.  If you have an account specific enquiry please call us on the above telephone number.

*Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline only.

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