Variable Rate Cash ISA
What are the interest rates?
The Interest Rate (AER) is payable as follows:
|£1 - £499
The interest rate that is applied to your account will depend on your balance. The amount of interest you will earn will apply to the whole balance in your account.
Interest is calculated daily and paid on the anniversary of account opening.
You can check the interest rate applicable to your account on any day by visiting sainsburysbank.co.uk and logging into your online banking.
If your interest rate increases because you paid in more money the rate will update overnight online. But interest will be applied at the rate applicable to your new balance, from the day we receive your payment.
Can Sainsbury’s Bank change the interest rate?
Rates are variable. This means we may increase or decrease interest rates at any time, for example, to reflect a change in the Bank of England bank rate, or if there are changes in the rates of interest which other firms providing similar products pay. We will contact you to tell you when your interest rate changes. For further information on how and when please refer to condition 7 of our General Terms and Conditions and condition 4.2 of our Variable Rate Cash ISA Terms and Conditions.
What would the estimated balance be after 12 months?
These examples are based on one lump sum deposit being made at account opening, with no further deposits or withdrawals made, and are provided as an illustration only and do not take into account individual customers' circumstances.
How do I open and manage my account?
- You can open your Variable Rate Cash ISA by applying online.
- You can manage your account via Online Banking or by contacting us.
- You must be aged 18 or over and be a UK resident to open a Sainsbury's Bank savings account.
- The minimum amount you can deposit in the account is £1.00.
- The maximum amount that can be held in the account is £2,000,000.00.
- You can only deposit an amount up to the ISA allowance in any one tax year.
- You must invest a minimum of £1 within 30 days of account opening to ensure that your account remains open and that you benefit from the advertised rate of interest.
- You do not have to deposit any further minimum amount at any time following the initial deposit.
Can I withdraw money?
You can transfer money from your Variable Rate Cash ISA account to another account held in your name with a bank or building society which is part of the UK clearing system. Withdrawals can be made by electronic transfer via the Sainsbury's Bank Online Banking Service or via Telephone Service by calling us.
When making a withdrawal, unless you transfer your funds to another ISA account, your money will lose its tax free status. Regardless of how many withdrawals you make from your Variable Rate Cash ISA, you will only ever be able to deposit up to your annual Variable Rate Cash ISA allowance limit.
Crown Employees (members of the armed forces or diplomats)
If you're a Crown Employee serving overseas (or you're their spouse or civil partner) and you wish to apply for an ISA, please contact us. If you're outside the UK, call +44 131 549 8040. If you're in the UK, call 08085 40 50 60.
Want to close an account? You can do that online or by calling us.
Interest on your Variable Rate Cash ISA will be paid tax-free. This means your Variable Rate Cash ISA interest will not count towards your personal savings allowance.
* AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and compounded once each year. Tax-free means you won’t pay any income tax on the interest.