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Sainsbury's Bank

Defined Access Saver - Apply

Your online application should only take 10 minutes to complete but there are some important things to know before you start.
 

Summary box
 

Account name

Defined Access Saver - Issue 28
 

What are the interest rates?

The Interest Rate (AER)* is payable as follows:
 

Up to 3 withdrawals in each 12 month period:

Balance tier

AER

£1 - £999 0.95%
£1,000 - £500,000 1.10%
£500,001 + 0.80%


4 or more withdrawals in each 12 month period:

Balance tier

AER

£1 - £2,000,000 0.80%



The interest rate applied to your account will depend on your balance and the number of withdrawals you have made in each 12 month period. The interest rate earned will apply to the whole balance in your account.

If, from account opening, more than 3 withdrawals are made in a 12 month period, the interest rate will reduce as shown above. This interest rate will apply until the 12 month period has ended, at which point it will return to the higher rate, and the number of withdrawals will reset to zero. You will be able to make up to 3 withdrawals in the next 12 month period without the interest rate reducing.

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.
 

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 base rate, or if there are changes in market conditions.

We will contact you to tell you if your interest rate changes. For further information on how and when please refer to Condition 7 of our General Terms and Conditions and Condition 2.3 and 2.4 of our Defined Access Terms and Conditions.
 

What would the estimated balance be after 12 months?

No withdrawals made:

Based on an initial deposit of

Projected balance

£500 £504.75
£20,000 £20,220.00
£510,000 £514,080.00
This example is based on one lump sum deposit being made at account opening, with no further deposits or withdrawals made.


4 withdrawals made:

Based on an initial deposit of

Projected balance

£500 £503.97
£20,000 £20,178.97
£510,000 £514,068.60


This example assumes one lump sum being deposited at account opening on 1 January, and then a withdrawal of £10 made every month for the next 4 months. It is then assumed that no further withdrawals or deposits are made. The lower interest rate is only applied after 4 withdrawals have been made.

Both examples are provided as an illustration only and do not take into account individual customers’ circumstances.
 

How do I open and manage my account?

  • You must be aged 18 or over and be a UK resident to open a Sainsbury's Bank savings account.
  • You can open your Defined Access Saver by applying online.
  • You can manage your account via Online Banking or by contacting us.
  • You must invest a minimum of £1 within 60 days of account opening to ensure that your account remains open and that you benefit from the advertised rate of interest.
  • The maximum amount that can be held in the account is £2,000,000.
  • 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 Defined Access Saver 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. However, if you make 4 or more withdrawals in a 12 month period, the interest rate will reduce, as shown above.
 

Additional information

If this is a joint application a financial link may be created with the other party/ parties (if one doesn’t already exist). By submitting this application, you confirm that you have the other applicant’s permission to disclose their personal details and to authorise Sainsbury’s Bank to search, link or record their information at credit reference agencies. 

If this is a joint application, you confirm that you’re applying to open a savings account on behalf of both of you - and that you have their authority to submit this application for them.

Interest is paid gross. You may need to pay tax on any interest that exceeds your Personal Savings Allowance. Please contact HMRC if you need more information.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
 

If you are applying for a joint account

Please note the following:

  • All applicants must be present to complete identity verification
  • It’s the responsibility of both account holders to maintain the account - but both of you can operate the account individually.
  • You confirm you’re applying to open a savings account on behalf of both of you - and that you have their authority to submit the application for them.


What you'll need

Please have the following details to hand before you start your application:

  • Your addresses and postcodes for the last 3 years; and
  • Your National Insurance number and/or Tax Identification Number(s) (for Non UK tax resident).

We want to provide you with the right level of support throughout your application. If there is anything that could affect your ability to understand the application you are making today, please contact us. We'll be able to discuss your needs and offer suitable support.

If required you can ask for your correspondence in another format eg. Braille / Audio. Just contact us after you’ve completed your application and we can do this for you.

Lines are open 8am-7pm Mon-Fri and 8am-6pm Sat-Sun. Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline and from a mobile when calling from the UK.

Please note

If you’re an existing customer registered for online banking, you won’t be able to see your new savings account details straight away on your online banking profile. 

Please don’t worry about contacting us regarding your new application, we’ll get this added to your online banking shortly.

Please select the box if you wish to continue

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