Your online application should only take 10 minutes to complete but there are some important things to know before you start.
What are the interest rates?
The Interest Rate (AER) is payable as follows:
|£1 - £14,999
|£15,000 - £29,999
|£30,000 - £500,000
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.
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 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 conditions 2.3 and 2.4 of our Extra Saver 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 Extra Saver 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 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.
- 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 Extra Saver 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.
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.
If you would like to close your account you can do this online or by calling us.
This is not a bonus account.
Following the introduction of the Government's Personal Savings Allowance on 6 April 2016, we now pay savings interest without deducting income tax. For more information contact HMRC or view the Government factsheet at www.gov.uk/government/publications/personal-savings-allowance-factsheet.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year. Gross interest is the interest rate paid with out the deduction of income tax.
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:
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 call 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.