Bonus Websaver
Earn 4.40% AER*/Gross** p.a. (variable) (includes 2.40% bonus) in your first year with a guaranteed bonus rate on balances up to £500,000.
A standard interest rate of 2.00% AER*/Gross** p.a. (variable) applies to balances over £500,000 and at the end of the bonus period.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.
** Gross interest is the interest rate paid without the deduction of income tax.
Financial Services Compensation Scheme
All of our savings products are covered by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS visit www.fscs.org.uk 
Protecting your money - A guide from the FSCS [PDF, 557Kb]
Important Information
The tax treatment depends on the individual circumstances of each customer.
The standard interest rate payable may be subject to change in the future.
Savings accounts are available from Sainsbury’s Bank to UK residents aged 18 years old or over. Sainsbury’s Bank reserves the right to alter rates at any time.
Frequently asked questions
Is there a limit on the number of Bonus Websaver accounts I can open?
You can have a maximum of five Bonus Websaver accounts open at any one time.
How is interest paid?
Interest is calculated daily and paid on the anniversary of account opening. The interest rate applied to the account on any day depends on the amount of the total balance held on that day and that rate will apply to the entire balance.
Why is my interest paid gross**?
On 6 April 2016 the Government introduced a Personal Savings Allowance (PSA) which enables individuals to earn interest on their savings tax free, up to a certain allowance. The allowance depends on the individual’s income: basic rate tax payers are able to earn up to £1,000 in savings interest tax free and higher rate tax payers will be able to earn £500 tax free. Additional rate tax payers will not have a Personal Savings Allowance. As a result of this change, from 6 April 2016 all banks, including Sainsbury’s Bank, will start paying savings interest gross**, with no tax deducted.
How do I make a payment into my account?
There are three ways to pay into your account:
- Bank transfer
- Standing order
- Cheque
In the first year, what happens to the bonus rate if my balance goes over £500,000 on my savings account?
If your balance goes over £500,000 then the standard variable rate will apply to the entire balance. For more information please visit this page.
What is the maximum balance I can have in my savings account?
The maximum amount you can have in an Bonus Websaver is £2,000,000. This is also the maximum total amount you can have in all your Sainsbury's Bank Savings Accounts (whether in your name or held jointly).
For any balances between £500,000 and £2,000,000 the standard variable rate will apply to the entire balance. For more information please visit this page.
For more frequently asked questions on our Bonus Websaver, take a look at the FAQ section on this page.