Our eSaver Special account offers you a flexible and convenient way to save from £1. You can manage your money 24/7 with Online Banking and access it with no withdrawal restrictions.
Summary box
Account name
eSaver Special
What are the interest rates?
The Interest Rate (AER) is payable as follows:
| Balance tier | *AER/Gross p.a |
|---|---|
|
£1 - £999 |
1.30% |
|
£1,000 - £14,999 |
1.30% |
|
£15,000 - £29,999 |
3.05% |
|
£30,000 - £500,000 |
3.05% |
|
£500,001 + |
1.30% |
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 changes because you paid in more money, or you receive interest into the account, 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 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 eSaver Special Terms and Conditions.
What would the estimated balance be after 12 months?
| Based on a deposit of | Projected balance |
|---|---|
|
£500 |
£506.50 |
|
£1,000 |
£1,013.00 |
|
£10,000 |
£10,130.00 |
|
£20,000 |
£20,610.00 |
|
£50,000 |
£51,525.00 |
|
£510,000 |
£516,630.00 |
These examples are based on one lump sum deposit being made at account opening, with no further deposits or withdrawals made. These 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 only open and manage an eSaver Special account online at sainsburysbank.co.uk
- 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 eSaver Special account to a current 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.
Additional information
If you want to switch to another Sainsbury's Bank product or close your account please call us.
This is not a bonus account.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Interest is paid gross. You may need to pay tax on any interest that exceeds the personal savings allowance. Please contact HMRC if you need more information.
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, 1.71Mb,)
Important Information
The tax treatment or rate of interest payable depends on the individual circumstances of each customer and 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.
Gross interest is the interest rate paid with out the deduction of income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year.
Key benefits
- Earn 1.30 - 3.05% AER/Gross p.a. (variable)
- Open your account with just £1
- Manage your account 24/7 with online banking
- Unlimited withdrawals with no notice period
Additional benefits
- Deposit funds with online banking or by phone
- Open your account in minutes
- Available to new and existing customers
Interest rates to help you save
| Balance tiers | Interest rate (AER/Gross p.a.) |
|---|---|
| £1 - £999 | 1.30% |
| £1,000-£14,999 | 1.30% |
| £15,000 - £29,999 | 3.05% |
| £30,000 - £500,000 | 3.05% |
| £500,001+ | 1.30% |
Interest is calculated daily and credited to your account annually. These rates are subject to change and may be withdrawn at any time. Rates effective from 4th October 2023.
Apply for your savings account now
It's quick and easy to apply for a Sainsbury's Bank eSaver Special savings account.
Please note, to set up an account you need to be:
- a UK resident; and
- 18 years old or over.
The tax treatment or rate of interest payable depends on the individual circumstances of each customer and may be subject to change in the future.
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, 1.71Mb,)
Important Information
The tax treatment or rate of interest payable depends on the individual circumstances of each customer and 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.
Gross interest is the interest rate paid with out the deduction of income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year.
Applying for a Sainsbury’s Bank eSaver Special savings account takes just 5 minutes.
You're eligible to apply if you:
- Have a permanent UK address
- Are over 18 years of age
You will need the following information ready to apply:
- Personal details - date of birth, address, nationality, email address, occupation and NI number
Applying for a Joint account?
You will be required to provide the above information for both parties to complete your application in joint names.
Applying for an In Trust/Power of Attorney Account?
In Trust/Power of Attorney Accounts cannot be opened online, if you are wanting to open an In Trust/Power of Attorney account please call us on 08085 40 50 60* and one of our colleagues will be happy to help you. Lines are open: 8am-7pm Mon-Fri and 8am-5pm Sat-Sun.
Have you read the terms & conditions?
Before applying please read our Terms and Conditions and Privacy Statement.