Account name
Fixed Rate Cash ISA
What are the interest rates?
The Interest Rate (AER)* is payable as follows:
| 1 year |
£5,000 - £2,000,000 |
5.20% |
| 2 years |
£5,000 - £2,000,000 |
4.55% |
| 3 years |
£5,000 - £2,000,000 |
4.45% |
| 4 years |
£5,000 - £2,000,000 |
4.40% |
| 5 years |
£5,000 - £2,000,000 |
4.30% |
Interest is calculated daily and paid on the anniversary of account opening. You will have the option of having interest paid into your Fixed Rate Cash ISA, or paid away to a nominated account.
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 fixed until the maturity date. For further information please refer to condition 5.2 of our Fixed Rate Cash ISA Terms and Conditions.
What would the estimated balance be at the end of the term based on a £5,000 deposit?
Annual interest paid into the account:
| 1 year |
£5,000 |
£5,260.00 |
| 2 years |
£5,000 |
£5,465.35 |
| 3 years |
£5,000 |
£5,697.64 |
| 4 years |
£5,000 |
£5,939.80 |
| 5 years |
£5,000 |
£6,171.51 |
This example assumes that interest is paid into the Fixed Rate Cash ISA, which means the interest is compounded each year.
Annual interest paid into a nominated account:
| 1 year |
£5,000 |
£5,260.00 |
| 2 years |
£5,000 |
£5,455.00 |
| 3 years |
£5,000 |
£5,667.50 |
| 4 years |
£5,000 |
£5,880.00 |
| 5 years |
£5,000 |
£6,075.00 |
This example assumes interest is paid away to a nominated account, which means the interest is not compounded. Please note, because interest is paid away, the projected return above illustrates the total return over the term of the product and does not represent the final balance in the account.
These examples are based on one lump sum deposit being made on the opening date, with no further deposits or withdrawals made. These 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 over 18 and a UK resident to open a Sainsbury’s Bank savings account.
- You can open your Fixed Rate Cash ISA by applying online.
- You can manage your account via Online Banking or by contacting us.
- You must invest a minimum of £5,000 within 30 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.
- No further deposits can be made after the first 30 days of account opening.
- You can only subscribe up to the ISA allowance in any one tax year. We accept transfers from other ISA providers.
Can I withdraw money?
This product is designed to hold your money for the full term and only release the funds on the maturity date. If you need access to your money before the maturity date you can withdraw the whole balance and close the account. However, you will incur an early closure charge as detailed below. It will not be possible to withdraw only part of the balance.
Details of early closure charge:
| 1 year |
90 days interest |
| 2 years |
150 days interest |
| 3 years |
210 days interest |
| 4 years |
240 days interest |
| 5 years |
270 days interest |
If you have not earned enough interest to cover the early closure charge it will be taken from the balance in your account. This means the closing balance could be less than the amount you paid into the account.
If you keep the account open, we'll write to you 14 days before the fixed rate period is due to end and ask you what you'd like us to do with your money. You will be able to open another Sainsbury's Bank savings account and have your funds deposited into this new account, or we will be able to transfer your money to an account held with another provider. If you do not provide us with an instruction, your funds will be transferred to our Reserve Cash ISA, and we will inform you of the interest rate on that account.
Additional information
Interest on your Fixed Rate Cash ISA is tax free. This means your Fixed Rate Cash ISA interest will not count towards 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.
Tax free is the interest rate payable where interest is exempt from income tax.
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 without 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.
