What is a Fixed Rate Saver?
A Fixed Rate Saver lets you save money for a set period with a fixed interest rate. The interest rate won’t change during the term. This means you will know exactly how much interest you’ll earn by the time the account matures. Any funds you deposit will be locked in for the duration of the term. Any interest earned on your account is not added to your Fixed Rate Saver but paid to your nominated account either monthly or annually.
Our Fixed Rate Saver accounts offer fixed interest rates over a longer period making them a great way to invest your money if you don’t need instant access to it.
Find out more about how our Sainsbury’s Bank Fixed Rate Saver account work before you apply below.
How does a Fixed Rate Saver work?
A Fixed Rate Saver account lets you save money for a set period with a fixed interest rate. Any money you deposit into a Fixed Rate Saver is locked in for the duration of the term, meaning you can’t withdraw it. The interest rate won’t change during the term, so you will know exactly how much interest you’ll earn by the time the account matures.
Is opening a Fixed Rate Saver worth it?
It depends on personal choice and circumstances. However, opening a fixed saver can be a great way to invest your money. It’s important to do your research and look at other saving options before opening an account. You won’t be able to access any money deposited into your account for the duration of the term. So, if you think you might need to be able to access your funds, an alternative savings account might be a better option.
Can I withdraw money from my Fixed Rate Saver?
No, you can’t make withdrawals from a Fixed Rate Saver at any time and the account can’t be closed during the term, except in the event of your death.
Does a Fixed Rate Saver have a high interest rate?
Yes, a Fixed Rate Saver has a higher interest rate when compared with other savings accounts.
How can I manage my Fixed Rate Saver?
You can use our secure Telephone service or Online Banking service to check your balance and transactions. Alternatively, you can get in touch with us for assistance.