Fixed Rate Saver - 3 Year Term - Apply
Your online application should only take 10 minutes to complete but there are some important things to know before you start.
Fixed Rate Saver
What is the interest rate?
The Interest Rate (AER) is payable as follows:
|£5,000 - £1,000,000
Interest is calculated daily and paid monthly, or on the anniversary of account opening, to your 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.
Can Sainsbury’s Bank change the interest rate?
Rates are fixed until the maturity date. For further information please refer to condition 3.2 of our Fixed Rate Saver Terms and Conditions.
What would the estimated balance be after 3 years based on a £5,000 deposit?
Please remember that any interest earned on your account is paid to your nominated account either monthly or annually and is not added to your Fixed Rate Saver. This example is provided as an illustration only and does not take into account individual customers' circumstances.
How do I open and manage my account?
- You can open your Fixed Rate 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 £5,000.00.
- The maximum amount that can be held in the account is £1,000,000.00.
- 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.
- No further deposits may be made after the first 30 days of account opening.
Can I withdraw money?
You will not be able to make any withdrawals from this account until the fixed rate period ends.
We will notify you 14 days before the fixed rate period has ended and ask you what you would 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 Account, and we will inform you of the interest rate on that account.
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.
You will not be able to close or switch your Fixed Rate Saver before its maturity date.
We will write to you 14 days prior to maturity to advise you of the options available to you.
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:
- Your addresses and postcodes for the last 3 years; and
- Your National Insurance number and/or Tax Identification Number(s) (for Non UK tax resident).
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.