Fixed Rate Saver

Up to 1.20% AER/Gross p.a.
On balances of £5,000 -
£200,000

expanded Summary Box

Make the most of your savings

Our Fixed Rate Saver offers you a fixed rate of interest for 1 - 3 years, so you can enjoy the peace of mind of knowing exactly what return you'll get on your money.


Summary box

 

Account name

Fixed Rate Saver

What are the interest rates?

The Interest Rate (AER) is payable as follows:

Term Balance AER
1 year £5,000 - £200,000 0.95%
2 years £5,000 - £200,000 1.15%
3 years £5,000 - £200,000 1.20%

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 at the end of the term based on a £5,000 deposit?

Term Based on a deposit of Projected return
1 year £5,000 £5,047.50
2 years £5,000 £5,115.00
3 years £5,000 £5,180.00

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 and manage your Fixed Rate Saver account online at sainsburysbank.co.uk, or by calling us on 08085 40 50 60.
  • 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 £200,000.00.
  • 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.

Additional information

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.


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 new window

Protecting your money - A guide from the FSCS (PDF, 1.71Mb,) new window

Important Information

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.

The tax treatment of savings interest changed from 6 April 2016. Find out more.

Next steps

Once your account is opened you can deposit into your Fixed Rate Saver in three ways:

  • Transfer money from your current bank account;
  • Send us a cheque, made payable to yourself, to Sainsbury's Bank, PO Box 4954, Worthing, BN11 9YY; or
  • Transfer funds direct from your existing Sainsbury's Bank savings account

Key benefits

Key benefits

  • A fixed interest rate for 1 - 3 years
  • Deposit between £5,000 and £200,000 within 30 days of opening your account
  • Choose between paid monthly or annual interest

Additional benefits

  • Manage your account 24/7 with online banking
  • Available to new and existing customers
  • Apply in minutes

Current products available

Length of Term For balances between AER/ gross p.a. Monthly gross
1 year £5,000 -
£200,000
0.95% 0.95%
2 years £5,000 -
£200,000
1.15% 1.15%
3 years £5,000 -
£200,000
1.20% 1.20%

These rates are subject to change and may be withdrawn at any time. Rates effective from 17th November 2016. Interest is calculated daily and paid monthly/annually depending on your choice of options. Interest on this account is paid directly into your nominated account and therefore not compounded.

This offer is subject to a limit of 1 Fixed Rate Saver account per person per term in any 30 day period. Interest is calculated daily and paid monthly/annually, depending on your choice of options, to your nominated account.

We must receive your full deposit within 30 days of opening your account. We can't accept any deposits after 30 days. You cannot make withdrawals from this account at any time and you cannot close it during the term. If you think you may need access to your funds during the term a fixed deposit may not be the right savings product for you. Why not check out our full range of savings accounts which may better suit your needs.

Apply for your savings account now

It's quick and easy to apply for a Sainsbury's Fixed Rate Saver.

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 new window

Protecting your money - A guide from the FSCS (PDF, 1.71Mb,) new window

Important Information

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.

The tax treatment of savings interest changed from 6 April 2016. Find out more.

Next steps

Once your account is opened you can deposit into your Fixed Rate Saver in three ways:

  • Transfer money from your current bank account;
  • Send us a cheque, made payable to yourself, to Sainsbury's Bank, PO Box 4954, Worthing, BN11 9YY; or
  • Transfer funds direct from your existing Sainsbury's Bank savings account

Find out more

How is your interest paid

Interest is calculated daily and either paid monthly to your nominated account on the monthly anniversary of the account opening (if this date falls on a weekend, then the next business day) or paid annually on the anniversary of the date when the account was opened. Interest is paid gross, there is no income tax deducted.

Access to your money

No withdrawals or additional deposits are allowed once your Fixed Rate Saver is open and early closure is not permitted.

What happens at maturity?

We will write to let you know that your Fixed Rate Saver is maturing, you'll then be given the choice to either:

  • Re-invest into another Fixed Rate Saver (if one is available at that time)
  • Transfer your funds into your nominated account or to another Sainsbury's Bank savings account. If you choose to send your payment by the BACS service, which is free, your account will be debited immediately and the funds will take up to 3 business days to arrive, which means you could potentially lose up to 3 days interest on those funds.
  • Transfer some of your maturing Fixed Rate Saver into your nominated account and some to a new Fixed Rate Saver (if one is available)

If we do not hear from you by maturity we will automatically transfer your maturing Fixed Rate Saver into a Sainsbury's Bank Reserve Account (currently 0.50% AER variable).

Easy to manage

You can use our secure Telephone service or Online Banking service to check your balance and transactions.

Phone 08085 40 50 60 *
Lines are open: Monday to Friday, 8am – 10pm
Saturday and Sunday, 8am – 6pm

Protection against money laundering

Before your account is fully active we'll need to verify your identity. This is to comply with money laundering regulations. In most cases we can do this electronically but we may need you to provide some documents to help us.

*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.

Apply now

Before you apply

  • Make sure you have your personal details to hand.
  • Make sure you have your nominated account and sort code details.
  • You must be over 18 and a UK resident.
  • Please read our Terms and Conditions and our Privacy Statement.

Apply quickly and easily

  • Apply online or by calling us on 0800 917 5081 *
  • You must fund your Fixed Rate Saver within 30 days of opening it
  • Only one deposit allowed

Applying for a joint account

You will be required to provide the above information for both parties to complete your application form.

This offer is subject to a limit of 1 Fixed Rate Saver account per person per term.

Applying for an In Trust Account?

In Trust Accounts cannot be opened online, if you are wanting to open an In Trust account please call us on 0800 028 5269 and one of our colleagues will be happy to help you.

Ts & Cs

Sainsbury's Fixed Rate Saver terms and conditions

Please read our Terms and Conditions and our Privacy Statement.

You can download and print the terms and conditions document with Adobe Acrobat Reader - Get Adobe Acrobat Reader

Fixed Rate Saver Account conditions

1. Your Fixed Rate Saver will be opened on your account opening date.

2. Interest is fixed on the account opening date. Interest starts to accrue once cleared funds are paid into your Fixed Rate Saver until the end of the term. If you make your deposit into the account after the account opening date, you will receive interest from the date of deposit until the end of the term and not from account opening date. The term over which you actually receive interest may therefore be shorter than the full term of the product.

3. You must fund your account within 30 days of account opening. If you do not fund your Fixed Rate Saver we will close your Fixed Rate Saver after 30 days.

4. You may only close your Fixed Rate Saver on its maturity date.

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.

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