How to close a savings account

Closing a saving account: step by step

There are two options if you want to close your Sainsbury’s Bank Savings Account.

1. Using Online Banking

You can close your account using Online Banking.

Log in or register for online banking.

 

2. Contact us by phone

Please call us on 08085 40 50 60* and select Option 1 (savings). We’re here between 8am-8pm Mon-Fri and 8am-6pm Sat and Sun.
 

Fixed Rate Saver

If you have a Fixed Rate Saver, you won’t be able to close or switch your account before its maturity date.

Fixed Rate Cash ISA

With a Fixed Rate ISA, you won’t be able to make any withdrawals until your account matures. If you need access to your money before then, you can withdraw the whole balance and close the account, but this will be subject to an early closure charge.

Will I receive any outstanding interest on my savings account if I close it?

The amount of interest you earn on your savings account applies to the whole balance in your account. Interest is calculated daily and paid on the anniversary of account opening, interest can also be paid monthly on some accounts.

If you close your savings account, you will be able to withdraw the money currently in the account and you’ll receive any outstanding interest owed.

Early closure fees are only applicable to fixed rate accounts. If you haven't earned enough interest to cover the early closure fee, we'll take it out of your account balance.

Closing inactive and dormant savings accounts

If you haven’t paid money into or taken money out of your account for at least three years, then we can treat your account as inactive. If your balance is less than £100 and you haven’t paid money into or taken money out of your account for over a year, then we may also treat your account as inactive. 

If your account is treated as inactive, we’ll contact you to find out what you would like us to do with your money. If we don’t hear back from you, or we don’t have your up-to-date contact details, we may close your account.

You can contact us at any time to find out how to get your money back. If your account has had a nil balance for over a year, we may close your account without notifying you.

We may transfer your money to the reclaim fund under the Dormant Bank and Building Societies Act 2008 if:

• We have not been able to find you after making reasonable attempts; and
• You have not taken any money out of, or paid any money into, your account in the past 15 years.

If we close your account and transfer money to the reclaim fund you will be entitled to reclaim any money transferred and any interest payable from the fund and we will deal with this on your behalf.

 

*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.