Skip to content
Guide to opening a savings account

What do you need to open a savings account?

Savings accounts are an effective way to save your money and can help you to reach your goals. Whether that’s buying a new car, going on a holiday, or saving for a wedding, whatever your goal is opening a savings account can help you reach it.
But, there are rules and limits to opening a savings account. Read on to find out what you need to do to open a savings account, and what you need to provide.

Potential requirements for a savings account

If you're considering opening a savings account with Sainsbury's Bank, you might need to provide a couple of things. Firstly, we'll ask for proof of identity to confirm your identity. Secondly, we may request proof of address to verify that you live at a UK address.

We accept the following documents:

Proof of identity

For a lot of people, the easiest options will be:

  • A valid UK photocard driving licence (full or provisional)
  • A valid UK passport
  • A BRP, or UK biometric residence permit

We also accept the following as proof of identity:

  • An EU/EEA/Swiss photocard driving licence (full)
  • A UK Paper driving licence (full version only)
  • A valid Irish passport card
  • An ARC, or application registration card
  • A UK government benefit entitlement letter from the last 12 months (excluding Universal Credit)
  • A Blue Badge that includes your photo
  • A UK Armed Forces ID card
  • A valid Northern Ireland electoral identity card

Proof of address

You might need to provide one of the following documents as proof of address. Please note that this document can’t be the same one you previously used as proof of identity.

This must be the original document and not a copy.

We accept ID Documents such as:

  • A valid UK photocard driving licence (full or provisional)
  • An EU/EEA/Swiss photocard driving licence (full)
  • A UK Paper driving licence (full version only)

Documents dated within the last three months such as:

  • A bank statement 
  • Credit card statement
  • A utility bill, such as gas, electricity, or TV
  • A universal credit statement
  • A UK credit union statement
  • A nursing, care or residential home letter or invoice
  • A UK Visas and Immigration licensed sponsor letter from your employer

Documents dated within the last 12 months such as:

  • A council tax bill, or exemption certificates from the current tax year
  • A mortgage statement
  • A UK government benefit entitlement letter from the last 12 months (excluding Universal Credit)
  • An HMRC letter

Some types of savings account also require you deposit a certain amount of money into them to open the account. With most Sainsbury’s Bank accounts this is £1 but can vary depending on your provider and the type of account you want to open.


Types of savings accounts we offer

At Sainsbury’s Bank we offer a variety of savings accounts. Explore the differences between our products and find the savings account that’s right for you. 

Bonus Websaver

Our Bonus Websaver offers you a bonus fixed interest rate for the first 12 months, with a flexible and convenient way to save from £1. You can manage your money 24/7 with Online Banking.

Learn more about a Bonus Websaver

Defined Access Saver

Our defined access saver offers you an enhanced interest rate. While you can manage your money 24/7, if you make more than three withdrawals in a year, your interest rate will drop. Depending on your circumstances, this account could help you put away some money, while still providing a chance to access your funds should the worst happen.

Learn more about Defined Access Saver

Fixed Rate Saver

With our Fixed Rate Saver, the level of interest on your account won’t change. This means that you’ll be able to accurately calculate the amount of interest you’ll accrue over a set period. You could choose from a set term between one and five years. However, you should note that during this period, you won’t be able to access your money.

Learn more about a Fixed Rate Saver

Fixed Rate Cash ISA

An ISA is a type of savings account that allows you to save up to £20,000 tax free per year. Without an ISA, you’d typically be taxed once you accrue a certain amount of interest. A Fixed Rate Cash ISA combines the fixed term of a Fixed Rate Saver, with the tax-free interest of an ISA. If you’re planning on saving large amounts of money, this could be one of the best ways to make your money work for you. 

Learn more about a Fixed Rate Cash ISA

Variable Rate Cash ISA

A Variable Rate Cash ISA allows you to access your money as and when you need it. While convenient, you won’t receive as high an interest rate as a Fixed Rate ISA. However, with a Cash ISA, you can save up to £20,000 a year tax free.

Learn more about a Variable Rate Cash ISA

eSaver Special

With our eSaver Special you have no withdrawal limitations and you only need £1 to open this account with us. Our eSaver Special could be best suited for everyday saving.

Learn more about an eSaver Special

Extra Saver 

Our Extra Saver savings account has no withdrawal restrictions, meaning you can always access your savings. After your initial deposit, there is no further minimum amount you need to save to keep the account open. Because of this the Extra Saver could be a low-commitment and easy to use savings account.  Learn more about Extra Saver

Frequently asked questions

Can anyone open a savings account in the UK?

To open our most basic savings account, the eSaver Special, you need to be aged over 18 and a resident of the UK. You’ll also need to be able to prove this with documents. This can vary based on the product you’re applying for, as well as each bank or building societies criteria.

How much money do you need to start a savings account?

With Sainsbury’s Bank it depends on the account you want to open, but it starts from just £1. Other savings providers will set their own deposit limits.