Cash ISA

0.80% AER/tax free** p.a.
(variable)
on balances of £500+

expanded Summary Box

Tax free savings

Save for your future tax-free** with our Cash ISA, and make the most of your 2016/17 £15,240 ISA allowance. You can start with just £1, with no withdrawal restrictions and access to your money when you need it.


Summary box


Account name

Cash ISA

What are the interest rates?

The Interest Rate (AER) is payable as follows:

Balance tier AER
£1 - £499 0.50%
£500+ 0.80%

The interest rate that is applied to your account will depend on your balance. The amount of interest you will earn will apply to the whole balance in your account.

Interest is calculated daily and paid on the anniversary of account opening.

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 variable. This means we may increase or decrease interest rates at any time, for example, to reflect a change in the Bank of England bank rate, or if there are changes in the rates of interest which other firms providing similar products pay.  We will write to you to tell you when your interest rate changes. For further information on how and when please refer to condition 6 of our General Terms and Conditions and condition 3.2 of our Cash ISA Terms and Conditions.

What would the estimated balance be after 12 months?

Based on a deposit of Projected balance
£250 £251.25
£10,000 £10,080.00

These examples are based on one lump sum deposit being made at account opening, with no further deposits or withdrawals made, and are provided as an illustration only and do not take into account individual customers' circumstances.

How do I open and manage my account?

  • You can open and manage your Cash ISA 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 £1.00.
  • The maximum amount that can be held in the account is £2,000,000.00.
  • You can only deposit an amount up to the ISA allowance in any one tax year.
  • You must invest a minimum of £1 within 30 days of account opening to ensure that your account remains open and that you benefit from the advertised rate of interest.
  • You do not have to deposit any further minimum amount at any time following the initial deposit.

Can I withdraw money?

You can transfer money from your Cash ISA account to another account held in your name with a bank or building society which is part of the UK clearing system. Withdrawals can be made by electronic transfer via the Sainsbury's Bank Online Banking Service or via Telephone Service by calling 08085 40 50 60.

When making a withdrawal, unless you transfer your funds to another ISA account, your money will lose its tax free status. Regardless of how many withdrawals you make from your Cash ISA, you will only ever be able to deposit up to your annual Cash ISA allowance limit.

Additional information

If you want to switch to another Sainsbury’s Bank product or close your account please call us on 08085 40 50 60.

This is not a bonus account.

Interest on your Cash ISA will be paid tax free. This means that your Cash ISA interest will not count towards your personal savings allowance.


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

Key benefits

Key benefits

  • Earn a tax-free** rate of 0.80% AER/tax free p.a. (variable) on balances of £500+
  • Interest from your Cash ISA will not count towards your Personal Savings Allowance.
  • Open your ISA with just £1
  • Deposit your full 2016/2017 ISA allowance: up to £15,240 for the tax year
  • Transfer in your ISA savings held elsewhere, to have it all in the one place

Additional benefits

  • Interest is calculated daily and paid annually on the anniversary of account opening
  • Manage your account 24/7 with online banking
  • Available to new and existing customers
  • Apply in minutes

Interest rates to help you save

Balance tiers Interest rate
£0 - £499 0.50% AER/tax free p.a. (variable)
£500+ 0.80% AER/tax free p.a. (variable)

These rates are subject to change and may be withdrawn at any time. Rates effective from 8th December 2016. Withdrawals are by transfer to another account only. Regardless of how many withdrawals you make from your Cash ISA, you will only ever be able to deposit up to your annual Cash ISA allowance limit.

Apply for your Cash ISA now

It's quick and easy to apply for a Sainsbury's Bank Cash ISA.

Please note, to set up an account you need to be:

  • a UK resident; and 
  • 18 years old or over.

Find out more

All your ISA savings under one roof

With a Sainsbury's Cash ISA you can keep your ISA savings in one place by transferring any of your existing ISAs - ask about our ISA transfer service or complete our transfer in form (PDF 76KB).

This way you can enjoy an attractive rate on all your balances and the convenience of having your ISAs under one roof. And remember, when you transfer an ISA from another provider, this won't affect your annual ISA allowance. (If you want to transfer in from a Cash ISA, a Stocks and Shares ISA, or an Innovative Finance ISA to our Cash ISA please complete the Transfer In form, please do not transfer the funds yourself).

Take advantage of the 2016-17 £15,240 tax-free limit

Once your Sainsbury's Cash ISA is open you can deposit the full £15,240 annual allowance or make regular deposits into your Cash ISA, whichever is convenient.

No ISA charges whenever you need your money

Access your money with no notice, and no charges or restrictions on the number of withdrawals. Just remember that if you have paid in your full ISA allowance, any amount you withdraw cannot be replaced during the same tax year.

You can only open one Cash ISA during any one tax year and a Cash ISA can only be held by an individual, not in joint names.

How to pay in

Once your Sainsbury's Cash ISA is open you can deposit up to the full £15,240 into your Cash ISA or make regular deposits in the following ways:

  • Send us a cheque made payable to yourself
  • Transfer funds from an existing Cash ISA with another provider using our transfer in form (PDF 76KB)
  • By bank transfer from your main bank account or existing Sainsbury's Bank savings account

Online Banking

You can use our secure telephone service or our Online Banking Service to check your balance and transactions. Find out more about registering for Sainsbury's Online Banking to access, view and manage your account online in our online support section.

Charges

The following charges will apply:

£5 for a duplicate statement.

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.

Apply now

Before you apply

  • Make sure you have your personal details to hand, including your NI number
  • Have your Nectar card handy, to take advantage of any Nectar card promotions that may be on offer
  • You must be over 18 and a UK resident to open a Cash ISA
  • Please read our Terms and Conditions
  • Please also see the Key Features and Privacy Statement

Apply quickly and easily

  • Apply online or by calling us on 08085 40 50 60 *
  • You must fund your Cash ISA within 30 days of opening it
*Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline only.

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.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year. **Tax Free: interest on your Cash ISA will be paid tax free. This means that your Cash ISA interest will not count toward your personal savings allowance. The favourable treatment of ISAs may change in the future and is dependent on your personal circumstances.

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

For questions

  • Call 08085 40 50 60 *
  • Send an email
  • More phone options
  • Lines are open: Mon – Fri 8am–10pm and Sat - Sun 8am–6pm

    *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.

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