expanded Summary Box

Defined Access Saver 

  • A flexible and convenient way to save while earning an enhanced rate of interest
  • Manage your money 24/7 through online banking
  • Access your money up to 3 times a year while earning up to 1.35% AER

Interest rate will reduce if more than 3 withdrawals are made in a 12 month period – see below for details

Summary box

Account name

Defined Access Saver - Issue 6

What are the interest rates?

The Interest Rate (AER)* is payable as follows:

Up to 3 withdrawals in each 12 month period:

Balance tier AER
£1 - £999 0.75%
£1,000 - £500,000
1.35%
£500,001 + 0.50%

4 or more withdrawals in each 12 month period:

Balance tier AER
£1 - £2,000,000
0.50%

The interest rate applied to your account will depend on your balance and the number of withdrawals you have made in each 12 month period. The interest rate earned will apply to the whole balance in your account.

If, from account opening, more than 3 withdrawals are made in a 12 month period, the interest rate will reduce as shown above. This interest rate will apply until the 12 month period has ended, at which point it will return to the higher rate, and the number of withdrawals will reset to zero. You will be able to make up to 3 withdrawals in the next 12 month period without the interest rate reducing.

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 market conditions.

We will write to you to tell you if your interest rate changes.  For further information on how and when please refer to Condition 6 of our General Terms and Conditions and Condition 2.3 and 2.4 of our Defined Access Terms and Conditions.

What would the estimated balance be after 12 months?


No withdrawals made:

Based on a deposit of Projected balance
£500 £503.75
£20,000
£20,270.00
£510,000
£512,550.00

This example is based on one lump sum deposit being made at account opening, with no further deposits or withdrawals made.

4 withdrawals made:

Based on an initial deposit of Projected balance
£500 £462.74
£20,000
£20,115.69
£510,000
£512,509.84

This example assumes one lump sum being deposited at account opening on 1 January, and then a withdrawal of £10 made every month for the next 4 months. It is then assumed that no further withdrawals or deposits are made. The lower interest rate is only applied after 4 withdrawals have been made.

Both examples are provided as an illustration only and do not take into account individual customers’ circumstances.

How do I open and manage my account?

  • You must be aged 18 or over and be a UK resident to open a Sainsbury's Bank savings account.
  • You can open and manage your Defined Access Saver online at sainsburysbank.co.uk, or by contacting us.
  • You must invest a minimum of £1 within 60 days of account opening to ensure that your account remains open and that you benefit from the advertised rate of interest.
  • The maximum amount that can be held in the account is £2,000,000.
  • 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 Defined Access Saver 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. However, if you make 4 or more withdrawals in a 12 month period, the interest rate will reduce, as shown above.

Additional information

Interest is paid gross. You may need to pay tax on any interest that exceeds your Personal Savings Allowance. Please contact HMRC if you need more information.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

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.

Key benefits

Key benefits

  • Earn 0.75% - 1.35% AER/gross p.a. (variable) on balances of £1 - £2,000,000
  • Open your account with just £1
  • Manage your account 24/7 with online banking

Additional benefits

  • Save up to £2,000,000
  • Deposit funds with online banking, by phone or with SaveBack
  • Apply in minutes

Interest rates to help you save

Up to 3 withdrawals in each 12 month period:

Balance tier AER
£1 - £999 0.75%
£1,000 - £500,000
1.35%
£500,001 + 0.50%

4 or more withdrawals in each 12 month period:

Balance tier AER
£1 - £2,000,000
0.50%

Interest is calculated daily and paid on the anniversary of account opening. These rates are subject to change and may be withdrawn at any time. Rates effective from 23rd August 2018.

Apply for your account now

It's quick and easy to apply for a Sainsbury's Bank Defined Access 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.

Apply now

It takes minutes to apply for a Sainsbury's Bank Defined Access Saver 

You're eligible if you:

  • Are resident in the UK
  • Are 18 years of age or older
  • Don't already hold this issue of Defined Access Saver

To apply you will need the following information:

  • Personal details - date of birth, address, nationality, email address and occupation
  • Security details – place of birth, first school attended, mother’s maiden name

Applying for a Joint account?

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

Applying for an In Trust Account?

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

Have you read the terms & conditions?

Before applying please read our Terms and Conditions and our Privacy Statement.

Apply online or by phone