Account name
eSaver Special
What are the interest rates?
The Interest Rate (AER) is payable as follows:
|
£1 - £999
|
1.30%
|
|
£1,000 - £14,999
|
1.30%
|
|
£15,000 - £29,999
|
3.05%
|
|
£30,000 - £500,000
|
3.05%
|
|
£500,001 +
|
1.30%
|
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.
If your interest rate changes because you paid in more money, or you receive interest into the account, the rate will update overnight online. But interest will be applied at the rate applicable to your new balance, from the day we receive your payment.
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 base rate, or if there are changes in the rates of interest which other firms providing similar products pay. We will contact you to tell you when your interest rate changes. For further information on how and when please refer to condition 7 of our General Terms and Conditions and conditions 2.3 and 2.4 of our eSaver Special Terms and Conditions.
What would the estimated balance be after 12 months?
|
£500
|
£506.50
|
|
£1,000
|
£1,013.00
|
|
£10,000
|
£10,130.00
|
|
£20,000
|
£20,610.00
|
|
£50,000
|
£51,525.00
|
|
£510,000
|
£516,630.00
|
These examples are based on one lump sum deposit being made at account opening, with no further deposits or withdrawals made. These 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 only open and manage an eSaver Special account online at sainsburysbank.co.uk
- 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 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.
- 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 eSaver Special account to a current 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 us.
Additional information
If you want to switch to another Sainsbury's Bank product or close your account please call us or log in to Online Banking.
This is not a bonus account.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Interest is paid gross. You may need to pay tax on any interest that exceeds the personal savings allowance. Please contact HMRC if you need more information.
