Extra Saver

0.55% - 0.85% AER/gross p.a. (variable)
on balances of £1 - £500,000

expanded Summary Box

Extra Saver - our easy access savings account

Open your account with just £1 and save for the future with the flexibility of no withdrawal restrictions, meaning you can access your money quickly and conveniently at any time.


Summary box

 

Account name

Extra Saver

What are the interest rates?

The Interest Rate (AER) is payable as follows:

Balance tier AER
£1 - £14,999 0.55%
£15,000 - £29,999 0.70%
£30,000 - £500,000 0.85%
£500,001 + 0.50%

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 conditions 2.3 and 2.4 of our Extra Saver Terms and Conditions.

What would the estimated balance be after 12 months?

Based on a deposit of Projected balance
£10,000 £10,055.00
£20,000 £20,140.00
£50,000 £50,425.00
£510,000 £512,550.00

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 Extra Saver 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 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 Extra Saver 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.

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.

Following the introduction of the Government's Personal Savings Allowance on 6 April 2016, we now pay savings interest without deducting income tax. For more information contact HMRC or view the Government factsheet at www.gov.uk/government/publications/personal-savings-allowance-factsheet.


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 with out 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 0.55% - 0.85% AER/gross p.a. (variable) on balances of £1 - £500,000
  • Open your account with just £1
  • Manage your account 24/7 with online banking
  • No withdrawal restrictions

Additional benefits

  • Save up to £500,000
  • Deposit funds with online banking, by phone or with SaveBack
  • Available to new and existing customers
  • Apply in minutes

Interest rates to help you save

Savings balance Annual AER / Gross p.a.
£1-£14,999 0.55%
£15,000-£29,999 0.70%
£30,000-£500,000 0.85%
£500,001+ 0.50%

Interest is calculated daily and credited to your account annually. These rates are subject to change and may be withdrawn at any time. Rates effective from 8th September 2016.

Apply for your savings account now

It's quick and easy to apply for a Sainsbury's Extra Saver savings account.

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.

Apply now Retrieve an application

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 with out 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 Extra Saver savings account

You're eligible if you:

  • Have a permanent UK address
  • Are over 18 years of age

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 are wanting 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

Apply now Retrieve an application

Or call freephone on 0800 028 5269*.

For questions

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

    **Telephone calls are free from a landline only and may be recorded for security purposes and monitored under our quality control procedures.

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