Savings – Frequently Asked Questions

How do I apply for a Sainsbury's Bank Savings account?

Getting started is simple. First you'll have to decide what sort of account you want. You can compare all our Sainsbury's Bank Savings accounts here. Once you've found your match, it takes just minutes to apply online.

What age do I need to be to open a savings account?

As soon as you turn 18, you'll be able to open any of our savings accounts. You can compare features and benefits to find the one that's right for you here. 

What savings accounts do you offer?

We have a range of savings options to suit different needs. You can compare account features and benefits here.

Can I open an In Trust account?

In Trust savings accounts can only be opened for children under the age of 16. However, this excludes fixed rate savings accounts, variable and fixed rate cash ISAs.

If you want to to open an 'In Trust' account, you won't be able to do this online, but if you give us a call we'll be able to help.

I have applied for another Sainsbury’s Bank (Savings/Loans) product, do I have to register for Online Banking again?

Not if you are already registered for Online Banking. If your application has been successful, we will add details of your new product to your Online Banking profile, shortly after it’s opened.

I’ve been declined for a new savings product even though I am an existing customer with Sainsbury's Bank?

Like other banks, we assess your application based on:

• What you tell us on your application form
• What we already know about you
• Information we obtain from 3rd party agencies that we use 

We use all this information to form a decision on your application. It’s also possible that your circumstances may have changed since your previous application and this could have impacted your recent application.

If I'm a Crown employee overseas, can I open an ISA account? 

Crown employees (members of the armed forces or a diplomat) - If you’re a Crown employee serving overseas (or their civil partner or spouse) and you want to apply for an ISA, please give us a call.

How do I pay into my savings account?

Paying money into your account is easy. There are three ways you can do it:

• Transfer money in via bank transfer from your bank account or existing Sainsbury's Bank Savings account.
• Set up a standing order to top up your savings on a date that suits each month. 
• Send us a cheque. Include the sort code and account number for your account on the back of the cheque, made payable to yourself. Our address details are here.

We can't accept payments from overseas, but you can transfer funds into your account from any UK bank or building society.

Important: If you’d like to transfer money into a new account from an external bank, you might need to wait 1 business day before you can do this.

And when you’re setting up the transfer, please make sure that you’re using your full name as the payee name and confirm you’re transferring the money to a personal account, not a business account.

ISA transfers

If you have ISA(s) with other providers you can transfer all your ISA subscription(s) from this year, and/or all or part of ISA subscription(s) from previous years. However, the terms and conditions for ISAs can vary, so it's a good idea to check with your provider before requesting the transfer.  

Already opened an ISA with us?  All you need to do is complete the Transfer In form we sent with your welcome letter or download a copy. 

If you haven’t opened an ISA with us you’ll need to do that first. View our ISA accounts.

Once you’ve competed the Transfer In form, post it to the address on the form. We’ll get in touch with your current provider and arrange the transfer for you. We’ll aim to do this within seven working days. In the meantime, your existing provider will continue paying interest until the account is closed. If the transfer takes longer than seven days, we’ll start paying you interest at the new rate from day eight onwards (even if your old account hasn’t closed yet), as long as your ISA was ready to be transferred when your existing provider received our request.

Please note transferring funds from a stocks and shares ISA can take up to 30 days. 

What is Confirmation of Payee?

Confirmation of Payee (called ‘CoP’ for short) is a service that checks your account details are correct before other people send money to your account. CoP has been introduced to improve payments between UK banks, reduce instances of fraud and reduce the likelihood of payments going to the wrong account.

My Confirmation of Payee is saying it’s not a match?

If you’ve tried to make a payment into a Sainsbury’s Bank account (or someone has tried to pay you) and CoP has a ‘no match’ message, please visit our contact us page so our team can sort this for you as soon as possible.

How do I opt out of Confirmation of Payee?

You can request to opt out of CoP. This will mean that when a person or business tries to pay you, and they attempt to check your account details in advance, they’ll get a message that these details can’t be checked.

Although the payment will still go through, we’d recommend staying opted in as CoP aims to make sure payments are going to the right account and reduce instances of fraud. 

If you still want to opt out of CoP, please visit our contact us page to reach out to our team.

We’ll assess any request to opt out of CoP and get back to you within 14 working days. If your request to opt out is successful, we’ll mark all your accounts, including any joint accounts (but not any accounts held by joint parties in their sole name), as opted out of CoP. 

If I’ve opted out of Confirmation of Payee, how do I opt back in?

If you want to opt back into CoP, please visit our contact us page to reach out to our team.

Am I still able to use SaveBack?

Our SaveBack service is no longer available at Sainsbury's stores. Ongoing technology improvements have made it much easier to pay money into accounts digitally. This means more customers are using online banking to do this with very few using the SaveBack option. For other ways to pay click here.

If you've got a SaveBack ATM card, this can still be used at an ATM it’s just the SaveBack facility we’ve withdrawn.

What happens if I switch my nominated account?

If you switch current accounts using the Current Account Switch Service, your new bank will let us know. We’ll then write to you asking you to call us to confirm that these instructions are correct. Once we have checked this with you, we’ll update your instruction with your new account details.

Can I set up Direct Debits on my Sainbury's Bank Savings account?

You won't be able to set up Direct Debits on any of our Sainsbury's Bank Savings accounts.

How do I withdraw money from my savings account?

The quickest and easiest way to do this is through Sainsbury's Bank Online Banking, you'll be able to transfer money from your savings account to your current account in just a few taps. We will ask you to authorise this with some security checks.                                                       

Setting up a payment

When you first set up a new payment mandate, we’ll check that the account is in your name. If we can’t confirm this, you’ll get a message telling you that our validation check has failed. You can then try an alternative current account in your name, but if you still want the payment to go to the account that failed, you’ll need to send us an original statement, along with what you’d like the payment reference to be. We’ll then set up your payment mandate and you can make a payment within 2 working days.

There are a couple of occasions where you won’t be able to withdraw money.

If you have a fixed rate cash ISA, you won’t be able to make any withdrawals until your account matures. If you need access to your money before then, you can withdraw the whole balance and close the account, but this will come with an early closure charge. 

If you have a fixed rate saver, you won’t be able to close your account early. We are only able to close these accounts under exceptional circumstances.

If you have a defined access saver account, it's important to remember that if you make 4 or more withdrawals within a year, your interest rate will reduce until the anniversary of your account opening.

How many withdrawals can I make from my Sainsbury's Bank Savings account?

This will depend on the type of savings account you have.

Variable rate cash ISA 

You can make as many withdrawls as you like but don't forget that if you're moving money to a non-ISA account you'll lose your ISA benefit.  Also, when you’ve paid in your full variable rate cash ISA  allowance, you can’t replace any amount you withdraw during the same tax year. 

Defined access saver

You can make unlimited withdrawals, but if you make 4 or more withdrawals within a year, your interest rate will reduce until the anniversary of your account opening.      

Fixed rate saver 

You won’t be able to make any withdrawals until your account matures and you won't be able to close the account early except in exceptional circumstances. 

If your circumstances have significantly changed please contact us to discuss your options.

Fixed rate cash ISA

You won’t be able to make any withdrawals until your account matures.

If you need access to your money before then, you can withdraw the whole balance and close the account, but this will be subject to an early closure charge.

Other savings accounts

You can make as many withdrawals as you like, and you don’t need to give any notice.

How can I manage my Sainsbury's Bank Savings account?

The easiest way to check in on your account is through Sainsbury's Bank Online Banking. Once you’ve logged in, you can manage your account whenever and wherever you want. 

You’ll be able to:

• See previous transactions and statements;
• Transfer money to other accounts held in your name;
• Move money between your Sainsbury’s Bank Savings accounts;
• Change your personal details;
• Send and receive secure messages about your account; and
• Close your account if you need to.

If you’re having issues logging in to Online Banking, visit our log in help page for some details on what to do if you get stuck.

Not registered yet? You can join in just a few taps. Get started here, enter a few details, and you're good to go.

We'll just ask you for your savings sort code, account number (you can find this on your savings statement), National Insurance number and mobile number.

What is the maximum balance I can hold in my Sainsbury's Bank savings account?

The maximum total amount you can have in all your accounts (whether in your name or held jointly) is £2,000,000. 

The maximum you can have in each account depends on the type of savings account you have with us. Some types of savings account also have a minimum balance limit. You can find the minimum and maximum limits in the FAQs for each type of account.

How do I find out if I have a Sainsbury's Bank Savings account?

If you believe you have a savings account with us and want us to check, you can contact us directly. It would help if you have an account number and sort code, or maybe a statement. But don't worry if you don't as we can search for you on our systems.

You could also have a dormant account. This happens when you’ve been inactive for a long period of time, or we have been unable to get in contact with you because of a change in address. If this is the case, we may transfer your money to the reclaim fund. You are entitled to reclaim this money back as well as any interest payable from the fund. For more information visit mylostaccount.org.uk. 

How do I contact savings customer support?

If you have a question, you'll be able to find most answers in our Help Centre.

Can my savings account be used for a business, club or association or a charity?

All of our Sainsbury's Bank Savings accounts are for personal use only.

What is Power of Attorney?

Power of Attorney is a legal document that gives one person the power to act on behalf of another. For example, a son or daughter might be looking after an account for an elderly parent. You can find out more about applying for Power of Attorney authorisation here.

How do I register to be Power of Attorney?

Find out everything you need to know about Power of Attorney here.

I need to send you documents, what's your address?

If you need to send us documents, you can find our postal address here.

Can I use my Sainsbury's Bank Savings account to pay bills?

You won't be able to use this account for bills such as gas, electricity or council tax.

How do I change my personal details?

Moved home or changed your email address? It’s easy to make changes to your account online.

With Sainsbury's Bank Online Banking you can:

•    Change your login details
•    Change some personal details (this excludes your mobile number, see below)
•    Change your marketing contact preferences
•    Change your address

Once you’ve logged in, select the ‘My details’ tab where you can choose what you’d like to update. Once you’ve confirmed your changes, you can start using your new information straight away.

If you’re moving to an address outside the UK, you’ll need to call us directly so that we can arrange to close down your account.

For security reasons, you can't change your mobile number online either. It's important that we have the right one as you will need it to service your account online, so to give us your updated number, just call us. You can find our telephone number here.

What happens when you don’t use your savings account with us?

We review our savings accounts to check they are still active. Where you have not transacted on your savings account for at least 3 years, then we can treat your account as inactive. If your balance is less than £100 and you haven’t paid money into or taken money out of your account for over a year, then we may also treat your account as inactive. If your account has had a nil balance for over a year, we may close your account without notifying you. We may write to you to check you are still using the account. 

It is important to keep us up to date with your contact details, including changes to your home address, telephone numbers and email addresses so that we can stay in touch with you. 

What happens if your account becomes dormant or inactive?

If your account is treated as inactive we will contact you to find out what you would like us to do with your money. If we don’t hear back from you, or we don’t have your up to date contact details, we may close your account. We do this to reduce the risk of fraudulent activity. Don’t worry, the money in the account is still yours and it will continue to earn interest, if applicable, at the rate offered on the account. You can contact us at any time to find out how to get your money back.

What happens if you are not sure you had a savings account with Sainsbury’s Bank?

If you’re not sure you had a savings account with us, then you can trace it using mylostaccount.org.uk. It is an official site offering a free service that that helps you trace lost current and savings accounts.

How will I receive my statement?

Once your statement is available, we’ll add it to your Online Banking account so that you can view it any time you need to. We’ll let you know when it’s there by sending an email or text.
 
Haven’t registered for Online Banking yet? 

No worries, it only takes a few minutes. You can register here, fill out a few details and you’ll be online in no time.

If we are ever unable to provide online statements, or if you’ve told us you would rather have paper statements by updating your correspondence preferences, we’ll send you a statement in the post instead. Make sure your address is always up to date so we don't miss you.

I need a statement in a special format, will you provide this?

If you need your statements in a special format like large print or Braille, you just need to ask. Simply give us a call and we'll do this for you. You can find out how to contact us here.

Can I request a copy of my statement?

You can access copies of your latest and previous statements whenever and wherever you want through Sainsbury's Bank Online Banking. We send you an email or text to let you know when they are available. 

How is interest paid on my savings account?

Interest is calculated daily for all savings accounts. How often you receive interest will depend on the type of savings account that you have or the preference you made when you applied. You can find out the frequency of interest payments on your account in your terms and conditions which you can find here.

When is interest paid on my savings?

This depends on which type of savings account you have. Some pay interest monthly, quarterly or annually. To find out when interest is paid on your specific account(s), check the latest Terms and Conditions document relevant to your account(s). 

Do you charge for CHAPS?

A charge of £25 will apply to each CHAPS payment. This is to make sure your payment will be made that same day, as long as your request has been made before 3pm on any bank working day.

How do I know if my savings are being taxed correctly?

Banks are no longer required to deduct tax from the interest you’ve earned, but you might still be liable to pay tax on this interest. You can visit the HMRC website for more information on tax and tax exemptions.

Why is my interest paid gross*?

Since 6 April 2016, the Government’s Personal Savings Allowance (PSA) allowed banks and building societies to pay interest gross*, without income tax deducted, up to a certain allowance.

If you have a fixed rate cash ISA or a variable rate cash ISA, interest earned on it will not count towards your Personal Savings Allowance because it is already tax free.

Are there any fees and charges on my Sainsbury's Bank Saving account?

There are no standard charges, but you might be charged if you use any additional banking services. Don't worry, we'll always let you know beforehand so you don't get any surprises. You can find out about the services that have these additional charges on our General Terms and Conditions, which you can find here. 

Will I get a tax certificate?

We’re no longer issuing tax certificates, but if you’ve got a fixed rate saver, you will receive a Statement of Interest. 

If you have a variable savings product, your statement (monthly, quarterly or annually) will show the interest applied to your account. You can view your statements through Online Banking, and print them if you need to.

How will you let me know about rate changes?

We want to make sure you stay in the know. That's why any rate changes are updated online where you can find current and old rates. We may also write to you. 

If you've gone paperless, we'll contact you by email or SMS to let you know that information about the rate change is waiting for you in your Sainsbury's Bank Online Banking account.

You can find help and support for our current range of savings accounts by selecting the name of your product from the list below.

If you have a type of account we no longer offer, you can still find all the help and support you need by selecting the name of your product from the list below.