What is the minimum age limit to open a Fixed Rate Saver?
18 years old.
Is there a minimum limit?
The minimum amount you can invest in a Fixed Rate Saver account is £5,000.
Is there a maximum limit?
The maximum amount you can invest is £1,000,000.
Why is my interest paid gross?
On 6 April 2016 the Government introduced a Personal Savings Allowance (PSA) which enables individuals to earn interest on their savings tax free, up to a certain allowance. The allowance depends on the individual’s income: basic rate tax payers are able earn up to £1,000 in savings interest tax free and higher rate tax payers will be able to earn £500 tax free. Additional rate tax payers will not have a Personal Savings Allowance. As a result of this change, from 6 April 2016 all banks, including Sainsbury’s Bank, will start paying savings interest gross, with no tax deducted.
How do I withdraw money?
Sorry, you can’t withdraw or close your account before maturity.
What happens if I switch my current account which is also my nominated account?
If we’re notified by another bank that you’re using the Current Account Switch Service, we’ll write to you and ask you to call us to confirm that these instructions are correct. Once you’ve done that we’ll update your nominated account details on our online banking service.
Can I set up Direct Debits?
No, you can’t operate Direct Debits on this account.
Can I use this account to pay bills?
No. Payments for bills such as gas, electricity, council tax etc. aren’t permitted.
Are there any standard charges on the account?
There are no standard charges, but if you use any additional banking services you may be charged. We’ll always let you know if you request a service that carries a charge.
Can Fixed Rate Saver be used for a business, club or association or a charity?
No, it’s only available for personal use.
Can I open a joint Fixed Rate Saver?
Yes. Both parties to a joint account will get individual, passwords and security details for Online Banking.
Can I discuss my partner’s account?
No, to comply with the Data Protection Act, we can only discuss accounts with the account holder unless a valid Power of Attorney Document has been registered with Sainsbury's Bank.
How do I change my personal details?
If you’re registered for online banking you can change your personal details online. Just select what you want to change from the 'My details' tab. For security reasons, you can't change your mobile number online - it is important that you keep your mobile number up-to-date as you need it if you need service your account. If you need to change your mobile number or if you're not registered for online banking, just give us a call. We’re open Monday to Friday 8am–10pm and 8am–6pm at weekends.
Can I manage an account on someone else's behalf?
Yes, you will need to apply for Power of Attorney authorisation.
More on Power of Attorney
Can I request a copy of my statement?
You can access copies of your statements via Online Banking. If you need us to print a new statement for you, there may be a charge for this.