Defined Access Saver - Savings Support

This account is available to existing customers only.

Rates for accounts opened from 09/03/2018 – Issue 2

Rates effective from 09/03/2018

Balance tiers Annual AER/
gross p.a.
Up to 3 withdrawals in each 12 month period:
£1 - £999 0.50%
£1,000 - £500,000 0.90%
£500,001+ 0.50%
4 or more withdrawals in each 12 month period:
£1 - £2,000,000

Rates for accounts opened from 27/01/2018 to 08/03/2018 – Issue 1

Rates effective from 27/01/2018

Balance tiers Annual AER/
gross p.a.
Up to 3 withdrawals in each 12 month period:
£1 - £999 0.50%
£1,000 - £500,000 1.10%
£500,001+ 0.50%
4 or more withdrawals in each 12 month period:
£1 - £2,000,000

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year. Gross interest is the interest rate paid with out the deduction of income tax. Interest is calculated daily and credited to your account annually.

There are four ways you can pay into your account:

  • Bank transfer − from an existing Sainsbury's Bank savings account in your name or from your main bank account. You'll need your sort code and account number. This is on your welcome letter, or your 'My accounts' summary page if you’re registered for online banking.
  • Standing order − top up your savings on a date that suits you each month. Set up a standing order (PDF 70KB).
  • SaveBack − add to your savings with your debit card when you shop at a main Sainsbury's store.
  • Cheque − write your sort code and account number on the back and send your cheque, payable to yourself, and a pay in slip, to: Sainsbury's Bank, PO Box 4954, Worthing, BN11 9YY

If you plan to make regular cheque payments, you can order a supply of pay in slips using online banking. Just click on 'Account details' on the 'My accounts' summary page, and on the right-hand side under 'I want to' click on 'Order pay-in slips'.

We can’t accept payments from overseas. You can transfer funds into your account from any UK bank or building society.

Register for Sainsbury's online banking to access your account anytime, anywhere. You can:

  • View your statements and transactions
  • Transfer money to a nominated account
  • Make payments to your Sainsbury's Bank Credit Card
  • Move money between your Sainsbury's Bank savings accounts
  • Change your address or account details
  • Change your account details
  • Change some personal details
  • Send and receive secure messages about your account

Need help?

Find out more about registering for and using online banking.

If you've forgotten your username, click on 'I have forgotten my username' on the 'Log in' page. You'll then need to fill in some personal details and your username will appear on the screen.

If you've forgotten your other log in details, click on 'I have forgotten my login details' on the 'Log in' page. You'll need to fill in some personal details and what you'd like your new log in details to be. We'll then verify this by sending you a one-time code to the mobile phone number we have on record for you, and ask you to use the code to verify your identity. You'll receive a confirmation email when this is complete.

If you're still having issues, give us a call on 08085 40 50 60. We're open Monday to Friday 8am-10pm and 8am-6pm at weekends.Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline and from a mobile when calling from the UK.


If you make a transfer from your account using CHAPS, there’s a charge of £25 for each transfer up to a maximum of £50.

Makes saving even easier

With SaveBack from Sainsbury’s Bank you can add to your savings account when you pay for your shopping using a debit card in all main Sainsbury's stores. It’s as easy as cashback.

How to use SaveBack

When you pay for your weekly shopping, just:

  • Hand your debit and SaveBack cards to the cashier at the same time
  • Tell the cashier how much you want to save − up to £2,500 at the checkout and up to £9,000 with a supervisor
  • We’ll give you a receipt to confirm your deposit
  • Your savings account will be credited no later than the next bank working day

There's no limit to the number of SaveBack deposits you can make. But if you make multiple large deposits your bank may want authorisation from you.

Why use SaveBack?

SaveBack makes it easy to save regularly. It’s:

  • Quick, convenient and secure
  • Available whenever your main Sainsbury's store is open
  • Simple to fit in with your shopping trips

Use our store locator to find a store near you that offers SaveBack.

Not got a SaveBack card yet?

Just call us on 08085 40 50 60 to get one. We’re open Monday to Friday 8am-10pm and 8am-6pm at weekends. Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline and from a mobile when calling from the UK.

What is the minimum age limit to open a Defined Access Saver?

18 years old.

Is there a minimum limit?

Yes, the minimum amount you can invest in a Defined Access Saver is £1.

Is there a maximum limit?

The maximum you can hold in any individual Defined Access Saver (whether in your name or held jointly) is £2,000,000.

How do I make a payment into my account?

You can pay by:
Bank transfer
Standing order
SaveBack (Where you have requested this facility)

You'll find more information about this in How to pay in.

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 a Defined Access Saver be used for a business, club or association or a charity?

No, it’s only available for personal use.

How is interest paid?

We calculate interest daily and pay it annually on the anniversary of account opening.

What happens if I exceed the maximum balance on my savings account?

If your balance exceeds the maximum limit of £2,000,000, because you deposited additional funds or interest was credited, the funds will be returned to your nominated account.

If your balance exceeds the upper tier of £500,000, your interest rate will revert to the correct interest rate applicable for that tier, from the date you exceeded the maximum balance. This rate will apply to your whole balance.

How do I change my personal details?

Once you’ve 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's important that you keep your mobile number up to date as you will need it service your account. If you need to change your mobile number or if you're not registered for online banking, just call us. You'll find our opening hours on the website.

Can I set up Direct Debits?

No, you can’t set up Direct Debits on this account. You can however make regular transfers to your nominated account using online banking or via the telephone.

How many withdrawals can I make per year?

You can make unlimited withdrawals.

However, if you make more than the allowed number of withdrawals in the withdrawal period your interest will be paid at a lower rate. The lower rate will apply from the day you exceed the allowed number of withdrawals. Any interest earned prior to this will be paid at the rate applicable for your balance tier. The interest rate paid will apply to the whole balance in your account.

You can check the number of withdrawals, and the withdrawal period, on your account welcome letter, or by logging in to your online banking account.

How do I withdraw money?

Once registered for Sainsbury's Bank Online Banking and you’ll be able to transfer money to your nominated account. You can also make withdrawals via the telephone.

Can I open a joint Defined Access Saver?

Yes. However, only one account can be opened per issue (either sole or joint account).

Both parties to a joint account will get individual passwords and security details for Online Banking once registered.

Can I have more than one Defined Access Saver?

Yes you can hold more than one Defined Access Saver, but you can only hold a maximum of one per issue.

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 open an In Trust Account?

You can’t open an ‘In Trust’ account online but you can apply by calling us.