Everyday Account - Savings Support


This account is no longer available

View our current range of accounts.

Rates for accounts opened from 03/03/2010

Rates effective from 06/04/2016

Balance tiers Annual AER/gross p.a. Monthly AER/gross p.a. Monthly gross
£1+ 0.50% 0.50% 0.50%
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. Variable interest paid monthly or annually.

Rates for accounts opened from 03/03/2010

Rates effective from 05/02/2014 to 05/04/2016

Balance tiers Annual AER/gross p.a. Monthly AER/gross p.a. Monthly gross Net p.a.
£1+ 0.50% 0.50% 0.50% 0.40%

Rates for accounts opened from 30/04/2013

Rates effective from 30/04/2013 to 04/02/2014

Balance tiers Annual AER/gross p.a. Monthly AER/gross p.a. Monthly gross Net p.a.
£1+ 1.00% 1.00% 1.00% 0.80%

Rates for accounts opened from 06/01/2012 to 29/04/2013

Rates effective from 30/04/2013 to 04/02/2014

Balance tiers Annual AER/gross p.a. Monthly AER/gross p.a. Monthly gross Net p.a.
£1+ 1.00% 1.00% 1.00% 0.80%

Rates effective from 06/01/2012 to 29/04/2013

Balance tiers Annual AER/gross p.a. Monthly AER/gross p.a. Monthly gross Net p.a.
£1+ 2.00% 1.98% 2.00% 1.60%

Rates for accounts opened 03/03/2010 to 05/01/2012

Rates effective from 30/04/2013 to 04/02/2014

Balance tiers Annual AER/gross p.a. Monthly AER/gross p.a. Monthly gross Net p.a.
£1+ 1.00% 1.00% 1.00% 0.80%

Rates effective from 06/01/2012 to 29/04/2013

Balance tiers Annual AER/gross p.a. Monthly AER/gross p.a. Monthly gross Net p.a.
£1+ 2.00% 1.98% 2.00% 1.60%

Rates effective from 03/03/2010 to 05/01/2012

Balance tiers Annual AER/gross p.a. Monthly AER/gross p.a. Monthly gross Net p.a.
£1 - £4,999 1.50% 1.49% 1.50% 1.20%
£5,000 + 2.00% 1.98% 2.00% 1.60%

AER stands for annual equivalent rate and illustrates what the interest would be if interest was paid and compounded each year. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%). Variable interest paid monthly or annually. Net is the rate of interest paid after the deduction of basic rate tax at 20%.

There are four ways you can pay into your account:

  • Bank transfer − from an existing Sainsbury's Bank savings account or your main bank account. You'll need your sort code and account number. This is on your welcome letter, or your 'My accounts' 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 side under 'I want to' click on 'Order pay-in slips'

Register for 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 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.

Charges

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.

To manage your account by phone just call us on 08085 40 50 60. We’re open Monday to Friday 8am-10pm and 8am-6pm at weekends. Our touchtone service is available 24 hours a day, seven days a week. 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.

  • Check or change your account details
  • Transfer money to your nominated account

Charges

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?

  • 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.

Lost your SaveBack card?

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.

Our combined ATM SaveBack card lets you access your money whenever you need it.

  • Use it at any cash machine where you see the LINK symbol
  • Withdraw up to £300 a day — provided you have enough money in your account

Remember you can make unlimited withdrawals with an Everyday Account.

I've lost my ATM card, how do I get a new one?

An ATM card only applies if you have an Instant Access Savings Account or an Everyday Savings Account.If you have either of these and you need a new or replacement ATM card, please call us on 08085 40 50 60* and select option 1 to speak with a Sainsbury's Bank colleague.

I currently use my local Sainsbury's Bank ATM to get a mini statement. How will I be able to do this in future?

If you're registered for online banking, you can view your statement online. You can also request a statement by giving us a call on 08085 40 50 60*.

I used to use my local Sainsbury's Bank ATM to change my PIN. Please can you explain how I'll be able to do this in future? 

If you forget your PIN, give us a call on 08085 40 50 60* and we'll issue you with a new one. The new PIN will be automatically generated; you won't be able to choose your own PIN number.

*Lines are open: Mon-Fri 8am-10pm, Sat-Sun 8am-6pm. 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 an Everyday Account?

18 years old.

Is there a minimum deposit?

You can open an account with just £1.

Is there a maximum limit?

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

How is interest paid?

We calculate interest daily and credit it to your account annually on the anniversary of account opening or monthly on the last business day of the month.

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 often will I get a statement?

We’ll send you a statement every quarter.

Where can I withdraw money using my card?

You can use your card at any Sainsbury’s Bank cash machine and at any cash machine in the UK where you see the LINK symbol.

How do I make a payment into my account?

There are four easy ways to pay into your account:

  • Bank transfer
  • Standing order
  • Cheque
  • SaveBack

There’s more information about this in 'How to pay in'.

How do I withdraw money?

Register for Sainsbury's Online Banking and you’ll be able to transfer money to your nominated account. You can also make withdrawals using the telephone service. You can also make withdrawals at LINK cash machines in the UK.

Is there a limit on the number of withdrawals?

No. You can make as many withdrawals as you like.

How long will it take to transfer funds?

If you send money to your account by Faster Payments, it should arrive no later than the next business day. If you send money from your account before 5pm on a business day, the funds will arrive in the external account on the same day. If it's after 5pm, it will arrive on the next business day.

If you make a transfer to an external account by 5pm Monday to Friday it will be transferred by midnight on the same day. Transfer requests after this time will be made on the next business day.

Transfers between your own Sainsbury's Bank savings accounts normally arrive in your account straightaway.

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. You can however make regular transfers to your nominated account using telephone or online banking.

How will you let me know about rate changes?

Whenever we change our rates we’ll:

  • Update our website
  • Or write to you

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 Everyday Account be used for a business, club or association or a charity?

No, it’s only available for personal use.

Can I open a joint Everyday Account?

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

Can I open an In Trust account?

Yes, please call us on 08085 40 50 60 and choose option 1. You can’t open an ‘In Trust’ account online.

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.

I’ve changed my address, what do I need to do?

If you’re registered for Online Banking you can change it online. Alternatively, call us 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.

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

Double Nectar point conditions (only applicable for accounts opened before 10th January 2011)

1. To earn double points, you need to have at least £3,000 in your account on the day points are earned.
2. Qualifying base points in Sainsbury’s will be earned as normal. A bonus equal to the total base points each calendar month (subject to a monthly maximum of 2,500 points) will be credited to the Nectar account by the 10th of the following month, for up to 24 months from the date the account is opened (or for existing accounts from the 5th February 2014). Excludes points from Sainsbury’s Energy, Telecoms, Digital, Bank and all Bonus point offers.
3. Only the first savings account registered against each Nectar account will qualify for double points.
4. The monthly bonus will only be calculated on, and credited to the Nectar card nominated at the time of application. The nominated card must be used at the time of each Sainsbury’s purchase; points will not be allocated retrospectively.
5. The Nectar loyalty programme is operated independently of Sainsbury’s Bank by Aimia Coalition Loyalty UK Ltd; the collection and use of points is governed by the Nectar Collector Rules set out in the registration pack available at nectar.com
6. Sainsbury’s Bank reserves the right to alter or withdraw the offer without prior notice.

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