Fixed Rate Cash ISA - Savings Support

Rates for accounts opened from 01/06/2018

Length of Term     For balances between AER/tax free
1 year £5,000 - £2,000,000 1.38%

Rates for accounts opened from 18/05/2018

Length of Term     For balances between AER/tax free
2 years £5,000 - £2,000,000 1.65%
3 years £5,000 - £2,000,000 1.75%
4 years £5,000 - £2,000,000 1.90%
5 years £5,000 - £2,000,000 2.00%


Reserve Account

If we don't hear from you when your Fixed Rate Cash ISA is due to mature, we'll automatically transfer your maturing Fixed Rate Cash ISA to a Sainbury's Bank Reserve Cash ISA.

Rate for Reserve Accounts opened from 05/03/2018

For balances from AER/tax free
£1+ 0.50%

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year. Tax-free is the interest rate payable where interest is exempt from income tax.

Interest on your Fixed Rate Cash ISA is tax free. This means your Fixed Rate Cash ISA interest will not count towards your Personal Savings Allowance. Please contact HMRC if you need more information.

Fixed Rate Cash ISA - 1 year term

For accounts opened         For balances between Annual AER/
gross p.a.
18/05/18 to 31/05/18
£5,000 - £2,000,000
1.46%
12/04/18 to 17/05/18
£5,000 - £2,000,000
1.30%
05/03/18 to 11/04/18
£5,000 - £2,000,000
1.20%

Fixed Rate Cash ISA - 2 years term

For accounts opened         For balances between Annual AER/
gross p.a.
05/03/18 to 17/05/18
£5,000 - £2,000,000
1.50%

Fixed Rate Cash ISA - 3 years term

For accounts opened         For balances between Annual AER/
gross p.a.
05/03/18 to 17/05/18
£5,000 - £2,000,000
1.65%

Fixed Rate Cash ISA - 4 years term

For accounts opened         For balances between Annual AER/
gross p.a.
05/03/18 to 17/05/18
£5,000 - £2,000,000
1.70%

Fixed Rate Cash ISA - 5 years term

For accounts opened         For balances between Annual AER/
gross p.a.
05/03/18 to 17/05/18
£5,000 - £2,000,000
1.75%
AER stands for annual equivalent rate and illustrates what the interest would be if interest was paid and compounded each year. Interest on this account is paid directly into your nominated account and therefore not compounded. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%). Net is the rate of interest paid after the deduction of basic rate tax at 20%.

Interest is calculated daily and paid monthly/annually depending on your choice of options.

If your fixed rate offer is due to mature within the next 14 days and you have not given us your maturity instructions, please call us. We'll let you know what new offers are available and what your guaranteed roll over rate will be at maturity. Offers may be available for a limited period and withdrawn at any time.

If your account has already matured and rolled into a new one, your interest rate will be in your rollover letter. Alternatively you can log in to your account to find out your new rate.

Once you've successfully applied for a Fixed Rate Cash ISA, follow these two simple steps to fully open your account:

  • Verify your identity
  • Make a payment to your account within the first 30 days of account opening — you can make multiple payments within this period

Verify your identity

To comply with Money Laundering regulations, we need to verify your identity. We’ll try to electronically confirm your name and address. If we can't do this, we'll ask you to send us specific documents.

See what ID documents we accept.

Make a payment to your account

To keep your account open you'll need to make a payment to it within 30 days. There are easy ways to do this.

  • Bank transfer
  • Cheque
  • Transfer from an existing cash ISA with another provider

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

We’ll write to you 14 days before your account matures to let you know your options. You can choose to:

  • Re-invest some or all of your funds in another Fixed Rate Cash ISA — if one is available at that time
  • Transfer some or all your funds into your nominated account or another Sainsbury's Bank account

If we don’t hear from you, we’ll automatically transfer your maturing Fixed Rate Cash ISA to a Sainsbury's Bank Reserve Cash ISA. 

These are the 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' summary page if you’re registered for online banking.
  • 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.
  • ISA transfer– complete the transfer in form [PDF 127 KB] and send this to us.

Remember, you must fund your account within 30 days of account opening and you can make multiple payments within this period.

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

Interest is calculated daily and paid on the anniversary of account opening. You will have the option of having interest paid into your Fixed Rate Cash ISA, or paid away to a nominated account. Interest paid into your Fixed Rate Cash ISA will not count towards the annual subscription amount.

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

  • View some statements and transactions
  • 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. 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
  • Service your 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.

What is the minimum age limit to open a Fixed Rate Cash ISA?

18 years old.

Is there a minimum limit?

The minimum amount you can invest in a Fixed Rate Cash ISA is £5,000. This must be invested within 30 days of account opening. If you don't pay the minimum deposit within this period, we will transfer your funds to a Sainsburys Bank Reserve Cash ISA.

Is there a maximum limit?

Your annual ISA allowance is currently £20,000, which is the maximum amount you can subscribe in the current tax year. However you can also transfer-in all your existing Cash ISA balances that you hold with other providers. The maximum balance that can be held in a Fixed Rate Cash ISA is £2,000,000.

How long do I have to make deposits into my Fixed Rate Cash ISA?

You have 30 days from account opening to fund your account with at least the minimum balance of £5,000. We must receive your full deposit within 30 days of opening your account.

After 30 days you can no longer make any new deposits.

What happens if my account is underfunded after 30 days?

If you don't fund your account with the minimum amount of £5,000 required, we will transfer your Fixed Rate Cash ISA into a Sainsburys Bank Reserve Cash ISA.

How do I make a payment into my account?

You can pay by:

Transferring from an existing Cash ISA with another provider or Sainsbury's Bank Cash ISA using our Transfer in Form [PDF 127 KB]
Bank Transfer
Cheque
You'll find more information about this in 'How to pay in'.

How do I transfer in my existing Cash ISA(s)?

Savers can transfer current and/or previous year ISA subscription(s) in whole, or in part, from another provider. However, the terms and conditions for ISAs can vary between ISA managers, so it's a good idea to check with your provider before requesting the transfer.

To transfer in funds please complete our transfer in form (PDF 127 KB), send it to the address detailed and we will take care of the rest. We aim to complete the transfer process within 7 working days of receiving your completed transfer application form.

Your existing provider will pay interest until the day they close the account and send the money to us. We’ll pay interest at the new rate from the day they close your account, even if we haven’t received your money. If the transfer process takes longer than 7 working days, we’ll pay you interest at the new rate from the 8th working day (even if your old provider has not closed your old account), as long as your ISA was ready to be transferred (i.e. was not subject to a notice period or was a fixed rate that had yet to mature) when your existing provider received our request.

Please remember you only have 30 days to fund your Sainsburys Bank Fixed Rate Cash ISA.

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.

How is interest paid?

We calculate interest daily and pay it annually on the anniversary of the date you opened your account. Interest can either be paid directly into your Fixed Rate Cash ISA, assuming it won't put you over the maximum balance limit, or into a nominated account. Any interest paid into your ISA will not count towards your annual ISA subscription limit.

What does tax free mean?

Tax free means you don’t pay any tax on the interest you earn. The tax treatment is subject to HMRC rules which may change.

Can I open a joint Fixed Rate Cash ISA?

No, this is an Individual Savings Account (ISA).

Can Fixed Rate Cash ISA be used for a business, club or association or a charity?

No, it’s only available for personal use.

Can I set up Direct Debits?

No, you can’t set up Direct Debits on this account.

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's important that you keep your mobile number up to date as you will need it to 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.

How do I withdraw money?

This product is designed to hold your money for the full term and only release the funds at the maturity date. If you need access to your money before the maturity date you'll be able to withdraw the whole balance. However, you will incur an early closure charge, which is based on a number of days of interest. If you have not earned enough interest to cover the early closure charge it will be taken from the balance of your account. This means the closing balance could be less than the amount you paid into the account. The account will be closed once the withdrawal has been made. It will not be possible to withdraw only part of your balance. If you need your money before the maturity date, please give us a call.

What happens if I decide to close my Fixed Rate Cash ISA?

If you close your Fixed Rate Cash ISA within the 14 day cancellation rights period any amount you’ve paid in doesn’t count towards your ISA allowance for that tax year.

If you close your Fixed Rate Cash ISA after the 14 day period you'll be subject to an early closure charge. Any amount you paid in will count towards your allowance for that year and an early closure charge will be applied. If you have not earned enough interest to cover the early closure charge then the charge will be taken from the balance in the account. This means that the final balance you withdraw could be less than the amount you paid into the account.

What happens when my Fixed Rate Cash ISA is due to mature?

We will write to you 14 days before your account matures to advise you of the options available to you.

Can my Spouse / Partner inherit my Fixed Rate Cash ISA in the event of my death?

Yes, your surviving Spouse / Civil Partner can inherit your existing ISA allowance. However, please note that we do not allow our Fixed Rate Cash ISA to be funded with Additional Permitted Subscriptions. If you require advice on this please call us and one of our colleagues will be happy to help you.

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.