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Sainsbury's Bank

Welcome to our Savings Support

Get information about interest rates, managing your account and making payments.

Recent Bank of England Base Rate Changes

We’ll be reviewing our interest rates over the next few weeks. This is following the decision by the Bank of England to increase the base rate. If we make any changes to your interest rates, we’ll contact you to let you know.  We’ll also publish any changes within this section of our website.

Frequently asked Questions

You can find the answers to frequently asked questions below.  If you have a question about a specific savings account, including current and previous interest rates, you can find them here.  

Applying for Savings accounts

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 ISA’s.

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.

Why can I not view Sainsbury’s Bank Savings products when I am logged into online banking?

We are currently upgrading your banking experience; you can view a list of our Savings products in our public website here.

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.

Why am I being asked to complete additional verification when applying for a new Sainsbury’s Bank product? I am an existing customer and I have already registered for online banking.

We are currently upgrading your banking experience. In the meantime, in order to process your application, we may require details you may have previously given us. 

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.
 

Why can I not see my new account in my Online Banking profile and when can I expect to see my new account?

We are currently upgrading your banking experience. It may take a little longer than usual for your new account to appear on your online banking profile.

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 call us on 08085 40 40 60 from within the UK or 0044131 663 3184 if you’re outside the UK.

Paying in and withdrawing

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.  For our address click here 

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

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 click here to download a copy

If you haven’t opened an ISA with us you’ll need to do that first.  Click here to see 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. 

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've 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 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 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. 

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.

Managing your account

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.

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?

It depends on the type of savings account you have with us. You can find our list of minimum and maximum limits below. 

Fixed Rate Saver
You have a minimum balance of £5,000 and a maximum balance of £1,000,000.

Fixed Rate Cash ISA
You have a minimum balance of £5,000 and a maximum balance of £2,000,000.

Cash ISA
You have a minimum balance of £1 and a maximum balance of £2,000,000.

Defined Access Saver
You have a minimum balance of £1 and a maximum balance of £2,000,000.
This is a tiered product, with the top tier being £1,000-£500,000. If you exceed the upper limit of £500,000, you interest rate will drop for the entire balance.

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, this cannot be done online.

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.

Statements

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. 

Interest, fees and charges

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 all depends on which type of account you have. Some pay monthly, quarterly or once a year. To find out, you can check the latest Terms and Conditions document for your specific account. 

If you have one of our recent accounts, you'll be able to find the Terms and Conditions here.

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 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.

Current range of Savings accounts

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

Previously available Savings accounts

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.


Power of Attorney Accounts

Want to open and manage an account for someone else? Find out what you have to do.

More on Power of Attorney.