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.
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If you've got a SaveBack ATM card, this can still be used at an ATM it’s just the SaveBack facility we’ve withdrawn.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.