Premier Saver - Savings Support


This account is no longer available

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Rates for accounts opened from 06/03/2009

Rates effective from 06/04/2016

Balance tier

Monthly AER

Monthly gross
£1+ 0.10% 0.10%


Details of historic interest rates are available by calling freephone
on 08085 405060*.

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.

*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.

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' 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'

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?

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.

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.

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 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..

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.

What happens if I switch my account with another provider? 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 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.

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 is important that you keep your mobile number up-to-date as you need it if you need service your account. If you need to change your mobile number or if you're not registered for online banking, call us on 08085 40 50 60. We’re open Monday to Friday 8am–10pm and 8am–6pm at weekends.

How can I change the account holders on my account?

Write to us at:
 
Sainsbury's Bank
PO Box 4954
Worthing
BN11 9YY

How will you let me know about rate changes?

Whenever we change our rates we’ll:

  • Update our website
  • Or write to you

Do I make the cheque payable to Sainsbury's Bank or to myself?

Please make the cheque payable to yourself.

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.

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

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