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. Our address details are here.
We can't accept payments from overseas, but you can transfer funds into your account from any UK bank or building society.
Important: If you’d like to transfer money into a new account from an external bank, you might need to wait 1 business day before you can do this.
And when you’re setting up the transfer, please make sure that you’re using your full name as the payee name and confirm you’re transferring the money to a personal account, not a business account.
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 download a copy.
If you haven’t opened an ISA with us you’ll need to do that first. View 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.
What is Confirmation of Payee?
Confirmation of Payee (called ‘CoP’ for short) is a service that checks your account details are correct before other people send money to your account. CoP has been introduced to improve payments between UK banks, reduce instances of fraud and reduce the likelihood of payments going to the wrong account.
My Confirmation of Payee is saying it’s not a match?
If you’ve tried to make a payment into a Sainsbury’s Bank account (or someone has tried to pay you) and CoP has a ‘no match’ message, please visit our contact us page so our team can sort this for you as soon as possible.
How do I opt out of Confirmation of Payee?
You can request to opt out of CoP. This will mean that when a person or business tries to pay you, and they attempt to check your account details in advance, they’ll get a message that these details can’t be checked.
Although the payment will still go through, we’d recommend staying opted in as CoP aims to make sure payments are going to the right account and reduce instances of fraud.
If you still want to opt out of CoP, please visit our contact us page to reach out to our team.
We’ll assess any request to opt out of CoP and get back to you within 14 working days. If your request to opt out is successful, we’ll mark all your accounts, including any joint accounts (but not any accounts held by joint parties in their sole name), as opted out of CoP.
If I’ve opted out of Confirmation of Payee, how do I opt back in?
If you want to opt back into CoP, please visit our contact us page to reach out to our team.
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 rate 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 variable rate 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.