Savings accounts
Looking to save up for a big purchase or put money aside for safe keeping?
At Sainsbury’s Bank, we offer a range of savings accounts to get you started. Choose from our Cash ISAs, Everyday Savers, Defined Access accounts and more.
Sainsbury’s Bank’s savings products are covered by the Financial Services Compensation Scheme.
Compare our savings accounts
Whether you're saving for something important, or just want to put some money away for a rainy day, we offer a wide range of savings accounts that could be suitable for you.
Bonus Websaver
Our Bonus Websaver offers you a bonus fixed interest rate for the first 12 months in addition to the core interest rate (variable), with a flexible and convenient way to save from £1. You can manage your money 24/7 with Online Banking.
Interest rate |
2.00% AER* Gross** p.a. (variable) on balances of £1 - £500,000 |
Interest rate including bonus |
4.00% AER* Gross** p.a. (variable) (includes 2.00% bonus) in your first year on balances of £1 - £500,000. The standard interest rate of 2.00% AER* Gross** p.a. (variable) applies if balances exceed £500,000 and after the bonus period ends. |
Deposits |
Minimum deposit of £1 and a maximum deposit of £2,000,000 |
Withdrawals |
Unrestricted |
Term |
N/A |
Interest paid |
Annually |
Interest rate |
2.00% AER* Gross** p.a. (variable) on balances of £1 - £500,000 |
Interest rate including bonus |
4.00% AER* Gross** p.a. (variable) (includes 2.00% bonus) in your first year on balances of £1 - £500,000. The standard interest rate of 2.00% AER* Gross** p.a. (variable) applies if balances exceed £500,000 and after the bonus period ends. |
Deposits |
Minimum deposit of £1 and a maximum deposit of £2,000,000 |
Withdrawals |
Unrestricted |
Term |
N/A |
Interest paid |
Annually |
Defined Access Saver - Issue 49
Access your money up to 3 times per year whilst earning a higher interest rate. Open from just £1 and save for the future with the flexibility of easy access.
Interest rate |
1.30% - 3.50% AER Gross p.a. (variable) on balances of £1 - £500,000 |
Deposits |
Minimum deposit £1 Maximum deposit £2,000,000 |
Withdrawals |
Up to 3 withdrawals each year from account opening. Interest rate will reduce if more withdrawals are made within that period. |
Term |
N/A |
Interest paid |
Annually |
Interest rate |
1.30% - 3.50% AER Gross p.a. (variable) on balances of £1 - £500,000 |
Deposits |
Minimum deposit £1 Maximum deposit £2,000,000 |
Withdrawals |
Up to 3 withdrawals each year from account opening. Interest rate will reduce if more withdrawals are made within that period. |
Term |
N/A |
Interest paid |
Annually |
Variable Rate Cash ISA
Save for your future tax-free with our Variable Rate Cash ISA, and make the most of your 2024/2025 £20,000 ISA allowance with just £1, with no withdrawal restrictions and access to your money when you need it.
Interest rate |
1.30% - 3.50% AER Tax free p.a. (variable) on balances of £1+ |
Deposits |
Minimum deposit £1 Maximum deposit £2,000,000 |
Withdrawals |
Unrestricted^ |
Term |
N/A |
Interest paid |
Annually |
Interest rate |
1.30% - 3.50% AER Tax free p.a. (variable) on balances of £1+ |
Deposits |
Minimum deposit £1 Maximum deposit £2,000,000 |
Withdrawals |
Unrestricted^ |
Term |
N/A |
Interest paid |
Annually |
eSaver Special
Our eSaver Special account offers you a flexible and convenient way to save from £1. You can manage your money 24/7 with Online Banking and access it with no withdrawal restrictions.
Interest rate |
1.30% - 2.00% AER Gross p.a. (variable) on balances of £1+ |
Deposits |
Minimum deposit £1 Maximum deposit £2,000,000 |
Withdrawals |
Unrestricted |
Term |
N/A |
Interest paid |
Annually |
Interest rate |
1.30% - 2.00% AER Gross p.a. (variable) on balances of £1+ |
Deposits |
Minimum deposit £1 Maximum deposit £2,000,000 |
Withdrawals |
Unrestricted |
Term |
N/A |
Interest paid |
Annually |
Extra Saver
Open your account with just £1 and save for the future with the flexibility of no withdrawal restrictions, meaning you can access your money quickly and conveniently at any time.
Interest rate |
1.30% AER Gross p.a. (variable) on balances of £1 - £500,000 |
Deposits |
Minimum deposit £1 Maximum deposit £2,000,000 |
Withdrawals |
Unrestricted |
Term |
N/A |
Interest paid |
Annually |
Interest rate |
1.30% AER Gross p.a. (variable) on balances of £1 - £500,000 |
Deposits |
Minimum deposit £1 Maximum deposit £2,000,000 |
Withdrawals |
Unrestricted |
Term |
N/A |
Interest paid |
Annually |
Fixed Rate Saver
Our Fixed Rate Saver offers you a fixed rate of interest for 1 - 2 years, so you can enjoy the peace of mind of knowing exactly what return you'll get on your money.
Interest rate |
2.50% - 4.00% AER Gross p.a. |
Deposits |
Minimum deposit £5,000 Maximum deposit £1,000,000 |
Withdrawals |
None allowed until maturity |
Term |
1 - 2 years |
Interest paid |
Monthly or Annually |
Interest rate |
2.50% - 4.00% AER Gross p.a. |
Deposits |
Minimum deposit £5,000 Maximum deposit £1,000,000 |
Withdrawals |
None allowed until maturity |
Term |
1 - 2 years |
Interest paid |
Monthly or Annually |
Fixed Rate Cash ISA
Our Fixed Rate Cash ISA offers you a tax free fixed interest rate for 1 – 2 years, so you can feel secure in knowing exactly what return you’ll get on your money. Make sure you can commit for the full term. There’s an early closure charge if you close your account early, which means you may get back less than you paid in. It also allows you to transfer in ISA savings held elsewhere and make the most of your 2024/2025 Cash ISA allowance.
Interest rate |
2.50% - 3.80% AER / tax free p.a. |
Deposits |
Minimum deposit £5,000 Maximum deposit £2,000,000 |
Withdrawals |
Not allowed – Early closure only |
Term |
1 - 2 years |
Interest paid |
Annually |
Interest rate |
2.50% - 3.80% AER / tax free p.a. |
Deposits |
Minimum deposit £5,000 Maximum deposit £2,000,000 |
Withdrawals |
Not allowed – Early closure only |
Term |
1 - 2 years |
Interest paid |
Annually |
Financial Services Compensation Scheme
All of our savings products are covered by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS visit www.fscs.org.uk 
Protecting your money - A guide from the FSCS [PDF, 557Kb]
Frequently Asked Questions
What is the best savings rate?
The best savings rate depends on your financial provider, the associated features and product types. For example, a cash ISA will have a different savings rate to a notice account.
The best rate for you will depend on your personal circumstances. Rates are always subject to change which will affect how much interest you earn on your savings. It is always a good idea to look at the different rates on offer.
What does a savings account do?
A savings account offers a secure place to keep your money separate from everyday spending. It also allows you to earn interest on it along the way. Some savings accounts can be opened with as little as £1.
Can I withdraw money from my savings account?
It depends on the type of account that you have. Some banks and building societies may charge a fee for certain types of transaction. Before you make a withdrawal it is important to check the terms and conditions of your account to make sure you don’t make a transaction you may be charged for.
Do savings accounts earn interest?
Yes, all savings accounts earn interest but the rates can vary. Interest is paid by your bank or building society on the current balance on your account. The amount earned depends on the amount of money you deposit and how long you keep money in your account for.
What are the different types of savings accounts?
There are several different types of savings accounts. These include cash ISAs, easy access accounts, fixed-term deposit accounts and regular savings accounts. It’s worth researching the type of product and features you need before deciding.
What is a cash ISA?
A cash ISA is a savings or deposit account that allows you to earn tax-free interest on your savings. Cash ISAs can be opened from the age of 16, however, at Sainsbury's Bank we require customers to be 18 years old or over to apply for any of our our savings accounts. You are currently entitled to save an annual allowance of £20,000 and can’t go over this amount in one financial year as it is set by the government.
What are the advantages and disadvantages of cash ISAs?
Cash ISAs can mean significant tax savings, especially - over a long period of time. This could be particularly valuable if you pay tax at a higher rate. But, you may also have to deal with capped allowance rates and transfer restrictions.
Important Information
The tax treatment or rate of interest payable depends on the individual circumstances of each customer and may be subject to change in the future.
Savings accounts are available from Sainsbury’s Bank to UK residents aged 18 years old or over. Sainsbury’s Bank reserves the right to alter rates at any time.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.
** Gross interest is the interest rate paid with out the deduction of income tax.
^ If you have paid in your full allowance, any amount you withdraw cannot be replaced during the tax year.