Savings accounts

You can still open a new savings account and, if the proposed transfer is approved, it will be transferred to NatWest on 1 May 2025.

If the scheme is approved, on 1 May 2025 NatWest will become the ISA Manager for all Sainsbury’s Bank ISAs. Other than the change of the ISA Manager, your ISA will continue to operate as normal. If you hold an ISA with NatWest and/or Ulster Bank Northern Ireland and Sainsbury’s Bank the accounts will remain separate if the proposed transfer takes effect. You can continue to pay money into these accounts as long as you stay within your overall annual ISA allowance of £20,000.

To make sure the tax-free status of your ISA is maintained, the ISA Manager change will be completed as part of an ISA bulk transfer managed by HMRC. A separate notification about the ISA bulk transfer process will be provided to you at least 30 days before the proposed transfer takes place, and additional information is included below.

If you don’t want NatWest to become your ISA Manager, you can opt out of the ISA bulk transfer. To do this you will have to either close your account (and lose your tax-free status) or send a request to Sainsbury’s Bank to transfer your ISA to another ISA Manager. To make sure we have enough time to process your ISA transfer before the ISA bulk transfer takes place on 1 May 2025, please send your ISA transfer request to us by 20 March 2025. If you opt out of the ISA bulk transfer, either by closing your account or transferring your ISA to another ISA Manager, any notice period, penalties, fees and charges won’t apply from 27 February 2025 until 1 July 2025.

If the proposed transfer is approved and your ISA is transferred to NatWest you’ll still be able to request an ISA transfer from NatWest to another ISA Manager at any time (subject to the applicable terms and conditions) if you don’t opt out now.

If you want to reduce your cash ISA balance because your Eligible Deposits would be greater than £85,000 after the proposed transfer you can find a new ISA provider and ask them to transfer your Sainsbury’s Bank ISA or NatWest and/or Ulster Bank Northern Ireland ISA (in full or in part) to keep your combined balance within the FSCS protection limit.

Any transfer into new or existing ISAs must meet HMRC rules and the ISA provider’s rules for the transfer of current and previous years’ subscription(s). Please check with any new ISA provider regarding any restrictions that apply. For example, you may only be able to transfer your full ISA balance.

If you do want to transfer funds from a Sainsbury’s Bank or NatWest fixed rate cash ISA account to keep your balance within the FSCS protection limit, please call Sainsbury’s Bank on 0800 0142 131 or NatWest on 0345 788 8444 to discuss the options available to you. 

Any notice period, penalties, fees and charges won’t apply if you make a withdrawal or transfer from your Sainsbury’s Bank ISA (to keep your combined balance within the FSCS protection limit) from 27 February 2025 until 1 July 2025.

If you want to withdraw or transfer your money to keep your balance within the FSCS protection limit and you can’t match the fixed interest rate you are currently being paid on your savings for the remaining bonus period or term, you may be entitled to a payment to compensate you for any loss of interest. If you think you are in this position, please get in touch with Sainsbury’s Bank on 0800 0142 131 or NatWest on 0345 788 8444.

If, for any reason, you don’t want your ISA to transfer to NatWest, you can transfer your ISA to an alternative ISA provider of your choice. You’ll need to get a transfer form from your proposed new ISA provider and make sure that it’s sent to us by 20 March 2025 so that we have time to process it before the ISA bulk transfer takes place on 1 May 2025. If you do transfer your ISA to another ISA Manager because you don’t want NatWest to become your ISA Manager, any notice period, penalties, fees and charges won’t apply from 27 February 2025 until 1 July 2025.

If you do this, the transfer of your Sainsbury’s Bank ISA to another ISA provider will take effect even if the Court doesn’t approve the Scheme. 

If you’d prefer to wait to submit your ISA transfer request until after the outcome of the Court hearing on 15 April 2025 then your ISA transfer may not be complete before the ISA bulk transfer takes place. Your Sainsbury’s Bank ISA would therefore be managed by NatWest from 1 May 2025 until your transfer request is completed. 

The ISA status of your account will be maintained if you’re part of the ISA bulk transfer or if you transfer your ISA to an alternative ISA provider. However, please note that if you opt out of the ISA bulk transfer to NatWest but don’t provide further instructions in time, you’ll lose the tax-free status of your ISA. 

Any transfer into new or existing ISAs must meet HMRC rules and the ISA provider’s rules for the transfer of current and previous years’ subscription(s). Please check with any new ISA provider regarding any restrictions that apply. For example, you may only be able to transfer your full ISA balance.

You can continue to pay money into your ISA account(s) until the date of the transfer as long as you stay within your overall annual ISA allowance of £20,000.

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.

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.

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.

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.