Extra Saver – Savings Accounts
1.30% AER/gross p.a. (variable) on balances of £1 - £500,000
What is our Extra Saver account?
The Sainsbury’s Bank Extra Saver Account with no withdrawal restrictions. This means that you can access your money at any time. You can make a withdrawal through online banking or by using our telephone service.
Open with just £1 and pay money into the account through a standing order, cheque, or by transferring funds from another Sainsbury’s Bank savings account.
You’ll earn interest on the money in your account every day, and this interest will be paid to you once a year – on the date that you opened the account.
Find out more about our Extra Saver account below before you start your application.
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]
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.
Gross interest is the interest rate paid without the deduction of income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded once each year.
Frequently asked questions
How does an Extra Saver account work?
You can set up a Sainsbury’s Bank Extra Saver account with just £1. You will have access to your savings at all times and there are no withdrawal restrictions. You’ll earn interest every day and this will be paid each year on the date that you opened the account.
Is the Extra Saver account right for me?
If you require a flexible and convenient account, the Extra Saver might be suitable for you. It provides competitive interest rates, while also offering the advantage of no limitations on withdrawals. However, its suitability depends on individual requirements and situations.
Can I withdraw money from my Extra Saver account?
Yes, you can transfer money from your Extra Saver account to a current account in your name with a bank or building society. You can make a withdrawal via electronic transfer using our online banking service or by calling us.
How can I manage my Extra Saver account?
You can manage your Extra Saver account through our online banking or by using our telephone service. You will be able to pay money into your account, make a withdrawal and pay in your minimum deposit.