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Sainsbury’s Bank savings accounts and interest rates
Sainsbury's Bank offers a broad range of savings accounts with interest rates up to 4.9%.
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Sainsbury’s Bank is the first supermarket bank in the UK. It offers a wide range of award-winning financial products with attractive rewards to Sainsbury’s shoppers.
Easy access savings accounts
Table: sorted by interest rate
Sainsbury's Bank's best easy access rate of 4.4% is significantly lower than today's market-best rate of 7.49%.
Compare more instant and easy access accounts up to 7.49%
Cash ISAs
Table: sorted by interest rate
Sainsbury's Bank's best cash ISA rate of 4.4% is slightly lower than today's market-best rate of 5.16%.
Compare more ISAs up to 5.16%
Fixed-rate bonds
Table: sorted by interest rate
Sainsbury's Bank's best fixed-rate bond rate of 4.9% is very slightly lower than today's market-best rate of 5.25%.
What is Sainsbury's Bank's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Sainsbury's Bank offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
|---|---|
| Best easy access rate | 4.4% |
| Best cash ISA rate | 4.4% |
| Best fixed-rate bond rate | 4.9% |
| Fixed bond terms | 1 year - 5 years |
| Opening options | Website |
| FSCS protection |
What is a 'cash ISA'?
A cash ISA is a savings account where you don’t pay tax on the interest you earn. That’s it! The tax-free bit is the only real difference.
Does Sainsbury’s offer online or mobile banking?
Sainsbury’s offers online banking through its website, but does not have a dedicated mobile app.
Here are some of the basic features of Sainsbury’s online banking service:
- Check balances for any type of account.
- Transfer money between accounts
- Pay bills and people
How do I decide which account is for me?
You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access for instance)
- Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)
The pros and cons of banking with Sainsbury’s
Pros
- Loyalty rewards. If you’re a regular Sainsbury’s shopper, it offers you a variety of attractive rewards.
- Online banking. Your Sainsbury’s savings account can be accessed online through the website.
- Flexibility. Sainsbury’s variety of accounts offers flexible options no matter what kind of savings you’re looking for.
- Effortless and accessible. You can open an Sainsbury’s savings account in just a few minutes.
- FSCS protection. With Sainsbury’s you have peace of mind that comes from knowing your money is protected up to a total of £85,000 by the UK’s deposit guarantee scheme.
Cons
- Limited high street presence. If you like the assurance of face-to-face customer service, Sainsbury’s does have physical branches you can go to, but they are limited to just a few branches.
Customer service information for Sainsbury’s Bank
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Bottom line
Rewards for Sainsbury’s shopping are one of the perks you’ll get with Sainsbury’s Bank savings accounts, whether you choose an account to lock away your money for a set amount of time, or to access it whenever you need. Be sure to check out the best rates on the savings market right now first, though, to see how Sainsbury’s weighs up against the competition in terms of rates, fees and benefits.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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