Sainsbury’s Bank was the first supermarket bank in the UK. It offers a wide range of financial products, including savings accounts.
However, customers should be aware that Sainsbury’s is in the process of transferring its personal loans, credit cards and savings accounts to NatWest. You can still open a new account with Sainsbury’s Bank, but if the High Court approves the transfer in April 2025, your Sainsbury’s savings account will be transferred to NatWest on 1 May 2025.
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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 banking 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 savings 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 hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of savings 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)
The pros and cons of saving with Sainsbury’s
Pros
Online banking. Your Sainsbury’s savings account can be accessed online through the website.
Flexibility. The bank’s variety of accounts offer 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 your money is protected up to a total of £120,000 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.
Possible transfer to NatWest. If you open a savings account with Sainsbury’s Bank, it could become a NatWest account in May 2025.
Customer service information for Sainsbury’s Bank
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Bottom line
Sainsbury’s Bank currently offers a range of savings accounts, whether you’re looking to lock away your money for a set amount of time, or would prefer 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. And remember that your account could be transferred to NatWest later this year.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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