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.
Grow your savings at Raisin UK
Raisin UK makes it easier to apply for deposit protected savings accounts. Our savings service connects you with a range of banks and includes exclusive savings accounts and rates; all curated to help you earn more from your savings:
£10 welcome bonus offer
Wide range of partner banks all offering FSCS protection
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Sainsbury’s Bank opened in 1997, as a joint venture with Bank of Scotland. In 2014, however, Sainsbury’s took 100% ownership of the bank, with the supermarket now offering financial services to over 1.8 million UK customers.
Take a look at some of our tables and guides to compare Sainsbury’s to the other leading banks in the UK.
Compare other savings accounts
Table: sorted by interest rate, promoted deals first
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Sainsbury’s currently offers several different kinds of savings accounts:
Defined Access Saver
Variable interest rate on balances of £1 – £2,000,000
Open your account with just £1
Save up to £2,000,000
Manage your account 24/7 with online banking
eSaver Special
Variable interest rate on balances of £1 – £500,000
Open your account with just £1
Unlimited withdrawals
Manage your account 24/7 with online banking
Extra Saver
Variable interest rate on balances of £1 – £500,000
Open your account with just £1
Save up to £500,000
No withdrawal restrictions
Manage your account 24/7 with online banking
Cash ISA
Tax-free interest (variable) on balances of over £500
Interest from Cash ISA does not count towards your Personal Savings Allowance
Open your ISA with just £1
Deposit your full annual ISA allowance: up to £20,000
Transfer in your ISA savings held elsewhere
Manage your account 24/7 with online banking
Fixed Rate Saver
Fixed interest rate for 1 – 5 years
Deposit between £5,000 and £1,000,000 within 30 days of opening account
Choose between paid monthly or annual interest
Manage your account 24/7 with online banking
Fixed Rate Cash ISA
Fixed interest rate for 1 – 5 years
Deposit between £5,000 and £2,000,000 within 30 days of opening your account
Tax free savings
Manage your account 24/7 with online banking
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)
What are the benefits and drawbacks of banking with Sainsbury’s?
The benefits
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.
The drawbacks
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.
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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