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This comparison simply includes all savings accounts.

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 0.6%

Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.

Sainsbury’s current account review

Sainsbury’s used to offer a current account known as an Everyday Account, however these are no longer available and have not been replaced. This means Sainsbury’s does not offer current accounts at the moment.

Sainsbury’s does offer credit cards and a range of savings accounts, which may be of interest, but if you are specifically looking for a current account, you will need to compare what is on offer from other providers.

Switching a Sainsbury’s current account

If you are looking to change your current account to a new provider, you should familiarise yourself with the Current Account Switch Service. This offers a free, fast and simple way to switch your current account to a new provider.

When you want to move your account, you simply inform your new bank or building society that you wish to use the Current Account Switch Service to transfer your old account to them. Your new provider will then do the rest, using the service to transfer your balance and all payments in and out of your old account to your new account.

This makes switching your account quick and convenient and means you don’t risk missing a payment to you or from you to someone else. The Current Account Switch Service is supported by over 40 UK banks and building societies and covers 99% of all UK current accounts.

Compare Sainsbury’s current accounts to other market leaders

If you want to find a new current account to get a better interest rate or improved benefits compared to your existing account, it makes sense to compare the broadest range of accounts possible.

Our current account comparison table at the top of the page makes it fast and easy to look at leading current accounts from all the top providers. That way you can make an informed choice and get the best deal for you.

The following three accounts offer some of the most attractive interest rates on the market:

Santander 123 current account

Interest rate: 1.50% AER/1.49% gross (variable) on balances up to £20,000.

Account fee: £5 per month.

Other benefits: Earn 1-3% cashback on a variety of household bills. This includes payments on a Santander mortgage or insurance policy. To qualify for cashback, you must deposit at least £500 a month into the account and have two active Direct Debits.

TSB Classic Plus account

Interest rate: 3% AER paid monthly on a balance of up to £1,500.

Account fee: None, but you must pay in at least £500 a month to earn interest.

Other benefits: Earn £5 cashback each month if you have at least two Direct Debits from the account, plus another £5 a month when you use your debit card at least 20 times.

Nationwide FlexDirect current account

Interest rate: 5% AER (4.89% gross p.a.) interest on balances up to £2,500 (for the first 12 months) 1% gross p.a./AER (variable) interest after this.

Account fee: No account fee, but you must deposit a minimum of £1,000 a month to earn interest.

Other benefits: Customers over the age of 18 can get a fee-free overdraft for 12 months (subject to approval).

Latest news

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From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. Savers who have been enjoying 4% pa are going to get a shock when they look for comparable returns from cash in the current market. We have put together 5 ideas for your cash in 2018

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