This comparison simply includes all savings accounts.
Sainsburys Savings Accounts
Why we like it: Fee Free Account. An everyday current account. Great money management tools with our mobile banking app. ‘Criteria Apply’. Multiple ways to pay: Apple Pay, Google Pay™ and Contactless Visa Debit Card. Limits apply. Arranged overdraft available (subject to eligibility). No monthly fee. Defaqto 5* rated. Must be 18 or older and UK resident. Representative example: If you use an arranged overdraft of £1,200 you’ll be charged interest at 39.49% EAR variable. To get the £100, use the Current Account Switch Service to close your account held elsewhere and switch by 5pm on 2nd December 2021. Then pay in at least £1,500 in total and log into Online or Mobile Banking by 13th January 2022. To get a further £50 you have to make at least 10 eligible debit or credit transactions each month between 1st January 2022 and 30th September 2022. Offer T&Cs apply. Account eligibility criteria apply. Apply online only
Why we like it: Earn £4 a month back in Rewards by making a minimum of 2 direct debit payments of at least £2 each, or earn £1 a month in rewards with 1 mobile app login. Earn Rewards that you can redeem as cash back, gift cards or e-codes with our retail partners. Great money management tools with our mobile banking app. ‘Criteria Apply’. Arranged overdraft available (subject to eligibility). Multiple ways to pay: Apple Pay, Google Pay™ and Contactless Visa Debit. Must be 18 or older and UK resident. Customers need to pay at least £1,250 into any eligible personal current account every month (excludes transfers between your own accounts). Must not currently hold 2 Reward accounts. £2 monthly fee. Representative example: If you use an arranged overdraft of £1,200 you’ll be charged interest at 39.49% EAR variable. To get the £100, use the Current Account Switch Service to close your account held elsewhere and switch by 5pm on 2nd December 2021. Then pay in at least £1,500 in total and log into Online or Mobile Banking by 13th January 2022. To get a further £50 you have to make at least 10 eligible debit or credit transactions each month between 1st January 2022 and 30th September 2022. Offer T&Cs apply. Account eligibility criteria apply. Apply online only
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000. £130 cashback when you complete a full switch to a Santander Everyday Current Account within 60 days, set up 2 Direct Debits, pay in £1,000 and log into Online or Mobile Banking. T&Cs apply.
Why we like it: SPECIAL OFFER - £100 for SWITCHING to a First Direct 1st Account. Access to Regular Saver Account paying 1.00% AER/Gross fixed for 12 months if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. Mobile banking app. UK based contact centre. To qualify, switch using the Current Account Switch Service, deposit £1000 within 3 months of account opening. New customers only that have not opened a HSBC account on or after 1 Jan 2018
Why we like it: SPECIAL OFFER - Get £110 + £30 Uber Eats voucher or The Dining Out Gift Card when you switch to an HSBC Advance Bank Account. Earn 1.00% AER/gross when you save between £25 and £250 per month. Arranged overdraft limit of at least £1,000 on account opening. Money banking app. No monthly account fee. Easy switching with the Current Account Switch Service. Must be 18 or older and be UK resident. Must pay in £1,750 per month or £10,500 over 6 months. Must be approved for an arranged overdraft of £1,000+. Get the £110 when switching to an HSBC Advance Account as a new customer using the Current Account Switch Service within 30 days of account opening, with at least 2 Direct Debits or standing orders. Eligibility criteria and T&C's apply. Offer may be withdrawn anytime. Offer isn’t available to customers who have held a HSBC current account, or opened a first direct account since 1 January 2018. Offer ends 31st October 2021
Why we like it: SPECIAL OFFER - £130 cashback when you switch to a Santander 123 Current Account. Earn 0.30% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000. £130 cashback when you complete a full switch to a Santander 123 Current Account within 60 days, set up 2 Direct Debits, pay in £1,000 and log into Online or Mobile Banking. T&Cs apply.
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Up to 3% cashback on selected household bills, capped at £5 for each cashback tier each month. Earn up to 15% cashback with Retailer Offers. Easy to manage online or on mobile app. Get access to a range of 123 offers. Arranged Overdraft facility (subject to status) - 39.94% APR / EAR (variable). Must be 18 or older and UK resident. Customers must pay a minimum of £500 into account each month, have 2 active Direct Debits, log onto Online or Mobile Banking at least once every 3 months. Must not currently hold 2 Reward accounts. £2 monthly fee. £130 cashback when you complete a full switch to a Santander 1|2|3 Lite Current Account within 60 days, set up 2 Direct Debits, pay in £1,000 and log into Online or Mobile Banking. T&Cs apply
Why we like it: Can be opened by or on behalf of any child up to the age of 17. Debit or cash card available for those aged between 13 and 17. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 17 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: A bank account that can build credit history. No credit check during sign up. Apply straight from your mobile. Instant online decision. Get your Contactless Debit Mastercard within 3-5 working days. Add Creditbuilder onto your account and it could help build your credit rating at no extra cost. Deposit cash into your account at any Post Office UK branch. Money is available in your account immediately. Manage your account 24/7 from any device with the banking app - get real time balance information, statements, add payees send payments and apply for extras. Automatic payment alerts. UK based Customer Services Team. Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme)
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: 0.60% AER if customer makes two or fewer withdrawals within an anniversary year. Monthly or annual interest. Manage your account online. Covered by the FSCS. If a customer makes three or more withdrawals in an anniversary year the rate reduces to 0.10% from the date of the third withdrawal. Must be UK resident and be aged 18 or older
Compare Sainsbury’s savings accounts
Sainsbury’s Bank is wholly owned by the supermarket chain Sainsbury’s. It has a range of financial products for savers, with their various products aimed at different kinds of savers. Knowing which is the best fit for you requires some research, so we have laid out the key types of savings accounts Sainsbury’s Bank offers below to make things easier.
Instant Access Savings Accounts
For savers with a lump sum that they want to be able to add to or withdraw from at their convenience, an instant access account is a good choice. You will normally be able to make a large deposit when you open the account, then make additional deposits and withdrawals whenever you need to.
You may be issued a cash card, which gives you the freedom to make withdrawals at a cash point. Most instant accounts now come with phone and telephone banking making it quick and easy to carry out transfers. Some instant access accounts will place a yearly limit on how many withdrawals you can make and there may be a penalty, such as loss of interest, if you exceed this limit.
Fixed Rate Bonds
If you have a lump sum that you do not need to use in the near future, a fixed rate bond (sometimes called a “fixed term account”) can help you maximise your return. In exchange for agreeing not to touch your money for a set period (often 1 to 5 years), you will be given a guaranteed interest rate for the duration of that set period. The longer the bond lasts, the better interest rate you will receive, making this a great deal for long term savers.
Cash ISAs
For most UK tax payers it is likely to be worthwhile placing at least some of your savings into an ISA. ISAs allow you to earn interest without paying tax on it, but only for deposits up to a yearly limit set by the government. For the 2017/18 tax year that amount is £20,000.
ISAs generally fall into two main camps – instant access and fixed term. Instant access cash ISAs pay variable interest rates, but allow you to put in and take out money whenever it is convenient for you. Fixed term cash ISAs generally pay slightly higher rates which are fixed for the life of the ISA. However, like with a fixed rate bond, you cannot take money out of a fixed term ISA until it reaches maturity.
Find the best Sainsbury’s savings account for you
Whatever your financial circumstances and saving objectives, there should be a number of accounts on the market that will potentially be a good match for you. Our saving accounts comparison tool (see above) lets you quickly and efficiently compare the various top offers from different providers. That way, you can find a great deal on a savings account that suits your needs without having to manually check every single provider’s offerings one by one.
