This comparison simply includes all savings accounts.
Sainsburys Savings Accounts
Why we like it: Tiered interest: £1 to £10,000 – 1.10% Gross/AER, £10,001 to £50,000 – 1.33% Gross/AER, £50,001 to £500,000 – 1.38% Gross/AER. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Why we like it: Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older. No withdrawals permitted
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted. Can’t have held an Investec Online Flexi Saver or Fixed Rate Saver in the last 12 months
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: SPECIAL OFFER - Get £150 when you switch to a First Direct 1st Account, or if you're not ready to switch £20 welcome when you open a current account. You also get access to a 3.5% AER/gross fixed for 12 months Regular Saver Account 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. For the £150 switching cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. To get the £20 welcome cash offer you need to open a 1st Account and log into our app / online banking within three months of opening the account. This offer can’t be added to any other joiner or switcher offer
Why we like it: Earn 0.75% 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.
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. Voted best British Bank and Best Current Account 2018 - 2021 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: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
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: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older
Why we like it: Monthly regular saver account. Deposit up to £250 per month (maximum £6,000 over the term). Withdrawals are limited to 1 each year without loss of interest (including account closure). Further withdrawals (including account closure) will be subject to 30 days’ loss of interest on an equivalent amount to that withdrawn. Interest paid annually. Open and manage online. FSCS Protected. Minimum opening and operating balance £100. If the balance falls below £100, the rate of interest which shall apply is 0.05% Gross/AER. Variable interest rate. Must be UK resident and be aged 18 or older
Why we like it: Register for a free Raisin UK Account to apply for product and receive a £25 cash bonus for deposits of £10,000 or more. Interest paid monthly. Maximum deposit £85,000. FSCS Protected. Must be UK resident and 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.
