This comparison simply includes all savings accounts.
Sainsburys Savings Accounts
Why we like it: 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: Tax free ISA account. Open with £1 or transfer in existing ISA funds. Invest up to £20,000 per tax year. Interest can be paid into account, alternative Nationwide savings or current account, or an external current account. Must be UK resident and aged 16 or older. Headline interest rate applicable if no more than 1 withdrawal per account year, fFor 2 or more withdrawals the interest rate drops to 0.50% AER. FSCS Protected
Why we like it: Earn 1.00% gross/AER on balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest.
Why we like it: MARKET LEADING 1 YEAR FIXED RATE BOND. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Why we like it: Investec Click & Invest is an online investment service that aims to make actively managed, globally diversified investment portfolios accessible to a wider audience. Everyone deserves harder working money, and Click & Invest’s goal is to make a positive difference to more financial futures. Their experts build and manage investment portfolios from £2,500 online, intelligently blending expertise with high-quality service. With a £2,500 minimum investment, Click & Invest aims to deliver an exceptional service for a straightforward fee. They offer both stocks and shares ISAs and general investment accounts, with a seamless online experience, with dedicated 24/7 support available. Capital at risk.
Disclaimer: The value of your investments can fall as well as rise, so you could get back less than you paid in.
Why we like it: Why we like it: Up to £250 cashback for new investors.1, 3 or 5 year fixed term. Invest from £100 up to £20,000 this tax year (2018/19) and/or transfer in from an existing Cash ISA, Stocks & Shares ISA or IFISA. Secured by UK property. No platform or investment fees. Interest paid annually. Returns are not guaranteed and your actual returns may vary. Capital is at risk
Disclaimer: When making a peer to business loan, your capital lent to a borrower is not covered in the event of loss by the FSCS
Why we like it: Why we like it: Up to £250 cashback for new investors.1, 3 or 5 year fixed term. Invest from £100 up to £20,000 this tax year (2018/19) and/or transfer in from an existing Cash ISA, Stocks & Shares ISA or IFISA. Secured by UK property. No platform or investment fees. Interest paid annually. Returns are not guaranteed and your actual returns may vary. Capital is at risk
Disclaimer: When making a peer to business loan, your capital lent to a borrower is not covered in the event of loss by the FSCS
Why we like it: Why we like it: Up to £250 cashback for new investors.1, 3 or 5 year fixed term. Invest from £100 up to £20,000 this tax year (2018/19) and/or transfer in from an existing Cash ISA, Stocks & Shares ISA or IFISA. Secured by UK property. No platform or investment fees. Interest paid annually. Returns are not guaranteed and your actual returns may vary. Capital is at risk
Disclaimer: When making a peer to business loan, your capital lent to a borrower is not covered in the event of loss by the FSCS
Why we like it: Invest up to £20,000 this tax year (2018/19) and/or transfer in from an existing Cash ISA, Stocks & Shares ISA or IFISA. When you join the easyMoney family you will automatically become an easyMoney plus card member, offering savings up to 55% at over 100 of Britain’s biggest retailers and more! e-Money Capital Ltd trading as easyMoney is authorised and regulated by the FCA (FRN 231680). As with all investing, your capital is at risk when you lend to businesses and returns are not guaranteed. No FSCS. For more details please refer to our full risk statement.
Disclaimer: When making a peer to business loan, your capital lent to a borrower is not covered in the event of loss by the FSCS
Why we like it: 5.00% interest for 12 months on balances up to £2,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Must be aged 18 or older.
Why we like it: Earn 1.50% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Must pay in £500 pm.
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.
