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.
Sainsbury's Bank's top savings rate of 4% is available on one of its easy access accounts.
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Sainsbury's Bank offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
|---|---|
| Best easy access rate | 4% |
| Best cash ISA rate | 3.8% |
| Best fixed-rate bond rate | 4% |
| Fixed bond terms | 1 year - 2 years |
| Opening options | Website, telephone |
| FSCS protection |
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.
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:
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:
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Rewards for Sainsbury’s shopping are one of the perks you’ll get with Sainsbury’s Bank savings accounts, whether you choose an account to lock away your money for a set amount of time, or to access it whenever you need. Be sure to check out the best rates on the savings market right now first, though, to see how Sainsbury’s weighs up against the competition in terms of rates, fees and benefits.
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