New customers use promo code 'WELCOME' and deposit at least £1 within 7 days to receive a 0.95% AER boost to standard 3.75% AER rate
Why we like it
A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.
Winner of Platinum Feefo Trusted Service Award in 2024
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 2024. Must be UK resident and be aged 18 or older
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)
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 FSCS
Save from £1. 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
Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.35% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the FSCS. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals only
Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must have a linked UK current account
All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Unlimited withdrawals subject to 14 days notice. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the FSCS
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.
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.
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.
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.
