Shak ChowdhurySainsbury’s Bank is a great UK bank that offers a range of savings accounts and other products such as insurance, loans and credit cards. You can earn Nectar points when you use these products, which can be redeemed for discounts and rewards at partner retailers. If you’re looking for a reliable and rewarding bank, you might want to consider opening an account with Sainsbury’s Bank.
I’ll show you how to open a bank account with Sainsbury’s Bank in 4 quick steps:
1. Choose your account type
Sainsbury’s Bank offers a few savings accounts, depending on your needs. You can compare them here, but here are some of the main features of each account:
Defined Access Saver
Gives you a higher interest rate if you limit your withdrawals to 3 times per year. You can open it with just ÂŁ1 and save up to ÂŁ2,000,000. The interest rate is variable and ranges from 1.15% to 4.21% AER/Gross p.a. depending on your balance.
Variable Rate Cash ISA
Allows you to save tax-free up to your annual ISA allowance, which is £20,000 for 2023/2024. You can open it with just £1 and save up to £2,000,000. The interest rate is variable and ranges from 1.00% to 3.78% AER/Tax free p.a. depending on your balance. You can also transfer your existing ISAs from other providers to Sainsbury’s Bank.
eSaver Special
Offers you a flexible and convenient way to save starting from ÂŁ1. You can access your money online at any time with no withdrawal restrictions. The interest rate is variable and is 1.00% AER/Gross p.a. on balances of ÂŁ1 or more.
Tip: If you are a Nectar member, you can get better deals on some of Sainsbury’s Bank products, such as loans, insurance, and credit cards. You can join Nectar for free here.
2. Apply online
Once you’ve chosen your savings account, apply online by filling out a simple form with your personal and financial details. You will need your:
- Nectar card number (optional)
- email address
- UK bank or building society account details
- NI number
- address history for the last three years
You can start your application here by selecting the account you want and clicking on “Apply now”.
3. Verify your identity
After you submit your application, you will need to verify your identity. You can do this by:
Confirm Identity service
This is the fastest and easiest way to verify your identity online. You need a valid UK passport or driving licence and your phone’s camera. You’ll be asked to take a photo of your ID document and a selfie, and upload them securely through the service.
Send certified copies of your documents
If you can’t use the Confirm Identity service, you can send certified copies of your ID documents by post. You will need one document from each of the following lists:
- Proof of identity:
- passport
- driving licence
- national identity card
- Proof of address:
- utility bill
- bank statement
- council tax bill
4. Start saving
Once your identity is verified and your account is opened, you can start saving with Sainsbury’s Bank – make deposits and withdrawals according to the terms of your account. You can manage your account online or with the app, to make payments, view your PIN or freeze your card. You can now also start earning Nectar points when you use your account, which you can redeem for discounts and rewards at Argos and Sainsbury’s.
What’s more, you can connect your Sainsbury’s Bank account to Emma and get even more powerful tools to help you get more out of your money. Emma gives you a holistic view of all your accounts, tracks and budgets your expenses, reports your rent to all major credit bureaus and lets you separate your savings into goal-oriented Pots. Combine the benefits of both apps to regain control of your money.
