Sainsbury’s Bank is Britain’s longest standing Supermarket Bank offering loans, savings, insurance, travel money and credit cards.
Sainsbury’s Cash ISA is a savings account where all of the interest earned is tax free and doesn’t form part of your Personal Savings Allowance. The ISA allowance for the 2020/2021 tax year is £20,000.
The ISA is flexible which means you can withdraw money from the current tax year or previous tax years if you need to and you can replace the money you’ve withdrawn without the replacement counting towards your annual ISA subscription limit. You can start with just £1 and you will receive a variable interest rate of 0.35% AER tax-free. You must be aged 18 or over and be a UK resident to open a Sainsbury’s Bank savings account.
Sainsbury’s Bank also offers loans, savings, insurance, travel money and credit cards.
Sainsbury’s Bank Reviews and Ratings
Online reviews for Sainsbury’s Bank are generally very good with users happy that the products are good value for money and the process simple and easy to complete online. Those offering negative feedback have criticised the unhelpful staff, slow customer service and hard to access policy information.
- A trusted British brand
- Good customer feedback and reviews
- Variable, flexible Cash ISAs
- A quick, simple online process
- Minimum investment of just £1
- Easy access to your money: no withdrawal restrictions
- Cash ISAs only
- Stocks and Shares, Lifetime ISAs or other ISA products not offered
- A basic website with limited product information available
- Some negative feedback including slow customer service and hard to access policy information.
- No online phone numbers for support – email only
- You must be aged 18 or over and be a UK resident to open an account
Website: Sainsbury’s Bank