Background image: Online Saver

Online Saver

An easy way to manage your savings online whenever it suits you.

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Excellent and Seamless Service
The entire process was handled extremely efficiently from beginning to end and I would not hesitate to recommend.
Fast and Efficient Customer Experience
Extremely positive customer experience. All aspects of applying for and obtaining my mortgage were dealt with very efficiently and courteously by SBS.
Great Customer Service
Always excellent service from knowledgeable pleasant staff.
Efficient friendly staff
Efficient friendly staff good at explaining options available in no nonsense fashion
Opened 2 new accounts
Very pleased with first visit yesterday and opened 2 new accounts
The personal touch
The personal touch and being able to speak to an advisor is great. Staff always respectful and helpful.

Key Information
  • Manage your money quickly and easily online
  • Open an account with just £100
  • Save up to £1,000,000 in your account
  • Deposit and withdraw any time you want
Interest Rate
Gross/AER Variable
What might an Online Saver look like for me?
Initial Deposit
Balance after 12 months
Interest earned
Interest Rates

Questions we get asked

What's the interest rate?

3.85% Gross/AER variable.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Gross interest is paid directly into your account without tax deducted on 31 March each year. You might be required to pay tax on savings interest – this should be arranged directly with HMRC through your tax return.

Will the interest rate change?

The interest rate is variable and can change – if it increases, we’ll update our website and, if the rate goes down, we’ll write to you 14 days before it changes.

You can find out more about changes to our interest rates by reading our Savings Terms & Conditions.

What would be the estimated balance after 12 months if I opened an account with £1,000?

After 12 months the estimated balance would be £1,038.50

This estimate is just for illustrative purposes and doesn’t take into account any deposits or withdrawals you might make.

Can anyone open an Online Saver Account?

Accounts can be opened by anyone in their sole name aged 16 or over and resident in the UK. 


How do I open the account?

You can open and manage the account online at SBS Online.

The minimum opening deposit amount is £100, up to a maximum of £1,000,000.

You can only make deposits into your account by bank transfer from a nominated bank account in your name. Similarly, you can only make withdrawals from your account into the nominated bank account in your name.



Can I withdraw money?

Yes. You can make an unlimited number of withdrawals online to a nominated bank account without notice, penalties or charges. 

You can make withdrawals in Relationship Centres too. You’ll need to bring proof of ID with you (for example, a valid Passport) and your signature (for example, a valid driving licence).

For more information see managing your savings account.


How will I receive my interest?

Gross interest is paid directly into your account without tax deducted each year on 31 March. You might need to pay tax on savings interest - this should be arranged directly with HMRC through your tax return.

If you're a basic rate taxpayer and have savings income or interest of more than £1,000 (£500 for higher rate taxpayers), you'll have to pay some tax on this. You can find out more by calling HMRC on 0300 200 3300 or visit

Please read the Savings Terms & Conditions section for general conditions.

Financial Services Compensation Scheme

The deposits in your Online Saver are protected by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

If your bank or building society fails and can’t pay back your money, FSCS can automatically pay you compensation:

  • up to £85,000 per eligible person, per bank, building society or credit union.

  • up to £170,000 for joint accounts.

Find out more by visiting

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