Sainsbury's Bank ISA transfers end tonight at 11:59 PM

Thousands of customers at Sainsbury’s Bank need to act quickly to avoid losing out on cash. They have until 11.59 PM today to transfer their cash ISAs to another provider. This is important as the bank will be taken over by NatWest, and after that, customers’ ISAs will be automatically transferred. When Sainsbury’s Bank becomes part of NatWest on May 1, customers will retain their current interest rates. However, they must start the transfer process today to secure a better deal and avoid any exit fees. As of now, Sainsbury’s Bank is no longer accepting new savings account applications. Once the transfer is complete, customers will need to set up access to their accounts on NatWest’s platform. Specific steps for this will be shared later this year. Sainsbury’s Bank customers who hold cash ISAs may want to check if they can find better interest rates elsewhere. Transferring an ISA to a new provider is straightforward. The new provider usually handles the transfer. In addition, existing ISAs are protected from taxes, allowing customers to invest up to £20,000 annually without losing their tax-free status. Options for ISA investments include cash ISAs, stocks and shares ISAs, and junior ISAs for children under 18. Those looking for better rates should act before the deadline. Customers can also research comparison websites to find the best savings options available.