SaveBack, which is being unveiled this week, operates in a similar way to cashback by deducting money from shoppers' debit cards.
The service will initially be marketed in-store and via direct mail that will target Sainsbury's loyalty scheme cardholders.
Promotional activity will use the strapline 'Adding to your savings is now as easy as getting cashback'.
Shoppers using SaveBack will be able to deposit as little as £1 into their account. The service will be available in all of Sainsbury's 452 supermarkets by mid-February.
The branding for SaveBack was developed by design agency Finisterre.