Frequently Asked Questions
Earlier this year, we announced a new direction for Sainsbury’s Bank to help improve the products and services we offer. We want to let you know that we’ve agreed the sale of our personal loans, credit cards and savings to NatWest.
Right now, there is nothing you need to do and we can reassure you that there will be no immediate changes. You will also still be covered by the Financial Services Compensation Scheme (FSCS) deposit protection.
You can still expect the same trusted service from us through online banking, our mobile app and our customer service team.
There are also no changes to our Insurance, ATMs and Travel Money services as a result of this news. As one of the UK’s leading banks, NatWest has a long history of providing financial services and they share our commitment to excellent customer service. We believe this partnership will help us serve you even better.
The sale is expected to complete in the first half of 2025, and we will be in touch with you before then with further information in relation to the transfer.
Please be aware that fraudsters sometimes try to take advantage of times of change to get personal or financial information. We would never ask for security details over the phone or by email. If someone gets in touch to ask for this information, please do not give it to them.
Announcement
What is the announcement that Sainsbury’s has recently made about Financial Services?
Earlier this year, we announced a new direction for Sainsbury’s Bank to help improve the products and services we offer. We want to let you know that we’ve agreed the sale of our personal loans, credit cards and savings to NatWest. There are also no changes to our Insurance, ATMs and Travel Money services as a result of this news.
What happens next? And do I have the option to opt-out of the transfer process?
There are no immediate changes to your account and you do not need to take any action at this point. Further updates will be shared with you in plenty of time, before the sale process concludes in the first half of calendar year 2025.
Savings
Is my savings rate affected?
No, there are no changes to the rate you earn on your savings account. As we usually would, if we propose to make changes in future, we will contact you in advance in line with terms and conditions.
Can I continue to use my savings products?
Yes, you can continue to use your savings products as you have done before.
Can I add any new savings into my existing savings account?
Yes, you can continue to make deposits to your account as normal in line with terms and conditions.
Can I withdraw money from my savings account?
If you are on an instant, easy or defined access product you can withdraw in accordance with your terms and conditions. If you have a fixed rate fixed term product, the existing terms and conditions still apply and early withdrawals are not permitted.
Can I open a new savings account?
Yes, our products continue to be offered and you can apply as before. Details are on our website.
Are my savings safe?
Yes, we are in a strong financial position and a stable bank. In addition, the Financial Services Compensation Scheme (FSCS) protection continues on balances up to £85k.
Can I withdraw my balances over the £85k limit immediately with no charge?
If you are on an instant, easy or defined access product you can withdraw in accordance with your terms and conditions. If you are on fixed rate fixed term products, the existing terms and conditions still apply and early withdrawals are not permitted.
What if I already have savings with NatWest? Will I be covered for my balances over the £85k Financial Services Compensation Scheme (FSCS) limit?
Until the sale process is concluded your balances at both Sainsbury’s Bank and NatWest will be protected up to £85k Financial Services Compensation Scheme (FSCS) limit. We will update you before the process concludes advising you on any actions you should consider if your combined balances across Sainsbury’s Bank and NatWest are in excess of £85k.
Credit Cards
Will my credit card account be closed?
No – your account will remain open and continue to operate as normal. As we usually would, we will contact you in advance in the event of any changes to your account.
Will my card be replaced / renewed when it expires?
Yes – your card(s) will be renewed as normal when it expires.
Can I use my card for my Sainsbury's shopping?
Yes, your Sainsbury’s Bank Credit Card remains valid and you can continue to use it instore, in other stores or online. As we usually would, we will contact you as and when any changes are made to your product.
Can I continue to use my card in other shops or on holiday?
Yes, your Sainsbury’s Bank Credit Card remains valid and you can continue to use it instore, in other stores or online, in both the UK and abroad. As we usually would, we will contact you as and when any changes are made to your product.
Will I still earn Nectar points?
Yes – the way you earn Nectar points on your account is not affected by the recent announcement.
I already have a credit card with NatWest – will either of my accounts be affected?
No, both your Sainsbury’s Bank and NatWest credit cards will continue to operate in the same way, as separate accounts.
Can I still make a Balance Transfer / Money Transfer?
Yes. Please check your account for the current balance transfer and money transfer terms available to you.
Do I need to keep up my payments on my card?
Yes, you need to continue to make payments in accordance with your terms and conditions.
Can I still use my credit card app or use online banking?
Yes, our app will continue to be supported and you can use online banking as normal.
Can I still call the contact centre?
Yes, our contact centre will remain available to help you service your card.
Will I still benefit from Section 75 and chargebacks rights on existing and any new purchases?
Yes, existing protection for purchases made on your credit card remain unchanged.
Can I add an authorised user?
Yes.
I am not sure I can make my next payment, can I still get help?
Yes, please contact us on 0173 739 9985 if you need support. We will continue to support you if you need help or are in financial difficulties.
Personal Loans
What happens to my existing personal loans?
Your existing personal loan will continue as normal, and your current personal loan term, payment date and payment amount will remain the same.
How do I find out my personal loan account details, the account number and sort code?
You can view this in your online account.
Do I need to keep up my payments on my personal loan?
Yes, payments will need to be made in your existing plan.
Can I top up my existing personal loan or apply for another personal loan?
Thank you for your interest but we are no longer accepting any new loan applications from new or existing customers.
Can I settle my personal loan early?
Yes, you can view your early settlement quote in your online account.
Can I still apply for a new personal loan?
Thank you for your interest but we are no longer accepting any new loan applications from new or existing customers.
I am not sure I can make my next payment, can I still get help?
Yes, please contact us on 0173 739 9985 if you need support. We will continue to support you if you need help or are in financial difficulties.
Travel Money
Are your travel money bureaus still open?
Yes, our bureaus are all open and services are available.
Can I still order on your website for click and collect?
Yes, there are no changes to the products and services we offer.
I ordered currency for click and collect / home delivery, can I still collect / receive the order?
Yes, your click and collect order will be available to collect on the date you requested.
Your order will be delivered on the date confirmed.
Can I still use my prepaid card?
Yes, there are no changes to the products and services we offer.
I sent £500 to my mother in India, can she still collect it?
Yes, there are no changes to our products and services.
ATM's
Are you planning to close any of your ATM’s?
No, there will be no change to our network and the service we provide.
Will withdrawals still be free?
Yes, there are no plans to change this.
Insurance
Is my Insurance product affected?
No, there are no changes to our Insurance products. All products and cover remain the same.
Can I buy a new business policy on my Insurance?
Yes, we are open for business as normal.
I am due for renewal, can I still renew with Sainsbury's Bank?
Yes, absolutely, you will receive your renewal invite as normal.
Can I still claim on my Insurance products?
Yes, all Insurance products and cover remains the same so you can claim on your policy if required.
I am in the process of a claim, will this be impacted?
No, your claim will proceed in line with normal T&C’s. There is no change to any of our Insurance products.
Can I make a change to my current policy?
Yes, you can make a change in line with normal T&C’s through our online self service or via our contact centre.