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We’re proposing to transfer personal loans, credit cards and savings accounts to NatWest

In June 2024, we (Sainsbury’s Bank plc) announced that we’re proposing to transfer our personal loans, credit cards and savings accounts to National Westminster Bank Public Limited Company (NatWest).

As one of the UK’s leading banks, NatWest has a long history of providing financial services, with best-in-class digital capabilities and the same shared commitment to excellent customer service. As a result, we believe the proposed transfer will meet your financial needs and enhance the breadth of products and services you will have access to.

The proposed transfer will be implemented by a banking business transfer scheme under Part VII of the Financial Services and Markets Act 2000 and is expected to take effect on 1 May 2025, subject to approval of the High Court (the Court). We’ll keep this webpage updated with everything you need to know about the proposed transfer.

We explain below what this means for you and the next steps we’re taking as part of the proposed transfer. You’ll also find links to all the information you need to understand the proposed transfer. To make sure that the proposed transfer is as smooth as possible for you, we’ll be working closely with NatWest over the next few months.

Right now, we can reassure you that there are no immediate changes to how you use and access your account(s), and you can still expect the same trusted service from us. Any proposed changes to be made to your account(s) in the future, will be made by NatWest after 1 May 2025, and you’ll be given at least 60 days’ notice.

Our insurance and travel money services will continue to be available as they are today and are not included in the proposed transfer.

What do you need to do?

It’s important that you read the letter or email we sent you and the Customer Booklet so you understand any future change(s) that might impact you, including any changes to your FSCS protection.

All the information you need to understand the proposed transfer is linked below
 

Review your Financial Services Compensation Scheme (FSCS) Protection

The FSCS protects customers with eligible deposits up to £85,000 in total across all the savings and current accounts they hold in one regulated bank, building society or credit union.

If the proposed transfer is approved, Sainsbury’s Bank Savings accounts will be transferred to NatWest, and will become NatWest savings accounts. NatWest also owns Ulster Bank Northern Ireland, and both NatWest and Ulster Bank Northern Ireland brands share FSCS protection as they operate under the same banking licence. This means that, if the proposed transfer is approved, your maximum FSCS protection will be £85,000 per eligible person across all savings and current accounts you have with Sainsbury’s Bank, NatWest and Ulster Bank Northern Ireland from 1 May 2025. As a result, you may need to make changes so your money continues to be protected by the FSCS.

You should include Sainsbury’s Bank, NatWest and Ulster Bank Northern Ireland balances when you review your FSCS protection.

We explain more about this on page 17 of the Customer Booklet.

Remember, there’s nothing you need to do right now to continue using and accessing your account(s) as you do today.

What happens next?

Timeline


The next step is for us to ask the Court to formally approve the proposed transfer. Details of the proposed transfer are provided in the Scheme Document – you can find a summary of this document in the Explanatory Statement. The Court will consider approving the proposed transfer at a hearing due to take place on 15 April 2025 at The Rolls Building, 7 Rolls Buildings, Fetter Lane, London, EC4A 1NL. You can find more information about the Court process on page 6 of the Customer Booklet.

If approved, personal loans, credit cards and savings accounts will be transferred to NatWest. This is expected to take effect on 1 May 2025.

Right to object

Your views are really important to us. If you think you might be adversely affected by the proposed transfer, you’ll have the right to have your say with us or the Court. Whilst you can make your views known up until the day of the Court hearing to approve the proposed transfer, it’ll help if you could let us know any objections by 8 April 2025.

You can do this by writing to us at:

Sainsbury’s Bank Part VII, PO Box 5311, Worthing, BN11 9BW

or you can email us at sbtransferscheme@sainsburysbank.co.uk with your reasons, and we’ll share a summary of these with the Court and the FCA and the PRA.

Or you can present your views to the Court at The Rolls Building, 7 Rolls Buildings, Fetter Lane, London, EC4A 1NL at the hearing scheduled for 15 April 2025. 

We explain more about how to do this on page 45 of the Customer Booklet.

What will happen when your account(s) move to NatWest systems?

If the proposed transfer is approved, we expect that your account(s) will move on to NatWest systems towards the end of 2025 and over the coming months you’ll be sent detailed information on what will happen. While there may be changes to reflect the way NatWest operates and looks after your account(s), you can be assured that NatWest is working to ensure that, where possible, your new account is the same. This includes the overall amount of interest charged for credit cards, the amount of interest earned for savings, and honouring any promotional offers. 

The overall amount of interest charged for personal loans will be the same as long as you pay your loan in line with your loan agreement. If you don’t pay in line with your loan agreement, for example if there are any outstanding payments when the account transfers on to NatWest systems or payments are made late after that, there may be a slight increase in the amount of interest you are charged. You can find more information about this on page 32 of the Customer Booklet. 

You’ll be sent information about: 

  • Proposed changes which will be made by NatWest to your terms and conditions to reflect the way NatWest operates and looks after your account(s). The details of the proposed changes, and the legal basis for these changes, will be outlined in a Notice of Variation that will be sent at least 60 days before any changes are made and you can see a summary of some of the proposed changes in the Customer Booklet.
  • Details on when your account(s) will be moved across to NatWest and anything that you will need to do beforehand. This will be sent at least 60 days before any changes are made.
  • How you’ll be invited to access NatWest online banking services and mobile app, if applicable, and any change in who you’ll need to contact about your account(s).
  • What to expect at the point your account(s) move from Sainsbury’s Bank to NatWest systems and any specific arrangements to be aware of.
  • When your NatWest loans and savings account details will be confirmed, and anything you need to know to make sure your deposits and/or payments reach your new account. Your credit card number will stay the same.  

If you don’t want your account(s) to transfer to NatWest, you can close your account(s) in line with your terms and conditions, and (as appropriate) pay back any outstanding balance or withdraw funds.

If you close your loan account you may be charged an early settlement fee, in line with your terms and conditions. If you settle your loan early, from 1 May 2025 until your account has moved on to NatWest systems, because you don’t want your account to transfer to NatWest and you let Sainsbury’s Bank know by phone (at 08085 40 50 60) or secure message that this is the reason for settling your account early; any early settlement fee you have been charged will be refunded. Once your loan account has moved on to NatWest systems, early settlement fees will apply in line with your terms and conditions. If you would like to discuss any early settlement fees applied after your loan account has moved on to NatWest systems, please contact NatWest preferably by phone (at 0345 788 8444) and they will review on an individual basis. You’ll find more information about some of the proposed changes to your account(s) when they move on to NatWest systems towards the end of 2025 in the Customer Booklet

Credit cards – page 28
Personal loans – page 31
Savings – page 35

We’re still here to help

As a reminder, there are no immediate changes to how you use and access your account(s), but we understand you might still have some questions. If you do, please visit our frequently asked questions. If you can’t find the answer to your question, you can email us at sbtransferscheme@sainsburysbank.co.uk, or if you would prefer to speak to someone, please call us on 0800 0142 131.

Keeping your money and details safe

Please be aware that fraudsters sometimes try to take advantage of times of change to get personal or financial information. 

Sainsbury’s Bank and NatWest will:

  • never ask you over the phone to disclose your PIN, password or a one-time passcode
  • never ask you to log into online banking directly from a link in an email or text
  • never ask you to move money to a ‘safe account’
  • never ask you to move money yourself to NatWest from your Sainsbury’s Bank Savings account

If you think an email looks suspicious, delete it straightaway.

If you think you’ve revealed your personal or security details, find out what to do in our Fraud & Security Centre. This gives our latest guidance on keeping your money and details safe and how you can report fraud if you believe you have been a victim. Alternatively, you can call us on 08085 40 50 60.

Additional Support

If you need any additional support or if you would like any documents relating to the proposed transfer in large print, braille or audio, you can request this for free. Please contact us on 0800 0142 131.

If you have a hearing or speech impairment, you can also contact us by Typetalk, or specialised text phone. Please dial 18001 followed by 0800 0142 131.