Sainsbury’s Bank is a relatively new UK financial institution. Formed in February 1997 through an alliance between the UK supermaket giant J. Sainsbury plc and the UK bank HBOS plc (Halifax Bank of Scotland plc), Sainsbury’s Bank was the first financial organisation created by such a retailer: others have since followed suit. Presently around 55% of Sainsbury’s Bank is owned by J. Sainsbury plc with the other 45% owned by HBOS.
Sainsbury’s Bank Products
Sainsbury’s Bank offers most of the same types of financial products found in the portfolios of most of the UK’s high street banks. As a result, Sainsbury’s offers the following financial products, which are designed to be competitive, easy for customers to understand and simple to apply for:
- Sainsbury’s Bank Savings
- Sainsbury’s Internet Banking
- Sainsbury’s Car Insurance
- Sainsbury’s Home Insurance
- Sainsbury’s Travel Insurance
- Sainsbury’s Life Insurance
- Sainsbury’s Personal Loans
- Sainsbury’s Secured Loans
- Sainsbury’s Credit Cards
As Sainsbury’s was an established UK brand long before it entered into the consumer finance market, it was able to use its profile to launch itself into the personal finance area as a reliable supplier of quality products at a good price. Today Sainsbury’s counts approximately 1.5 million customers who actively use the bank’s financial services.
Sainsbury’s finance products can be applied for online, by phone or instore at their supermarkets and all Sainsbury’s Bank products are connected to the Nectar Card scheme.
Sainsbury’s Bank and the Nectar Card
Sainsbury’s finance offers both competitve banking and insurance services. Combined with this is the Nectar reward scheme. Nectar is Sainsbury’s loyalty card scheme, which offers significant savings and offers for its members as well as rewarding them with “points” that can be exchanged for goods within the Sainsbury’s family of companies or with other companies that Sainsbury’s has agreements with.