The deal for NatWest to buy Sainsbury's Bank's customers officially completed this month following approval from regulators and the High Court. It'll see around 1 million accounts moved over to NatWest.
From 1 May 2025, there will be a change to the legal entity that provides the account(s), this will change from Sainsbury's Bank to NatWest. There will be no immediate change to how customers use and access their account(s) from 1 May 2025.
As of 1 May 2025, NatWest are now the legal owners of certain credit card accounts. If you are an existing customer, there will be no immediate change to how you use and access your account(s). You'll find more information about the journey to NatWest on our dedicated webpage.
Nectar points will still be earned as usual, and loan repayment terms, dates, and rates remain unchanged. If you have arrears, existing repayment agreements will stay the same, and you should continue making payments as planned. You will be given at least 60 days' notice of any upcoming changes to your account.
Sainsbury's Bank Sale to NatWest: What This Means for Customers.
Is Nectar points ending?
From 1 September 2024, your Nectar and eBay accounts will be unlinked, and you will no longer be able to collect Nectar points when you shop directly through the eBay website or app.
In June 2024, NatWest announced it was buying up Sainsbury's Bank's retail banking assets and liabilities, meaning its credit card, unsecured personal loans and savings accounts businesses.
The safest banks in the UK are typically those with high customer satisfaction and robust financial health, such as HSBC, Barclays, Royal Bank of Scotland, and Lloyds Bank. These banks demonstrate strong security measures and compliance with UK financial regulations, ensuring the safety of customer deposits.
Sainsbury's Bank plc is a British bank wholly owned by Sainsbury's. The bank began trading on 19 February 1997 as a joint venture between Sainsbury's and Bank of Scotland. Sainsbury's took full ownership of the bank in January 2014.
Moneybox is a technology company which does not have its own banking license. Instead, it relies on its partners Santander and HSBC to provide banking services to its customers.
You are eligible for section 75 protection in the following circumstances: The goods or service was paid for, even partially, using your credit card. The primary card holder purchased the goods/service or benefited from the purchase if made by an additional card holder. Misrepresentation from the retailer or trader.
Our insurance and travel money services will continue to be available as they are today and are not included in the proposed transfer. On 20 June 2024, we (Sainsbury's Bank) announced our proposal to transfer our personal loans, credit cards, and savings accounts to NatWest.
Is there a problem with Sainsbury's online banking today?
User reports indicate no current problems at Sainsbury's Bank. Sainsbury's Bank offers current accounts, savings, investments, loans, credit cards and other financial products.
Overall, therefore, the question comes down to core skills and strategy, and not so much viability, per se. The supermarkets want to focus on their core retailing operations without the risk and balance sheet distortion that arises from owning large banks.
Sainsbury's Bank's savings, credit cards and loans will be taken over by NatWest from Thursday 1 May. For most, this means little will change for now as the Sainsbury's Bank brand will remain, though it's expected to be phased out towards the end of this year.
Can I transfer money from my Sainsbury's credit card to my Bank account?
You can call us on 08085 40 50 60* to request a money transfer. We're here 8am-8pm Mon-Fri and 8am-6pm Sat & Sun. You'll need your Sainsbury's Bank credit card number before you can request to transfer a balance to your current account. Both accounts need to be held in the name of the primary card holder.
Customers will still be able to get Nectar Prices, which offer discounts on thousands of selected products for all Nectar cardholders when they shop. Sainsbury's chief marketing officer Mark Given said: “We're leading the way by making loyalty personal.
points can only be transferred from a Nectar Account to another Nectar Account on death or divorce if adequate evidence of the legal division of points is given to us. Points can only be earned, held, transferred or redeemed as set out in these Rules.
At Moneybox we have security measures in place to alert us to any unusual activity. We'll never ask you to withdraw from your account to protect your money from fraud, and your bank will never instruct you to withdraw from Moneybox.
Moneybox is also covered by the Financial Services Compensation Scheme (FSCS), which is a government fund that exists to help consumers in the event of a firm failing. You are protected for 100% of the first £85,000 per financial institution. Please click here to find out more about FSCS protection for your account.
