Sainsbury's Bank Review and Evaluation

Sainsbury's Bank offers a range of financial products, including credit cards, loans, and savings accounts. The bank has a wide range of credit cards, including the Sainsbury's Bank Credit Card, which offers 0% interest on purchases for up to 28 months.

Sainsbury's Bank has a strong online presence, with a user-friendly website and mobile app that allows customers to manage their accounts and make payments easily. The bank's customer service team is available 24/7 to assist with any queries or concerns.

Sainsbury's Bank is a relatively new player in the banking industry, having launched in 1997 as a subsidiary of the Sainsbury's supermarket chain. Despite its relatively short history, the bank has established a strong reputation for customer service and competitive rates.

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Sainsbury's Bank offers a range of financial products, including travel money, insurance, credit cards, savings, and loans. They've actually stepped back from the mortgage market since 2019.

Their products are regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. This ensures that their services meet high standards of quality and safety.

You can easily apply for their products online or by giving them a call.

Sainsbury's Bank offers a variety of financial products, including travel money, insurance, credit cards, savings, and loans.

These products are regulated by the Prudential Regulation Authority and the Financial Conduct Authority, so you can trust that they're working in your best interest.

You can apply for these products online or by phone, making it easy to get what you need.

Sainsbury's Bank has also withdrawn from the mortgage market, so if you're looking for a mortgage, you'll need to explore other options.

The bank's products are linked to the Nectar reward scheme, which means you can earn rewards and points on your purchases.

Great service is a top priority for many of us.

Sainsbury's loans offer excellent service and no hassle at all from start to finish.

Online claims can be settled quickly, with one customer receiving a claim settlement within 2-3 days.

Customer service is also very helpful, with one customer receiving speedy assistance from a friendly and knowledgeable representative.

Payment for online claims is also processed efficiently, with one customer receiving payment in their bank within five days.

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Sainsbury's Bank is winding down its financial services, and it's exploring options to distribute its products through third-party providers. This means you might see credit cards and loans provided by a third party, sold through Sainsbury's in the future.

Sainsbury's Bank already uses this model with its insurance products, where they're underwritten by providers like Legal and General for life insurance and Pinnacle Insurance plc for pet insurance. This is a common practice in the industry.

If you have any complaints about Sainsbury's Bank financial products, you can take them to the Financial Ombudsman. This is a straightforward process that can help resolve any issues you may have.

Sainsbury's Bank's customer score is 65%, which is a decent rating, but not the best. This is based on their performance in the latest analysis of the best savings providers.

In terms of credit cards, Sainsbury's Bank has a great customer score of 75%, but their current range of deals didn't meet the benchmarks to make it a Which? Recommended Provider.

If you're considering opening a new savings account, you can check out our rundown of the best savings account deals for January, and find out which firms are Which? Recommended Providers.

Sainsbury's Bank offers two credit cards, one with a 0% balance transfer deal and a separate everyday spending credit card, and you can earn Nectar points with any Sainsbury's Bank credit card.

Here's a summary of Sainsbury's Bank's current offers:

Sainsbury's Bank ranks joint 25th out of 37 providers in the best savings providers analysis, with a customer score of 65%.

Their savings accounts don't offer market-leading rates, but you can check out our rundown of the best savings account deals for January to find out which firms are Which? Recommended Providers.

Sainsbury's Bank received an excellent customer score of 75% in our survey of the best credit card providers 2024, but its current range of deals didn't meet the benchmarks to make it a Which? Recommended Provider.

They currently offer two credit cards, including a 0% balance transfer deal and an everyday spending credit card.

You can earn Nectar points with any Sainsbury's Bank credit card, up to three points for every £2 spent at certain retailers, or one point per £5 spent elsewhere.

Here are some key points to consider:

There's still no clear timeline for when these changes will happen. Sainsbury's Bank hasn't given a specific date, so existing customers don't need to take any action... yet.

For now, it's business as usual at Sainsbury's Bank, with no immediate changes to products. This means new customers can still sign up without worrying about any disruptions.

The Financial Conduct Authority continues to regulate Sainsbury's Bank, which means savings up to £85,000 are protected by the Financial Services Compensation Scheme.

Sainsbury's Bank credit card customers are also protected by Section 75, which covers purchases between £100-£30,000.

Here's a quick rundown of the key protections in place: