Sainsbury's winding down their banking business

george4064

boingy said:

They could probably reduce their costs by getting rid of that ridiculous thing where you have to keep opening new accounts and closing old ones to keep up with their interest rates.

That would require a large investment to pay developers to write new code for the website and their systems. Far cheaper to just keep going with the existing system.

wmb194

Apparently it's been for sale since at least 2020. Sainsbury's Bank and the likes of Tesco Bank, which also seems to be winding down, have been useful for adding some competition to the market but I doubt they'll be the last to come and go.

https://dailybusinessgroup.co.uk/2020/11/natwest-rbs-said-to-be-eyeing-sainsburys-bank/

Exodi

george4064 said:

boingy said:

They could probably reduce their costs by getting rid of that ridiculous thing where you have to keep opening new accounts and closing old ones to keep up with their interest rates.

That would require a large investment to pay developers to write new code for the website and their systems. Far cheaper to just keep going with the existing system.

Plus they're far from the only bank that does this. I'd say it's more common than not.

wmb194

Today Sainsbury's has announced that its, "core banking business" will be sold to NatWest, to complete in 2025.

https://www.londonstockexchange.com/news-article/SBRY/sale-of-core-banking-business-to-natwest-group/16528252

subjecttocontract

They are still currently offering a long list of fixed rate accounts through Hargreaves Lansdown Active savings platform.

wmb194

subjecttocontract said:

They are still currently offering a long list of fixed rate accounts through Hargreaves Lansdown Active savings platform.

Until we hear differently I imagine it’ll be business as usual.

jameseonline

Been ages since I had an active Sainsbury's Bank account, to think I used to be able to deposit in a small area of the entrance of the store🤣

MSE_Molly_G

Hi all, we've just published a news story on this: Sainsbury's Bank customer? You're set to move to NatWest next year – here's what's happening. Thanks!

UncleK

The Sainsbury's accounts were indeed painful but the credit card was a best buy at some point so we went for it and the link to Nectar points was a nice freebie. I wonder if that link will stay when it goes to NatWest?

mebu60

UncleK said:

The Sainsbury's accounts were indeed painful but the credit card was a best buy at some point so we went for it and the link to Nectar points was a nice freebie. I wonder if that link will stay when it goes to NatWest?

I thought the link went several years ago! It wasn't worth a lot as I recall. I've still got the card and use it for small one-off online purchases with companies I'm not sure about. I've not had any Nectar points credited from card use for quite some time.