A major high street bank has confirmed all customer accounts will shut ‘within weeks’, it has been revealed. Last year, NatWest purchased Sainsbury’s main banking operations as the supermarket giant exited the financial services sector to concentrate on groceries.
Sainsbury’s Bank offloaded its credit cards, loans, savings products and clientele to NatWest. Since the acquisition, 1.8million Sainsbury’s Bank account holders have been progressively transferred onto NatWest’s systems.
Credit card holders switched to NatWest on October 3, whilst loan customers completed their migration on October 31.
Savings account holders remain the only group yet to transition to NatWest. By December, all Sainsbury’s Bank customer accounts will be closed and transferred.
Customers will lose access to their accounts through Sainsbury’s Bank’s website and mobile application. Those currently using Sainsbury’s online banking and mobile app have been informed that NatWest will provide instructions on registering for NatWest’s online banking platform and mobile application.
Customers may continue using their existing Sainsbury’s Bank credit card until they receive their replacement NatWest-branded card.
Regarding banking statements, NatWest has confirmed that following the account transfer, customers will be able to view all statements through the NatWest app and online banking portal. However, the bank recommends downloading savings account statements immediately to prevent losing access.
“This is because you won’t be able to access Sainsbury’s Bank online banking to download them after your account has migrated.”
Regarding direct debits Natwest says: “Any Direct Debits you have set up with Sainsbury’s Bank will move over to Natwest automatically and you’ll continue to be covered by the Direct Debit Guarantee. The only change you’ll notice is that your bank statement will now show the Direct Debit name as NatWest Bank Plc instead of Sainsbury’s Bank Plc”.
Concerning account access, customers will discover that their Sainsbury’s app will cease functioning. Natwest stated: “Once your account(s) move on to our systems, expected towards the end of 2025, you won’t be able to use Sainsbury’s Bank’s online banking and mobile app to access your account(s) and there will be some steps you’ll need to take to access your account(s) using our online banking and mobile app.
“We’ll be in touch with sufficient notice before then with instructions on what you need to do, including what to do if you’re already a NatWest customer. You will no longer be able to access your Sainsbury’s Bank online banking or mobile app if you have a Sainsbury’s Bank credit card.”
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