Sainsburys Bank

By: EconomyWatch Content   Date: 30 October 2009

About The Author

EconomyWatch Content

Follow The Money

EconomyWatch, Content Team

 

  • Dot Div
  •      

Sainsbury’s Bank was incorporated in February 1997 by the Sainsbury’s supermarket chain. Headquartered in London, England, it holds upwards of £6 billion deposits of its more than 1.5 million customers. This financial services organization is a joint venture between Bank of Scotland and a UK food retailer J Sainsbury. Sainsbury's products are available over the phone and online. Its banking products are linked to the company’s Nectar reward scheme.

Sainsburys Bank: Services

Sainsbury’s Bank offers the following financial services:

 

Insurance: The bank offers a variety of insurance options, such as home, car, pet, travel and over 50’s life insurance.

Credit Card: The Sainsbury's credit card features 15.9% APR typical variable. For every pound spent in the first two years, the cardholder gets two Nectar points. It also features 0% interest on Sainsbury's shopping for the first 12 months and on all other shopping for the first 10 months. There is no interest on balance transfers for the first 10 months, except a 3% fee. Also, cardholders can manage their accounts online.

Loans: Sainsbury’s Bank offers the following types of loans:

  • Small Loan: This features 13.7% APR typical. One can borrowfrom £1,000 up to £7,499, for a period of up to five years. Repayment amount is fixed for the whole duration of the loan.

  • Medium Loan: This loan type has 8.0% APR typical for those using a Nectar card. You can borrow from £7,500 up to £15,000 for a period of up to seven years. Borrowers can benefit from the no repayment facility for the first three months.

  • Large Loan: Sainsbury's shoppers with a Nectar card can opt for large loans that features 8.9% APR typical. The loan amount ranges from £15,001 to £25,000 for a period of up to seven years.

  • Homeowner Loan: This option allows one to borrow up to £100,000 on 12.5% APR typical (variable) for a period from 5 to 25 years.

Savings: Sainsbury’s Bank offers lucrative interest rates to savings account holders.

  • Online Saver: Features a maximum of three withdrawals with 3.20% AER

  • Easy saver: Features a maximum of five withdrawals with 2.80% AER

  • Child Trust fund: This is offered on family investments.


  • Dot Div
  •      

Most Popular in UK Banks

Related Links
blog comments powered by Disqus